Why should I get a 24 month interest-free credit card?
Credit card debt is a massive problem. Americans are struggling to repay their credit cards by the due date, which is 3 months away, on average. Of those who have fallen into debt, over half pay off their credit card balance in full, but the credit card company sees the failure to pay the full balance by the due date as bad debt and requires additional interest to be paid on the entire balance of the card. This practice of debt collection not only leaves the borrowers at a disadvantage, but is wasteful. It costs banks money, takes a toll on the customer's credit rating, and financially weakens the credit card holder. And so, I wanted to try to find a way to get a card with a 0% interest rate for a long period of time, maybe up to a year.
How to get a 24 month interest-free credit card
Getting a zero per cent interest credit card may be a sound financial decision for a long-term customer, but the cost of borrowing for someone looking to get a deal for the next few months isn't the best option. As with other cards, interest on credit cards will go up every few months. Also, a 24 month deal would have a minimum credit limit of £1,000 which would get the customer into trouble in a short space of time. It's advisable to get a card with no credit limit and at the very least one which offers a 0 per cent interest period of a year or more. You'll need to have a decent credit score to take advantage of the interest-free period, so you'll want to get a credit score as high as possible before you start shopping around for the best deal.
What is a credit card?
A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt. Credit card spending has grown steadily since the first Mastercard was issued in 1970 and by the end of 2015 the total cardholder base had reached almost 4 billion. Credit cards have replaced cash and cheques in most of the countries and large retailers that operate within the credit card industry provide their customers with protection with the help of credit insurance. With the increasing adoption of plastic cards, more consumers are leveraging the benefits and opportunities credit cards present to them.
How do I apply for a credit card?
Step 1: Visit my credit card application page On your application form, you need to fill in your details about you such as your name, telephone number, email ID and name of the bank. When you fill your details, you will get an online chat option with the customer service of the bank. Fill in the personal information and submit the form. Step 2: Close your account This is another major step to apply for a credit card. You need to close your existing credit card account if you don't want to continue the service. Close the account if you don't use the credit card and you don't use the card regularly. Once you close the account, your credit card will be canceled and will no longer function.
How do I activate my credit card?
It’s best to activate your credit card. This will give you the opportunity to track your bill payments and balance better. This will help you to avoid late payment fees. If you’ve bought something with the card, you should activate your card right away, or you could be charged for non-activation, which will make the cost of your card higher. What do I do if I get a negative balance? Pay off your balance. It may be a cash advance, but that is a credit card account and a normal thing to have. Also, for all the customers of all the credit card companies, if you have a low balance for the month, the bank will call and ask you to make payments, just to keep your account afloat and keep the collection agent off your back.
Conclusion
There are credit cards in the market today that charge a very high interest rate. According to the Federal Reserve, the average interest rate for credit card debt is 29% (table below). But, you can reduce this fee through effective debt reduction strategy. But, you must be convinced of the fact that if you want to apply for a credit card, you must first know the kind of credit card you are looking for, and once you know that, then, proceed with your planning accordingly. Remember, you will be able to reduce your credit card fee even if you pay the minimum amount every month on time.
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