% APR credit cards allow the consumer to pay zero finance charges during the promotional period, which could be from 6 to 15 months making it a good deal. But what happens after that promotional period comes to an end?
Many times very little debt is actually paid off by the time the 0% APR period ends and many consumers find themselves dashing to move the debt to a new credit card. But each subsequent balance transfer may come with a balance transfer fee, which is typically between $5-$75 or even more now that fees are on the rise.
But the good thing is that there are cards available in the market that offer 0% APR with no balance transfer fee. However, even if you do have to pay a balance transfer fee, the benefit of paying zero finance charges may outweigh the cost of a low interest rate credit card.
There is one disadvantage of 0% APR credit cards which is that consumers may be more prone to let the debt build up, as there are no related finance charges to act as motivation to pay it off.