Tips for Getting the Best 0 Percent Credit Card Offers
When you are ready to consolidate debt, or if you have a major expense coming up, it may be an option to look for a credit card that offers 0% APR. You can then spread out your payments without paying massive interest fees.
But how can you get the best 0% credit card offers? Here are some tips to help find the best options.
Tip #1: Get your financial house in order.
Many credit cards that offer a 0% introductory APR require applicants to have good or excellent credit. A good credit score ranges from 700 to 749, and excellent is considered anything above 750.
Everyone is entitled to a free credit report each year, so the first step is to request yours through a website such as annualcreditreport.com. Once you have the report, review it for inaccurate information. If you do not recognize an account, or if you notice any incorrect information, you will want to report this immediately. The credit bureau will launch an investigation, and if they verify the information is incorrect, they will remove it from your report within 60 days. If you can get incorrect, negative information removed, your credit score could increase.
Another way to increase your credit is to lower your debt-to-available credit ratio. If you are using more than 30% of your available credit, your credit score will suffer. Thus, revisit your budget to see where you can cut expenses and put this additional money toward paying down your debt. After six months, your score may increase enough to qualify for a 0% APR credit card.
Tip #2: Do your homework.
You do not want to accept the first 0% APR credit card offer to arrive in your mailbox or via email. Find the card that offers the introductory interest rate for the longest period of time, has a low ongoing APR, and rewards the type of spending you do most often.
Tip #3: Pick a card within your reach.
After you have done your research, make sure you apply for a credit card that matches your credit score. While getting declined for a credit card will not affect your credit score, credit card companies make a hard pull on your credit each time you apply for a new account. If you have several of these in a short period of time, it will negatively impact your credit score for up to two years. Thus, it is important to only apply for the card you want and are likely to get.