Bad Credit Credit Cards 0 APR – End of Year Sales and Discounts
Posted on | December 27, 2009 | No Comments
Many American consumers will look to get a bad credit credit card with 0% APR in the new year. With the amount of end of year sales and discounts available many people want to make these purchases on a credit card. If you’ve spent a great deal of money on Christmas presents and other gifts in the recent past you are likely to find that your credit card has a very high balance.
If your credit cards have a very high balance then you will probably want to look to other places to pay for these end of year deals. There are many options when it comes to getting a bad credit credit card but please understand that getting a 0% APR is not very likely. By doing some research online you are going to find that many of these cards will qualify you but you will have a relatively high interest rate.
Some bad credit credit cards may offer you a 0% APR introductory period but this period is likely not to last more than six months. At the end of the six-month period you were going to see your interest rate increase drastically. If you have any type of balance on this card the interest rate is going to greatly hurt you as it could be upwards of 20% to 30%.
The best thing you can do to lower the interest rate on all your credit cards is to increase your credit score. To increase your credit score you will need to make sure all your bills are paid on time and in full. Another way to increase your credit score is to pay off the high interest debt you have; especially if this debt is close to being maxed out.
Unfortunately, having a high credit score no longer assures you of getting a low interest rate on your credit cards, but it will not hurt. The credit card industry has greatly changed and even some of the best borrowers out there are seeing an interest rate of 13% to 17% on a credit card. The best thing you can do to combat this is make sure your credit card to pay it off at the end of each month.
Author: Heather Best
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