0 card credit purchase
0 purchase credit card is a term used for those credit cards that allow users to make purchases at 0% APR. With growing number of credit card issuers, competition among them has become quite tough and they are offering different types of sops for attracting more and more number of customers. 0 purchase credit card is one such sop. Credit card companies offer 0% purchases for a limited period, which is called as introductory period. Since there are many credit card issuers that offer 0 purchase credit card, it is better if a person makes comparison among all of them for finding the best deal. This can be easily done online as number of web sites allows them to do so. However, it has been seen that people with excellent or good credit only are eligible to get these credit cards. While searching the best 0 purchase credit card, there are certain aspects that must be taken care of. Let us discuss these first.
Some important aspects
First important aspect that must be looked for is the length of the period for which 0% APR is allowed. This is because 0 purchase credit card with longer introductory period would help user in getting benefits for a longer time. It has been seen that most of longer period 0 purchase credit cards allows users to make 0% purchases for a period from 6-18 months. After the expiry of this period, regular APR becomes applicable on the credit card purchases. Second important factor is the balance transfer rate. Most of 0 purchase credit card allows users in making 0% balance transfer for the same introductory period. However, variations have also been observed. Thus, a person should take decision very carefully. Third important aspect is the annual fee attached with the 0 purchase credit card. Annual fee varies greatly.
While some credit card companies do not charge annual fee at all, other charge this fee up to 3-5%. Next important aspect that should be looked for is the purchase and cash limits. Obviously, credit cards with higher purchase and cash limits are more favorable. It has been observed that while selecting the 0 purchase credit card, most of people look for interest rate rather than APR and make comparison. However, this is not the right practice. This is because APR comprises interest rate as well as various types of charges, fees applicable. Thus, it might be the case that interest rate attached with any 0 purchase credit card is low but APR is high. On expiry of introductory offer, it can be a matter of great concern and a person may close his credit card account. As a practice, people obtain 0 purchase credit card, use them until the introductory offer and then get another 0 purchase credit card. This allows them to avoid interest payments along with purchase payments. This also helps them in improving their credit score over a period of time. Other aspects that should be taken care of at the time of selecting the 0 purchase credit card are benefits and rewards, fee applicable to balance transfers, cash back programs, etc. Let us discuss some of leading 0 purchase credit cards to understand more.
Some of leading 0 purchase credit cards
Bank of America Accelerated Rewards American Express Card is one of leading 0 purchase credit card in United States. This card allows user to make 0% purchase for first 6 months. As far as 0% balance transfer is concerned, a person can make this up to first 12 billing cycles. For every dollar spent on purchases, a person earns 1.25 reward points. There is no annual fee charged from the user and flexible payments are also offered. Points can be redeemed for discounts at hotels, gift certificates. Free concierge services are provided round the clock. For getting this card, it is essential that a person has good credit.
Citi Platinum Select Card is another 0 purchase credit card. It offers 0% purchase for a period of 12 months. Similarly, a person can also make balance transfers at 0% for a period of 12 months. There is no annual fee attached with this credit card and it is provided along with identity theft solutions. There is $0 liability on all the unauthorized purchases made through this card. A person also gets secured and free online account management services. Regular APR attached with this card is as low as 7.99%. For getting this card, it is required that applicant has good or excellent credit.
Another 0 purchase credit card is Bank of America World Master Card with World Points. This credit card provides 0% purchases for first 6 billing cycles. There is no annual fee charged and card is provided along with absolute fraud protection. Regular APR varies from Prime plus 4.9-12.99%. For getting this card, it is essential that a person has good credit report.
Capital One Platinum is also one of leading 0 purchase credit cards. It is offering 0% purchases till October 2009. Variable APR attached with this credit card is 12.9%. There is no annual fee attached with this card and a person can save money by consolidating higher interest rate balances. This card also offers extended warranty program. For applying to this credit card, it is essential that a person has good credit rating.
Another 0 purchase credit card is Citi Diamond Preferred Card. This credit card offers 0% APR on purchases for a period of 12 months. A person can make 0% balance transfer also in that period. There is no annual fee attached and regular APR is as low as 8.24%. For getting this card, a person should have good or excellent credit.
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