Fact: 0% interest credit card rates could ruin your life.
3 Cases where this can happen …
1. It ends up costing you more: After the 0% interest time is up, the credit card rate could spike. If you do not pay the card off before this happens, you could be paying sky high rates. Also, what about possible annual fees?
2. You could kiss your good credit score goodbye: You open the card for the low rate and you use it the one time then close it out. Closing out credit cards could ruin your credit.
3. No rewards for you! Okay so this one can’t actually ruin your life, but it leaves you missing out on the rewards you deserve! Most 0% interest credit cards don’t offer rewards.
While we think staying away from a credit card with a 0% interest rate is the way to go, we know that there are some cases where one may be a better choice for you. Opening a credit card with a 0% interest rate could be the better option for you if:
1. You plan on paying the credit card off before the 0% interest period is up.
2. You don’t care that you won’t get rewards with it.
3. You plan on using the credit card one time and then paying it off completely with each month’s bill to avoid a high interest rate that would come after the 0% interest time period is up.
First Financial offers a VISA® Platinum Card with low rates, rewards, and no balance transfer fees. You can even apply online 24/7. Making financial decisions such as which credit card to choose can be difficult, especially with a flashy 0% interest rate. We encourage and welcome any questions on this to be brought into a First Financial branch or called in at 866.750.0100.
*Subject to credit approval. Visit our website for complete details. APR varies from 10.90% to 17.90% when you open your account based on your credit worthiness. This APR is for purchases, balance transfers and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. No Annual Fee. Other fees that apply: $.50 Minimum Interest Charge, Cash Advance Fee of 1% of advance ($5 minimum and $25 maximum), Late payment Fee of up to $25.00, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5.00 Card Replacement Fee, and Returned Payment Fee of up to $25.00. A First Financial membership is required to obtain a Visa® Platinum Card and is available to anyone who lives, works, worships or attends school in Monmouth or Ocean Counties.