Where can i find zero percent credit cards? fed up with paying interest

Discussion in 'Writing Off Debt' started by JamWithMe, Dec 2, 2015.

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  1. JamWithMe

    JamWithMe Newbie

    I don't have the best credit score at the moment and I've got consumer debt on a high interest. I'm looking for ways to reduce my outgoings and one of the ways I thought of reducing my expenses was to reduce the amount I pay in interest (don't really fancy paying interest to make rich people rich). I've tried applying for zero percent credit cards but I keep getting rejected which is annoying! Does anyone have any guidance on finding credit cards that offer zero percent on balance transfers or consolidation of debt? Please advise me!
    Quentin likes this.
  2. Quentin

    Quentin Newbie

    If you're finding it difficult to get approved for zero percent credit card its better to work on your credit file so you can improve your credit score. 0% credit cards are reserved for those who have the best credit and to get into that group you need to prove to the credit referencing agency that you are creditworthy. If you have existing debt start doing the following to improve your credit score.

    1. Make overpayments
    2. Make payments 10 days before the due date
    3. Stop applying for more credit until your score improves
    4. Disassociate yourself from people with low credit
    5. Check if there is any fraud recorded on the property you live at
    6. Do not use credit cards to make mortgage or loan payments (CC companies don't like this)

    Once your credit improves you can start to apply. Zero percent credit cards are great if you want to save money on debt. Normally when you do get a introductory offer on a credit card it does not last forever however if you can strategically move your debt from one card to another then you will be able to save a lot of interest that would normally accrue. If you think about it an introductory interest rate only lasts for a maximum of 12 months and then reverts back to a higher level.

    Once your introductory offer period is over you need to investigate another card that you can transfer your balance to. Look at credit card comparison sites to find credit cards that are offering great introductory rates. Systematically apply for the cards one by one and be careful not to apply for many credit cards in one go as this may adversely affect your credit ratings. Credit card applications can take up to a fortnight to process so make sure you apply before the introductory offer on your principal card finishes.

    Make sure you also find out about any fees that are associated with the transfer and take this into account when working out how much you can actually save. If the amount you save in interest is exceeded by the fees to move the debt from one card to another then you might as well let the debt remain in the principal card or find another card.

    Sometimes people who move debt from one card to another reduce their credit ratings and will eventually run out of cards to transfer to. The best way to avoid leaving a credit card debt trail is to pay off your debt as much as you can, by only paying the minimum payment you will probably end up paying twice as much in interest. Make sure you make overpayments so that you can pay off your debt quicker without harming your credit score too much.

    If you have exhausted all avenues and cannot apply for anymore credit cards then find out if you can ask a friend or family member who can help and lend you a credit card that is offering a zero percent interest rate on balance transfers. If they are willing to help you then you could save a significant amount of money and pay off your debt quicker.

    If all else fails and you are stuck with the debt and high interest then it is worth contacting your credit card company to ask them if they are willing to provide you with another offer of reduced interest rate to keep the debt with them, do not expect them to give you another zero percent offer this time they might just give you a low offer which is better than their normal APR rate. Whatever you decide to do your principal intention should be to pay off the debt as quickly as you can so you can avoid harming your credit score.
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