Over the last five years there has been a significant increase in the number of credit card offers with introductory offers for zero percent interest on balance transfers, purchases or even both despite the fact that interest rates overall have jumped about 2.6%. This is because credit card companies are forced to become more competitive as consumers become smarter about credit cards.
Financial research company, Defaqto conducted a study to find the increase in the average credit card APR and found that it jumped from 15.8% in 2006 to 18.4% today. This means that those credit cards with higher interest rates could be costing you hundreds of dollars each year. But there is a way to take advantage of the current credit conditions to save some money on interest rates and pay off debt faster.
Applying for one of the 0% APR introductory period cards could make it possible for you to pay absolutely nothing on interest on your balance for up to 18 months. We here at CreditCardsProfessor.com suggest the Discover More Cashback Bonus card because it offers a full 15 months of 0% APR on both balance transfers and purchases as well as cash back on every dollar you spend. So the credit card company is essentially paying you to use their card for the first 15 months! It doesn’t get any better than that.
After the intro period, the credit card offers an interest rate based on credit worthiness which can be as low as 11.99% for those with good credit. And you still continue to earn cash back for using your card. As long as you don’t carry a revolving balance, they Discover is still paying you to do your shopping. In fact, you can get up to 20% cash back on purchases by shopping through their exclusive online mall.
Click here to apply online using the Discover More secure application.
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