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.

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