Everything About 0% Intro Rate Credit Cards
Tired of reading review after review about 0% APR intro rate credit cards? Having no luck when it comes to finding an all-in-one-review about 0% APR intro rate credit cards? Confused with what youve read so far about 0% APR intro rate credit cards because everything seems to be contradictory? Well, look no more because this article is indeed what youre looking for.
In here, youll learn everything you want to know about 0% APR intro rate credit cards. In this article, you may also discover more than you bargained about 0% APR intro rate credit cards in a good way, of course. Ready for Lesson Number One about 0% APR intro rate credit cards? Well, here goes.
Its True Yes, 0% APR intro rate credit cards do exist and if we have our way about it, youll be one of the lucky people to qualify for a 0% APR intro rate credit cards.
The Application Process Applying for any credit card, whether its for 0% APR intro rate credit cards or for credit cards offering reward points is always a tad difficult so dont expect overnight success, especially since youre angling for 0% APR intro rates.
The application process for a 0% APR intro rate credit card starts with submitting the necessary documents this is SOP for all credit card applications that would substantiate your contact details and give them an overview about your present financial status. Upon submission of the usual documents, depending on your income level and credit reputation, you may be contacted by the credit company and asked to submit additional documents.
The Qualifications for 0% APR intro rate credit cards Basically, if you want to have 0% APR intro rate, you must have a squeaky clean credit reputation. That means having a reputation of paying debts promptly, not owing too much from the bank, not having high balances on your other credit cards, not having too much mortgages under your name and not having so many people requiring a credit check on you.
If youre not sure whether you qualify for a 0% APR intro rate credit card, simply approach the nearest credit bureau and request for a copy of your credit report. The details in your credit report can easily tell you if youve a good shot of owning a 0% APR intro rate credit card or not. People with FICO scores equal to 650 or more are more or less guaranteed of having their application approved.
Ever Receive A Credit Card In The Mail?
Federal law prohibits issuers from sending you a card you didn’t ask for. However, an issuer can send you a renewal or substitute card without your request. Issuers also may send you an application or a solicitation, or ask you by phone if you want a card – and, if you say yes, they may send you one.
Cardholder Protections
Federal law protects your use of credit cards.
Prompt Credit for Payment. An issuer must credit your account the day payment is received. The exceptions are if the payment is not made according to the creditor’s requirements, or the delay in crediting your account won’t result in a charge.
To help avoid finance charges, follow the issuer’s mailing instructions. Payments sent to the wrong address could delay crediting your account for up to five days. If you misplace your payment envelope, look for the payment address on your billing statement or call the issuer.
Refunds of Credit Balances. When you make a return or pay more than the total balance at present, you can keep the credit on your account or write your issuer for a refund – if it’s more than a pound. A refund must be issued within seven business days of receiving your request. If a credit stays on your account for more than six months, the issuer must make a good faith effort to send you a refund.
Errors on Your Bill. Issuers must follow rules for promptly correcting billing errors. You’ll get a statement outlining these rules when you open an account and at least once a year. In fact, many issuers include a summary of these rights on your bills.
If you find a mistake on your bill, you can dispute the charge and withhold payment on that amount while the charge is being investigated. The error might be a charge for the wrong amount, for something you didn’t accept, or for an item that wasn’t delivered as agreed. Of course, you still have to pay any part of the bill that’s not in dispute, including finance and other charges.
If you decide to dispute a charge:
Write to the creditor at the address indicated on your statement for “billing inquiries.” Include your name, address, account number, and a description of the error.
Send your letter soon. It must reach the creditor within 60 days after the first bill containing the error was mailed to you.
The creditor must acknowledge your complaint in writing within 30 days of receipt, unless the problem has been resolved. At the latest, the dispute must be resolved within two billing cycles, but not more than 90 days.
Unauthorized Charges. If your card is used without your permission, you can be held responsible for up to 50 per card.
If you report the loss before the card is used, you can’t be held responsible for any unauthorized charges. If a thief uses your card before you report it missing, the most you’ll owe for unauthorized charges is 50.
To minimize your liability, report the loss as soon as possible. Some issuers have 24-hour toll-free telephone numbers to accept emergency information. It’s a good idea to follow-up with a letter to the issuer – include your account number, the date you noticed your card missing, and the date you reported the loss.
Disputes about Merchandise or Services. You can dispute charges for unsatisfactory goods or services. To do so, you must:
have made the purchase in your home state or within 100 miles of your current billing address. The charge must be for more than 50. (These limitations don’t apply if the seller also is the card issuer or if a special business relationship exists between the seller and the card issuer.) and,
first make a good faith effort to resolve the dispute with the seller. No special procedures are required to do so.
If these conditions don’t apply, you may want to consider filing an action in small claims court.
Shopping Tips
Keep these tips in mind when looking for a credit or charge card.
Shop around for the plan that best fits your needs.
Make sure you understand a plan’s terms before you accept the card.
Hold on to receipts to reconcile charges when your bill arrives.
Protect your cards and account numbers to prevent unauthorized use. Draw a line through blank spaces on charge slips so the amount can’t be changed. Tear up carbons.
