When looking for a credit card, most people spend all of their time looking for one with the lowest interest rate. Obviously a low interest rate is good. In fact, the lower the rate the better. So why settle for a card with a low rate - why not set your sights a little higher (or, in this case, lower) and look for a card that never charges you a penny of interest regardless of how large a balance you carry on your card? Not possible? Actually it's not only possible, it's not even all that difficult. The trick is that you've got to keep track of a few simple dates and be prepared to take action at the appropriate moment.
Credit card companies want your business. I mean, they really want your business. In fact, they'll do almost anything to get you to sign up for their card - including offering you a zero interest introductory rate. This introductory rate can last anywhere from 6 to 12 billing cycles.
All you have to do is to sign up for a credit card with no interest for 6 to 12 months, transfer your outstanding balances from your high-interest cards to the new zero-interest card, and then keep track of exactly when the new card begins charging interest and switch to another card with a zero interest introductory period just before it does.
If you're nimble you can keep switching cards forever and never have to pay a penny of interest on any of your purchases.
Obviously there are a few things you need to look for when deciding on a zero-interest card to switch to. First, make sure there are no fees for balance transfers. Most cards allow for free balance transfers, but not all do.
Secondly, always, always, always pay your monthly payments on time. If you miss even one payment, or if you are late on even one payment the introductory zero-interest rate on your card goes right out the window and you could find yourself suddenly making interest payments of 24% a year or even higher.
Also, look for cards with no yearly fee and try to find cards with no monthly maintenance fee; a monthly maintenance fee is just a sneaky way of charging you what amounts to interest every month without actually charging you interest.
If you're wondering if this really works, the answer is YES. I do it and many people I know do it as well. Once you get into the swing of it, the process becomes second nature. And the money you save is quite substantial, especially if you normally carry a high balance every month.
The secret is finding a really great credit card website that gives you plenty of choices so you can keep the shell game going forever.
Article Source: Credit Cards At The Best Rates
