Card culture in the country has meant people keep not one but several credit cards to have convenience while having financial transactions. But most people misuse the facility using other’s money for purchasing products and service failing to repay the amount used in time. They repent later as they are charged a high interest every month which pinches them financially and they are deprived of making use of their cards also.
Such people are victims of their own doing and keep on paying high interest every month. Thankfully, there is a balance transfer offer coming from credit card companies that allow such hapless people to make use of a new credit card where the entire outstanding amount owed to different companies gets passed on. Among these offers, it is 0 APR balance transfer that is most sought after.
Big respite in interest payment
If you haven’t yet heard about them, 0 APR balance transfer offers seem like a boon in disguise as they allow smooth transfer of all unpaid balance in credit card/s of a person into a new credit card that surprisingly charges no interest (yes, you heard it right) for an initial period that may last for an year. Imagine not being asked to pay anything on your outstanding amount bringing in a huge saving in the form of interest for the time period till the offer lasts. One also has the benefit of knowing his total outstanding amount that he owes to a single creditor now which implies that he is in control of his credit and can plan accordingly to pay back his loan.
0 APR Balance transfer is no charity
It is indeed ironical that a company that is into this business to make profit from a customer who fails to repay in time should actually become a savior of a customer who is paying interest every month to another company. But this is true and happens because of cut throat competition between companies to grab as many customers as they can. After the brief introductory period, it is back to business for the company giving 0 APR balance transfer offer.
However, 0 APR balance transfer, if there are no hidden fees, brings a big relief for a customer reeling under debt trap. If a person wants to make the best use of the introductory offer, he should keep on paying interest as he was earlier so that at the end of the period, he has very little outstanding amount.