October 13, 2018
How To Get 0 Apr Intro Credit Cards?
After reading this question 1st thing comes in your mid is what are credit cards? It’s a payment card which allows you to borrow money to pay a merchant or a seller for goods and services. Before the use, cardholder has to promise to the bank that you will pay borrowed money within grace period. If you cross the time period you have to pay extra charge. Credit card is different from a charge card / debit card, where it requires the balance to be repaid in every month, credit card allows the consumers to spend money in advance.
Some Pros And Cons Of Credit Cards
- You can make a large purchase now without paying actually and pay it off later or as EMI
- Your card statement makes budget management easy
- It’s always easier to carry a single card compare to a bundle of cash
- You can earn points or credit score, which will be useful later on
- You can easily go out of balance if you’re not careful about your spending
- The simplicity of using credit cards can cause you to overspend then your budget
- Interest rates are low in start but seem larger over time spent
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Technical Intro of Credit Cards
Most credit cards dimension are 3.370 in × 2.125 in and corners are rounded with a radius of 2.88–3.48 mm, it’s conforming to the ISO/IEC 7810 ID-1 standard, ATM and other debit cards are also the come in same size.
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Credit cards have a stamped or printed bank name and number. The card number’s prefix, which is called the Bank Identification Number. It is the sequence of digits at the beginning that find out the bank, to which a credit card number belongs. After that the first 6 digits are for verification of Visa and MasterCard. The next 9 digits are belongs to your individual bank account number, and the final digit is a validity check code.
Credit cards have a magnetic stripe same like debit and other payment cards. Nowadays many modern credit cards come with a computer chip embedded in them for a security feature. Cards also come with expiration dates and issue date, as well as some extra codes are also like a security codes. Not all credit cards have the same sets of extra codes nor do they use the same number of digits.
How To Choose 0 apr intro credit cards?
When you are applying which credit card to get, first ask yourself 1 question: Will I be ready to paying interest on my outstanding amount?
If you able to pay your credit card balance on time each month, then you won’t be charged for any interest or extra money. In that scenario, it’s worth it to get a credit card with reward points. These credit cards give you points, free cinema tickets, cash or airline miles every time you use them. Though, rewards cards also have higher interest rates – sometimes it’s high enough to wipe out all the value of the rewards you earn. If you want to minimize your interest payments, then you should pick a credit card that has a low interest rate.
Credit card is issued by a bank, like City Bank, Bank of America etc… All benefits, terms and conditions, interest rate, fees and rewards are varies bank to bank, so it’s important to find that bank who offers a card that you like. The network doesn’t really affect the card, except for giving you random perks like travel accident insurance. Generally, the network isn’t as important as the bank.
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Currently, there are credit cards with 0% APR intro on Balance Transfers and no hidden charges.
In general, the better you spend and earn credit points, the better low APR intro credit cards you can qualify for. The most generous rewards rates, the best perks and the lowest interest rates are available to those with excellent credit.
Credit Card Fees And APR Charges
APR for purchase – This is your interest rate that will be charged on anything you didn’t pay off the month before. The APR is the Annual Percentage Rate, its yearly interest charge on your credit card, so every month, you’ll be charged 1% of the amount you be debt. On some cards, they give offers that you won’t be charged any interest for the first 6 months.
Here are some Different APRs and how they affect your credit card account.
- Purchase APR (Applied to credit card purchases)
- Penalty APR (its highest APR, it applied when user violate the terms and conditions like failing to make payments on time.)
- Cash advance APR (withdraw cash from your credit card charges you high. For balance transfer, cash advance may be APR is different).
- Introductory APR (It’s lower APR for limited time period or for promotion)
Some Important things of APR for card holders
- The APR can help you in evaluation of promotions and offers.
- User should review T&C and APR conditions before using card.
- Leaders cannot change the APR for 1st 12months. The only time APR changes if it’s in promotional period or variable rate.
- In most circumstances, banks must give 45 days advance notice of any changes.
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