You read it right, folks – zero percent credit cards are currently a dying breed, so you better get while the gettin’s good. Anyone not lving under a rock, log, house, or elephant for the past year knows that transaction interest rates have been rocketing upward, and haven’t showed much signs of slowing down. In addition, those folks currently lending credit lines through plastic cards – aka credit card companies – have grown very weary of offering low-interest rate deals on their credit card plans – particularly zero interest rates! Generally speaking, people just aren’t paying off their debts on a time line profitable to the credit lenders. Since 2008, zero APR credit offers have dropped 45%. Yeh, that’s significant.
Not only has the count in available plans dropped, but the factors that go into choosing a 0% credit card have become less-enticing as well. Where a year ago, it wasn’t uncommon to find 0% balance transfer plans with intro periods lasting 16 months, the new average is barely breaking 9 months. Those who are smart enough to take advantage of a zero percent balance transfer card will find they, as a whole, will have less time to take advantage of the plan. It’s not just balance transfer cards either. Similar trends are evident in purchasing plans as well!
So is all hope lost? No, not right now anyway. There are still over 50 legitimate zero percent credit cards available to those with outstanding credit (outstanding as in excellent. Why didn’t I just say excellent? Shut up, that’s why!), but I can’t stress this enough – if you’re planning on using one of these, do it responsibly. You could be in an absolute world of financial hurt if you drift into that ongoing rate zone still carrying a heavy balance. Also, not that every moron with a credit card is going to read this article, but if people continue to hold out on their credit lenders, the zero interest charge card will go extinct. We don’t want to make a dodocard, do we? Ok, that was weak, I know. Nevertheless, despite the things that can go horribly wrong with a zero interest credit card, a responsible holder can do plenty of right. So, for the sake of those of us who want to do plenty of right, hope and pray that these fine creatures stick around for a little while longer. Take advantage of zero percent credit cards while you still can!