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0% Credit Card Offers

Credit cards after being introduced and till about fifteen years ago were a privilege acquired by paying an APR of about 15%, plus an annual fee of $20 to the banks.

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But with the rapidly growing credit card business and the burgeoning demand for the credit cards, the banks have started luring the customers with 0% introductory rate offers and low interest charges on credit purchases and balance transfers. Today almost every credit card has a ‘no charge’ offer or a very minimum charge for the first year.

Ever since the credit cards deal of 0% APR came into existence almost everyone is rushing to get them. These low APR rates have been termed as ‘teaser’ rates as they are a bit of a red herring, because as soon as they have enticed a customer to get a credit card they start hiking their rates. These low APR schemes were started by the rise of the monoline banks during the late 1980s, which only issued and dealt with credit cards and no other forms of loans or deposit. Making use of the existing consumer credit database, and based on risk, they zeroed on people from all walks of life.

Since the advent of mass direct mail campaigns in the 1980s, soliciting millions of customers all across America, to acquire credit card all at once became a simple task.
The 0% APR stratagem, that was supposed to be a temporary phenomenon to lure more customers, snowballed into such huge proportions that retracting seemed impossible. For the credit card banks this has become a continuous cost of their business. In practical terms for a card member 0% rate isn’t appealing unless you revolve a credit card balance from month to month. 0% credit card is financially beneficial if one is transferring the balance from a credit card with a higher rate or wants to go in for short-term borrowing.

Most whimsical fads like the pet rock fade away fast. Likewise 0% credit card and low interest offers, that may not be so whimsical, may just be a temporary phase in the credit card business that may reach its nadir sooner or later.