Avoid being stung by credit cards
05/08/08 06:32 AM
ZERO-rate credit
cards can seem attractive, but it pays to watch out
for the sting that comes when the honeymoon is
over.
Cannex financial analyst Frank Lopez said the biggest sting could be the interest rate the cards reverted to after the introductory period.
"After that period, which might be six months, the rate goes up and with a lot of the standard cards it can go up to about 20 per cent,'' he said.
"People often let the introductory period run out and end up paying that higher interest rate.
"If you're paying 20 per cent even for a couple of months that basically ends up being a significant cost.''
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Cannex financial analyst Frank Lopez said the biggest sting could be the interest rate the cards reverted to after the introductory period.
"After that period, which might be six months, the rate goes up and with a lot of the standard cards it can go up to about 20 per cent,'' he said.
"People often let the introductory period run out and end up paying that higher interest rate.
"If you're paying 20 per cent even for a couple of months that basically ends up being a significant cost.''
Click here for the full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.