0% APR Student Credit Cards

by Mack Bartlett

This can be a complete success or a complete disaster. A lot of this will have to do with how frugal you are with your credit cards and how aware you are of your credit situation. Many students can go through a great deal of trouble because they don’t realize that this amazing interest rate can vanish instantly.

A credit company only has to give you a 15 day notice before they drop the hammer and the interest rate goes from 0% to anywhere between 15% and 30%. You could see a higher interest rate because they considered the grace period a big favor for you, but in reality it is just a pain in the butt because you might have piled up debt that you can only make minimum payments on and then you have no way to pay it off after they bump up the interest rate.

That is why it is important you go over the Terms and Conditions and find out if there are any changes that could happen during the next year or as long as you have the card. Sometimes you can find cards with 6 months or a year of guaranteed no interest. This can be a huge opportunity for you to leverage someone else’s money if you have some good strategies in place.

I personally got into a lot of debt after a failed business experience. It was a lot for a college student anyways. I felt as though I had no way out. I was at square one and I had to find a job and just try to get out of debt. Well I had gotten a cash advance of $10,000 for that year and I had to make some changes. I didn’t realize this until about August when I was down to about nothing and I had until the end of the year to pay off the line of credit. So I started improving my spending and found a good job. My situation improved, but I realized that it wasn’t going to happen by December of that year. So I found another company that gave the exact same opportunity for 12 months with a 0% APR. I took advantage of it and used the cash advance of this company to pay off this other card and it bought me another 12 months. Within the first couple months I was out of the hole and I was able to pay off the second card.

So you see that this can be a great opportunity to buy you some time to find out your financial life as long as you realize the terms of the card. Next you have to make sure you spend wisely and live a well budgeted lifestyle for your income. If you can do this then you will find 0% APR credit cards a blessing and not a curse.

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