When you apply online for a credit card that advertises a 0% APR for 1 year, make sure the credit card that ends up in your wallet delivers on that offer.
Most credit cards on the market advertise a 0% APR for 1 year. However, the vast majority of these 0% offers are for "up to 1 year." In a nutshell, this little fine print trick allows credit card companies to assign variable introductory terms based on a review of your credit. And, with the credit crunch in full swing, only those with very good credit may be granted a 0% APR for a full year. Most others will be granted a shorter 0% period, ranging from as little as 3 to 6 months.
Here are a few steps you can take to make sure you get a 0% APR for the length of time you desire. This is especially important for people looking to take advantage of 0% APR balance transfers.
 1.) Apply for a card that offers a 0% APR for a full year: Okay, this is pretty self evident, but is worth pointing out. Discover, for example, offers a 0% APR for a full year on purchases and balance transfers with the Discover More Card. There is no "up to" hidden in the fine print. If you get approved, you get a full interest free year.
2.) Wait until your credit card arrives in the mail before transferring balances: If you transfer a balance online expecting a 0% APR for a year and only get a 0% APR for 6 months, the amount of money you'll save will be drastically reduced. The best way to avoid this situation is to wait until you've got the full details of your credit card in hand.
3.) Apply for multiple credit cards: You may be approved and offered a 0% APR for a full year from one company, but only 6 months from another. If you apply for credit cards from different companies, you can choose the card that offers you the best 0% deal.
Getting a 0% APR credit card is definitely not as easy as it was a year ago. However, for the time being, banks are still granting 0% rates to qualified applicants. Unfortunately, it is difficult to know if these offers will be available in the near future. During the recession of 2001, a great introductory offer was 2.9% for 6 months. At that time, getting a 0% APR credit card was a near impossibility. In three months, the same may hold true. Thus, if you are considering a 0% APR credit card, now is the time to act.
For more information, visit the 0% APR credit card section of Credit Card Depot to compare, review, and apply online.
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