Fast Financial Fact #1
Credit card providers are falling over themselves to entice new customers and what better way than to offer a zero percent interest rate? But what does this apply to? And what else is charged?
Look beyond the headlines and you might learn that this rate applies only to the balance transferred from your old card. New purchases attract the card’s normal rate, which can be as high as 20%pa.
There can also be extra charges such as an annual card fee or balance transfer fee which may be a percentage of the amount transferred.
It pays to be aware.