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Typically, to qualify for a zero interest credit card, you have to have really good credit. But if you do meet the qualifications, you can save hundreds, or thousands, of dollars on your credit card payments. A zero interest credit agreement is especially good if it allows you to transfer some or all of debt from other interest bearing credit cards to them. For example, let's say that currently you have a $2000 balance on one of your credit card with an annual interest rate of 12 percent This means every; month you are paying approximately $20 a month in interest to that credit card company. By transferring this debt to a card that charges no interest, you have basically saved yourself $20 a month. It was only a few years ago that you could easily find zero interest card offers with introductory periods of a year or more. But these offers have been getting harder and harder to find. In addition, different credit card companies have various definitions as to what "zero interest" really means. To some companies, it means that they will charge you no interest on any item that you purchase during the introductory period. To others, zero interest will mean that they will charge you zero interest on any credit balance that you transfer to them during the introductory period. And to other companies, it can mean both or something else completely. To determine exactly what your zero interest credit card offer is referring to, you can't go by the headlines in the brochure. You have to read the fine print in the offer. How do you find zero interest credit agreements? Pretty much all card companies have a presence on the Internet these days, so it's relatively easy to power up your favorite search engine and type something like "zero interest credit card offers". This will give you a great starting point for seeing what the marketplace is currently offering. The second thing that you can do is to go to one of the many sites that rate and compare card offerings. Web sites like "CreditCards.com" and "CardRatings.com" offer convenient, one-stop comparison web sites where you can easily look at a number of different offers simultaneously. And, lastly, you can contact your current card company to see if they will offer you a zero interest credit card or at least lower the interest that you're paying on your credit card. If you have good credit, they may be happy to offer you such a deal to avoid the prospect of losing you to one of their competitors. The really nice thing about having a zero interest cards is that it allows you to take advantage of deals that you come across. If you are able to pay off your credit card balance before the


introductory zero interest disappears, you have essentially received an interest free loan for the purchase of something that you may have purchased anyway. And this is why, ultimately, zero interest credit cards are primarily useful for individuals who know how to set a budget and handle finances.

James Fraley writes articles on financial markets, bankruptcies, and related subjects. Click here to find his article on zero interest credit cards.

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