The 1 Thing Banks Never Wanted You To Know

Banks and financial institutions know the spending habits of consumers and understand that most people max out their credit cards around the holidays. They wisely take advantage of this fact and start flooding your inbox and snail-mail box with hundreds of 0 APR credit card offers soon after the holiday season ends.

Knowing that if you are like 98% of the American public, you'll jump at the chance to consolidate credit card debt and transfer balances to 0 APR credit cards. But don't fill out that online credit card application too fast, there are a couple of money saving details you need to be aware of before you apply and transfer your balances over to 0 APR credit cards. Credit card companies are banking on the fact that you will never read the fine print at the bottom of the 0 APR credit cards terms of service agreement.

There are two very important details down there that need to be brought to your attention before you sign on the dotted line. Most importantly is the fact that if you make just one payment late your introductory 0% APR is revoked and you'll automatically be required to pay the full annual percentage rate.

Credit card companies are banking of the fact that you never know this fact till its too late, so please read the fine print before accepting any 0% APR balance transfer credit card offers. The second detail is that could either help you out of credit card debt or sink you even deeper into debt is the fact that the 0% APR is only an introductory offer by the credit card company. It applies for a short, limited time only, then interest rates on your credit card goes up to the usual high rate.

The amount of time the company offers the low 0 APR credit card varies from 6 months to as much as 18 to 24 months in some cases. You need to read your agreement carefully to see what the annual percentage rate will be on your 0 APR credit card after the introductory rate expires before you sign the credit card application.

Scott Bonge, a recent Chase Slate cardholder, is the inventor of an international award-winning product called the GoateeSaver. Scott further explained how the card can save a lot of money for cardholders, but on-time monthly payments were critical to avoiding any interest charges or fees. As we get closer to the holiday shopping season, this card helps you not only pay down existing balances, but enjoy 0% on new purchases for 15 months. The complete lack of fees (most transfer offers charge a 3% fee) makes Chase Slate really stand out among the best balance transfer credit cards.

After the introductory period, the interest rate is competitive with other national offers between 13.24% and 23.24%. On top of that, Chase is a prominent national institution with services and support to match. The Discover It Card comes with a 0 percent APR on balance transfers for 18 months and 0% on purchases for 6 months.

Discover also offers the Discover it - Cashback MatchTM card where purchases and balance transfers are 0% for 12 months each. In addition to no interest for 12 months, cardholders can also get 5% cash back on all Amazon purchases from October through December and new cardholders can receive double cash back at the end of the first year. On both cards, there is a 3 percent balance transfer fee.

After the promotional period, the interest rate is a variable rate between 11.24% and 23.24%. Balances have a limited period where they must be transferred to qualify for the promotional rate. The Citi Simplicity Card offers a 0 percent balance transfer APR and 0 percent interest on new purchases for 21 months.

This is one of the longest introductory offers on the market and the card also comes with Citi's No Late Fees Ever promise as well as no penalty rate. 5, whichever is greater. After the introductory rate, the APR will be 13.24% - 23.24% based on your creditworthiness. This card from Wells Fargo offers both purchases and balance transfers at 0% for 15 months with a 3% balance transfer fee.

At the end of the offer period, your APR will be 15.40% to 25.24% based on your creditworthiness. For the budget minded, they also offer convenient tools to help create a budget and manage your spending with their My Money Map application. Another interesting feature is cellular phone protection for those who pay their mobile phone bills with this card.

25 deductible) for damaged or stolen phones. This can be a nice peace of mind feature while the 15 month 0% introductory rate is in effect. In addition to this card offering 0% on both purchases and balance transfers for 12 months, the BankAmericard Cash Rewards card also offers rewards and a cash bonus.

500 in the first 90 days as well as earning cash back rewards on purchases along the way. After the first year, the APR ranges from 13.24 to 23.24 percent, depending on your creditworthiness. As with most national cards, there's also a 3 percent balance transfer fee. This card offers a 0 percent APR on balance transfers and new purchases for 12 months. After the first year, the APR ranges from 10.24 to 21.24 percent, depending on your creditworthiness. There's also a 3 percent balance transfer fee.

U.S. Bank offers an interesting online tool called FlexControl that allows you to automate your credit card payments and help you avoid interest and late fees. With you in control of your automated payments, the service can also help you pay down a balance faster. If you are planning on spending a little on your card while paying the balance transfer down, you may want to consider the Amex EveryDay card.

It offers 0% intro APR on purchases for 12 months and balance transfers for 12 months. You have to act fast on this one as balance transfers must be requested within 30 days of the account opening. After the promotional period of 12 months, your APR will be a variable rate, currently 13.24% to 23.24%, based on your creditworthiness.