Credit cards with low introductory rates on balance transfers or purchases offer many advantages. These cards come with as little as a 0% annual percentage rate and the introductory rate can last up to 12 months, or in some cases, till the balance is paid off.
These cards can give your finances a boost in several ways:
Consolidate High-Interest Debt: Use the money from a 0% or low-interest balance transfer to pay off debts with higher interest rates. You will save money on interest and may lower your total monthly debt payments as well.
Give Your Budget a Temporary Cash Infusion: If you are faced with higher than usual expenditures or need extra cash, a 0% balance transfer can give your budget a temporary cash infusion to tide you over until your economic situation improves. Many cards will transfer the money to your bank account so you can pay off bills and other expenses, or they may send you a check that you can deposit directly into your bank account.
Make Large Purchases Earlier: A card with a 0% APR gives you the option to make a large planned purchase earlier than you would otherwise be able to. It can also help you save money on interest, if the purchase is something you would usually finance, such as a car. Just be sure you have alternative financing lined up when the promotional rate expires.
If you pay the balance off in full before the introductory rate expires, these cards offer many benefits. Pay careful attention to the terms and conditions of the card, however, so you know exactly when the introductory rate expires and what would put you at risk for triggering higher rates.
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