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To begin with, there is nothing called a 0% APR credit card. But there are cards that will provide you with 0% interest rates if you go for a balance transfer.
We now arrive at the question of what the difference is between a normal APR credit card and a balance transfer.
When you go for a balance transfer, you will get a special introductory interest rate. On this introductory rate, you will get 0% for a certain time. The time duration is going to range between six months to a year at times. But this time period will vary between different banks.
The APR on the credit card is the interest rate that you will pay if and only if you do not pay your outstanding balance in full each time you use the card. If for instance your APR is around 10% and you have a balance of $500 and you pay $200 off on the outstanding balance. Now, you will have to pay that 10% on the remaining $300 balance for the year. And that repayment will be spread out throughout the year, so technically you will be paying less than $3 a month in interest in this case.
Finding a 0% credit card is no big task. You can get it even with the card that you already hold. But going for a new account with new terms and conditions is always the better way to go when you are getting a credit card for the sole purpose of enjoying the benefits of 0% APR. If you want to convert your current credit card, all you have to do is call up the customer service representatives and ask.
There are a number of banks and financial institutions which offer 0% APR credit cards. And most of them will have great promotional offers. Try looking on the internet to get the best deals. You can also ask around with family and friends to find out what their experiences were like with the 0% APR credit cards. The best bet would be to get a referral. This way, you can be sure of the fact that the credit card is just as good as is claimed and also your friend will in all cases get a bonus for making a referral.
Some of the popular cards when it comes to 0% APR are Discover, Citibank and Chase Manhattan bank. Do remember that cards which provide great rewards and offers are the ones which have better deals on 0% APR. Cards that are designed for high risk individuals with a bad credit score will not be able to provide the same frills and benefits.
