The Zero Percent Credit Card Game, How to Save Money With Your Zero Percent Credit Card

Before we start the game there are a couple of things we need to do first. We need to get our spending under control. I use Zero percent credit card loans to pay down principle on my investment or home loans.

It is important to set up auto pay on our charge card. If we miss a payment then we will not be jumped up into the high interest rate and we will not be charged a penalty. If we end up in the regular charge card interest rate and pay just one late penalty the work we did to save money with the Zero Percent Credit Card Interest Game has been wasted.

Do we have more than one Zero Percent offer? This is important because as the first offer expires you will want to be able to transfer your remaining balance to another Zero card. Otherwise we will be hit with a high interest rate loan.

How long does the Zero percent offer last? Sometimes you will get an offer that is good for over twelve months. Some of the offers are only good for five to nine months. Longer is definitely better. If it is less than six months I might use it for a backup offer but not to start a ZPCC Game.

How much are the up front fees? This is important because a 3% fee on the whole amount (let's say we borrow $12,000) is $360 but if the card has a maximum transfer charge of $50 that is a huge difference. If there is a 3% charge on the whole amount of the loan I will probably not use the card. It is too expensive to start the game.

Does the card have a Zero Balance now? This is important because if you are carrying a balance on the card before you take out the Zero loan you will be paying interest on the previous balance for the whole time you have the zero loan out. All of your payments will go to pay off the zero loan first. The interest on your previous balance will be added to your balance and you will pay interest on the interest also.

I use a ZPCC loan to pay down my highest interest rate loan or any loan I cannot deduct the interest from my taxes first.

I have used the Zero Percent Credit Card game to pay off rental property, medical bills and houses through the years. I find it a great way to save money on interest and to motivate me to pay down my principle. For the complete Zero Percent Credit Card Game rules and Strategies check out Zero Percent Credit Card Game I have several more articles on Credit Repair and how to make the best use of your credit at http://zero-percent-creditcards.com Thanks Rick Kern.

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Characteristics of Zero Percent Credit Cards

It's relatively easy to choose one of the dozens of currently available zero percent credit cards, but it's still important to educate yourself. This article covers the main features that you'll want to look for when choosing your zero interest credit card.

Introductory Period - This is the amount time that you have until your interest free annual percentage rate runs out. A typical time frame is any where from three to nine months for purchasing cards and six to 16 months for balance transfer cards.

Introductory APR - An introductory annual percentage rate is the amount of interest that you accrue on your credit card balance for a predetermined period of time. This means that if you qualify for a zero percent credit card, you'll have several months to pay of your balance without interest. If you have a balance transfer card, intro APR refers to the interest on your balance, while you pay it off.

Ongoing APR - Because your introductory rate is just that, "introductory", it won't last forever. The Ongoing APR is the rate that you'll be charged once the intro APR ends. You'll obviously want to be looking for a low number in this column.

Default APR - Your annual percent rate typically applies to the amount that you have on the balance. The Default APR is the amount that you're charged for penalties like exceeding your maximum allowance, or failing to pay your monthly minimum payment. Though it's capped by government regulation, this characteristic is typically much higher than your ongoing APR.

Rewards - These are the perks that apply to charging to your credit card. Some of the more popular rewards are frequent flier miles, cashback programs, and hotel points...the list goes on. The key is to find a rewards program that best suits your fancy.

Transfer Fees - Nearly all zero percent balance transfer cards include a transfer fee. This fee is typically a percentage of the balance being transferred. It goes without saying - the lower the rate the better - you're going to be looking for 2% on the low end and 5% on the higher end. Use the previously mentioned attributes to weigh out which option works for you.

Minimum Fee - This is the minimum payment accepted to transfer a balance with one company to another.

Maximum Fee - This is the most that the lender will charge you for a zero interest balance transfer.

Zero percent credit cards have the potential to be very valuable tools, but you need to make sure that you're well informed on how to use them. Visit this source on zero percent feature credit cards for all the information you need for making a responsible decision.

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About Zero Percent Credit Cards

Most likely you've seen some great offers, especially recently, for zero percent credit cards. Some credit cards won't charge you any interest on the purchases you make with the card. Other cards offer you a 0% payment on the balances you transfer to them. But the question is - is a zero percent credit card really a good deal?

To put it simply - it can be a good deal, if you follow all the rules. Like all business out there, the card-issuing companies also need to make money. They make their money by attaching hidden strings to these great deals. So as you look at zero percent cards, you'll need to watch out for these things:

- Limited-time offers: Most zero percent cards offer 0% interest only for the first few months. After the predetermined time has passed, the rate will skyrocket, and probably right when you've just started to get a somewhat large balance on your card. Offering zero percent does cost the issuing company a bit, but that's nothing in comparison to how much they'll make after the interest rate rises and you have to pay plenty of extra money in interest.

- Required transactions: You might be required to make a minimum number of purchases each month just to qualify for the 0% rate. That means two things: if you don't make the minimum number of purchases, your rate will go up. And, by making more purchases, you'll probably have a higher balance once the 0% rate expires.

- Penalty rates: Often if you make even a single late payment, charge beyond your credit limit, or bounce a payment check, your interest rate might skyrocket to 20% or more.

- Higher-rate balances don't pay off as fast: Most cards apply payments to the lowest-rate part of your balance first. So, if you transferred your balance at 0%, but your purchases were made at a higher rate, your payments will first be applied to the 0% part of the balance as the higher-rate balance continues to build.

Hopefully this information about zero percent credit cards has helped you with your financial plans.

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Zero Percent Credit Cards Are Becoming Extinct

Zero percent credit cards are lines of credit which include introductory offers of 0% for a predetermined period of time. During this time, depending on whether or not the customer goes with a balance transfer or purchasing option, they have often as much a year to either pay off a previous credit balance (balance transfer), or accrue zero interest on spending done with their credit cards (purchasing).

In responsible hands, zero percent credit cards can be extremely valuable tools that one can use to work wonders with their personal finance. Unfortunately, not everyone has proven themselves to be effective at accomplishing such a feat. Since 2008, the amount of 0% percent credit cards offers has dropped to just 52 - that's 45% in just the past year. In addition, zero percent balance transfer introductory plans that once lasted as long as 16 months, have dropped to an average of less than 10 months.

The decline seems to be following the trend of our suffering economy. Transaction interest rates have been increasing, and people haven't been paying off their debts to their credit lenders. Therefore, no card companies want to risk issuing 0% rates, since they are not nearly as lucrative for them as they once were.

However, all this said, it's definitely not too late to get a zero percent interest rate credit card. I know I'm going from glass half empty to glass half full, but there are still 52 quality 0% plans still available, and if you have the credit score, the qualifications, and the responsibility to get approved, you're bound to find one that works for you.

Regarding the approval process, it has also become increasingly difficult to qualify for these cards. Lenders are, in most cases, looking for potential customers with credit scores of at least 720. Not to mention, if you're known as a card hopper - that is someone who jumps from plan to plan without showing any kind of commitment, you'll almost certainly be denied.

Again, I know I'm shifting from being a downer to an upper, but if you feel that you can run a tight budget, and possibly get approved for one of the many zero percent credit cards still available, it definitely couldn't hurt to just apply for one. If approved, you could be on your way to inexpensively paying off a large existing balance, or saving a significant amount on your charge card spending.

Zero percent credit cards have the potential to be very valuable tools, but you need to make sure that you're well informed on how to use them. Visit this source on 0% credit cards for all the information you need for making a responsible decision.

Article Source: http://EzineArticles.com/?expert=Duke_Laserwood