Money For Nothing…..

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(and chicks for free?)

Even though fewer people may be able to qualify, right now there is a plethora of ?No Interest? credit cards being offered.

The fact is that the credit card companies need to get more customers and increase their revenue. But if you can quality, is a no interest credit card a good solution?

Well, no interest credit cards are not ever ?no interest? forever?so depending upon the no interest time period it may not even be a savings at all.

If the 0% is only good for 3-6 months it may not be a savings at all. This is because the service fees on these cards are typically 3-5%, ensuring that you are really not getting anything for free. And the banks have the advantage because if you cannot pay off any balance before the grace period ends they have you locked into a higher rate, one that is usually higher than a regular card rate.

Also, there are the offers that offer an ?up to? period, for example ?up to 12 months?, which means that while it is possible for you to get the zero percent interest for 12 months it is also possible for them to approve you for only 6 months, or even worse 3 months. And in that case all savings are lost.

If you take advantage of one of these offers, make sure you know the interest rate you will be stuck with after the grace period. You would also be better off if you make sure that all balances can be paid off prior to the end of the grace period.

And also realize that in order to get the best terms you must have a great credit score. If your credit score is lower than 720 or so, you may want to consider credit repair before you consider a no interest credit card.

There really is no ?money for nothing? except, of course, from Dire Straits on the radio.

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