Keep a record – in a safe place separate from your cards – of your account numbers, expiration dates and the phone numbers of each issuer to report a loss quickly.
Carry only the cards you think you’ll use.
Ever Have A Problem With Your Credit Card Company?
What happens if you complain, but you are found to be wrong? You need to know what your rights are.
What if…
…the bill is incorrect?
If your bill contains an error, the creditor must explain to you – in writing – the corrections that will be made to your account. In addition to crediting your account, the creditor must remove all finance charges, late fees or other charges related to the error.
If the creditor determines that you owe a portion of the disputed amount, you must get a written explanation. You may request copies of documents proving you owe the money.
…the bill is correct?
If the creditor’s investigation determines the bill is correct, you must be told promptly and in writing how much you owe and why. You may ask for copies of relevant documents. At this point, you’ll owe the disputed amount, plus any finance charges that accumulated while the amount was in dispute. You also may have to pay the minimum amount you missed paying because of the dispute.
If you disagree with the results of the investigation, you may write to the creditor, but you must act within 10 days after receiving the explanation, and you may indicate that you refuse to pay the disputed amount. At this point, the creditor may begin collection procedures. However, if the creditor reports you to a credit bureau as delinquent, the report also must state that you don’t think you owe the money. The creditor must tell you who gets these reports.
…the creditor fails to follow the procedure?
Any creditor who fails to follow the settlement procedure may not collect the amount in dispute, or any related finance charges, up to 50, even if the bill turns out to be correct. For example, if a creditor acknowledges your complaint in 45 days – 15 days too late – or takes more than two billing cycles to resolve a dispute, the penalty applies. The penalty also applies if a creditor threatens to report – or improperly reports – your failure to pay to anyone during the dispute period.
An important caveat
Disputes about the quality of goods and services are not “billing errors,” so the dispute procedure does not apply. However, if you buy unsatisfactory goods or services with a credit or charge card, you can take the same legal actions against the card issuer as you can take under state law against the seller.
To take advantage of this protection regarding the quality of goods or services, you must:
– have made the purchase (it must be for more than 50) in your home state or within 100 miles of your current billing address;
– make a good faith effort to resolve the dispute with the seller first.
The pound and distance limitations don’t apply if the seller also is the card issuer – or if a special business relationship exists between the seller and the card issuer.
Other billing rights
Businesses that offer “open end” credit also must:
– give you a written notice when you open a new account – and at certain other times – that describes your right to dispute billing errors;
– provide a statement for each billing period in which you owe – or they owe you – more than one pound;
– send your bill at least 14 days before the payment is due – if you have a period within which to pay the bill without incurring additional charges;
– credit all payments to your account on the date they’re received, unless no extra charges would result if they failed to do so. Creditors are permitted to set some reasonable rules for making payments, say setting a reasonable deadline for payment to be received to be credited on the same date; and
– promptly credit or refund overpayments and other amounts owed to your account. This applies to instances where your account is owed more than one pound. Your account must be credited promptly with the amount owed. If you prefer a refund, it must be sent within seven business days after the creditor receives your written request. The creditor must also make a good faith effort to refund a credit balance that has remained on your account for more than six months.
Suing the creditor
You can sue a creditor who violates the FCBA. If you win, you may be awarded damages, plus twice the amount of any finance charge – as long as it’s between 100 and 1,000. The court also may order the creditor to pay your attorney’s fees and costs.
If possible, hire a lawyer who is willing to accept the amount awarded to you by the court as the entire fee for representing you. Some lawyers may not take your case unless you agree to pay their fee – win or lose – or add to the court-awarded amount if they think it’s too low.
Establishing Credit with a Student Credit Card
One of the best ways to establish a credit report is to acquire a student credit card. However, there are a few things you should be aware of if you decide on this. One of this is the fact that your credit report will be kept and maintained by credit bureaus. Thus, whenever credit companies want to look up your credit history, they will contact these bureaus for it. Information on your payment patterns and outstanding payments for your student credit card, both good and bad, will be recorded here.
Essentially, no one can legally change the contents of that report and everything remains in there for up to a decade. Thus, it is important to maintain a healthy credit report by making payments on time, starting with your student credit card. Having a good credit report has a huge impact on loans and on future applications for other forms of credit services, including other credit cards. For instance, low APR cards are everybodys favorite but they are usually reserved only for those with good or excellent credit histories.
In order to acquire an excellent credit history, it is best to pay up your monthly outstanding balances before they are due. This may be harder to achieve if you are a student as you do not have steady income and therefore need to plan your expenditure accordingly. Use your credit card only when you really need it, and set payment reminders in your personal calendar each month.
Some students practice credit card surfing by using a 0% APR student credit card, maxing out the credit limit and getting a new card for their upcoming expenses. This does huge damage to your credit report as you are basically living off debt even before you have the ability to earn your first paycheck. Whats more, when the 0% APR term is over, your interest rates will escalate and your debt will snowball rapidly. At this point, your credit report will be tarnished, leaving you with a pile of debt that you struggle to pay off and high interest rates for future credit applications. Your only option now would be to adopt a credit repair strategy, which will most likely be painful on your ludicrous lifestyle.
