Best Credit Offers with Zero APR

Credit card companies are using all means important to attract new customers. Zero percent credit cards, no annual fee credit cards and instant approval are just a few of these methods. These methods of getting a credit card can be a windfall for the responsible credit card consumer. For instance, they can pay off existing debt or get a beneficial loan. But if you underestimate the dangers of the pitfalls of the card's penalties, you can get in an even worse position than when you began.

One of the most aggressively used tactics by credit card companies is the zero percent balance transfer card. This tactic has surfaced as a result of the competition between credit card companies and their need to attract the most customers. The credit card companies are gambling that you won't read the fine print of the credit agreement carefully, thus forcing you to debts. This is why on almost a daily basis, your mailbox is packed with these types of offers.

Here's how the balance transfer or zero percent deal works:

• The credit card company offers you the opportunity to transfer balances, and for a fixed period there is no interest.
• If you pay off that transferred balance during the "fixed period" you save all of that interest. If not, you can find yourself in the same boat you were in before.

American Consumer Counseling, a non-profit credit counseling service, warns though that the 0% APR balance transfer is not available to everyone who applies. If you have bad credit, you likely won't get the deal. This type of credit card is only given to those customers that pay their bills on time, have good credit and meet other criteria set up by the company. Here's a list a things to look for when applying for a 0% or balance transfer deal:

• Find out what the length of the introductory period is. If you can't pay off your transferred balance on time, you'll just be paying interest again. If you can't pay off the entire amount by the time the 0% period expires, make sure the APR is low.
• Next thing to watch out for is balance transfer fee. Sometimes this fee can be more than the interest that would have accrued with your existing APR on your current card.
• The number-three feature to be aware of is the ever popular late fees. Zero percent deals can be particularly crafty when it comes to late payments.
• And finally the new purchases. Most zero APR credit card deals do not apply to new purchases. The zero percent only applies to the transferred balance. Know what your interest rate on new purchases is.

Do your research. Set up a plan that you can stick to before you make your decision. Make your payments on time. Keep your eyes open for the hidden fees.