The Naked Truth About 0% Business Credit Cards
Zero percent APR credit cards for business are continuously advertised in the market today and more and more card holders are enticed to own them
. Should you really make the switch to a zero APR business credit card? Will zero percent interest rate credit cards really save you money or will it cost you more? What is the truth behind a 0% APR business credit card?The Naked Truth
While it is true that you can save on paying the additional interest rate with a zero interest credit card, caution must still be taken. Just because a business credit card offers a zero percent interest rate doesnt mean that all fees and charges will also be reasonable. In fact, a zero interest credit card may impose doubly high charges on penalty fees, transfer fees, and other costs.
Also, the zero interest may only apply either on purchases or on balance transfers. If a small business credit card offers zero interest on balances transferred from other credit cards, the interest for new purchases you acquire can be expensive or it can also be the other way around.
Furthermore, the zero percent interest rate will not be applicable for a long time. Some credit cards may give a six-month period or a 12-month period for you to enjoy the zero percent interest. But do you really know how much the interest rate would be after the introductory period expires? Some business credit cards may catch you off-guard and you may find yourself stuck with a credit card that started with a zero interest offer but ended up with an unreasonably high interest.
Choosing Your Business Credit Card
Thus, one can never be too careful when choosing business credit cards. All credit card issuers are mandated by the law to disclose all their rates and fees in the credit card agreement. But the problem is, not everyone actually takes the time to read this entire document, which is often printed in very small letters that are hard to read. Most credit card applicants just scan through their credit card terms and agreement, thinking that it is too long and is a waste of time reading.
But such an attitude can really put you at risk. Remember, not all credit cards are after the best interest of their clients. In fact, most credit cards with zero percent interest somehow find a way to bounce back from the zero percent rate they offer through other costs in the card. Remember that the zero percent interest is just an initial offer. If theres a catch awaiting you, you will not know until you read the complete terms and conditions of the card. You dont want to be stuck with a business credit card with sky rocketing rates just because you did not take the time to read the agreement when you signed up for it.
Another thing to remember when applying for 0% interest credit card for business is the timeliness of your payments. Usually, credit cards with zero interest impose strict rules of payment. When you fail with even a single payment, you may get disqualified from getting the zero interest for that month. Also, you may get charged with an additional penalty fee for late payment.
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