My Favorite Plastic Card
A zero percent interest credit card is an excellent choice. This is one credit card I highly recommend. Transferring our balance from a high interest card to a zero percent interest card, with a limited time set for paying off, is one of the smartest moves we have made in lowering our debts.
We had tried to pay off one particular credit card by doubling up the amount each month but that didn’t work out. The credit card company still swiped around half the amount paid for interest.
That’s when we discovered zero percent interest credit cards. We transferred the balance of our highest interest card, one which would have taken us several years to pay off at minimum payments. We had 15 months to pay the balance before interest rates kicked in on our new zero interest card. We divided the amount transferred by 15 to arrive at our monthly payments. In good months we paid more and managed to pay off the full amount in 13 months. Getting full credit for the money you pay on a debt certainly gives one a higher sense of accomplishment. It’s like “yes we did it!”
A word of caution when selecting a zero percent interest credit card, choose one that has a lower interest rate than the credit card you are transferring from should you not be able to pay it off in the months allowed. Also, if you do not meet the deadline most companies will back up to the first month and begin charging interest.