Released: January 04, 2007

Transferring to a 0% credit card

Source: Eva Rosenberg, MarketWatch (Free Registration)

Holiday sales for 2006 are projected to total about $435.3 billion, according to the National Retail Federation. Most of those purchases will be via credit cards. November and December are your hottest spending months. You are running up charges for gifts, entertainment, travel to see families, going on vacations and more.

Your credit card is especially active during the week after Christmas buying up all the electronic equipment and supplies for your business at drastically reduced sale prices (after all, you want to take advantage of that special year-end tax window: buy on credit card now, take the deduction now, and pay later!).

Soon, you’ll be sitting there, in stunned silence, looking at those credit card statements with balances much higher than you expected. Unfortunately, all those charges are your own. You can’t blame identity theft.

So what’s a good consumer to do? Reach for your trusty 0% credit card, of course.

What’s nothing good for?

Interest-free credit cards are really handy offers to help you manage your finances in a variety of ways. For instance, you can use them for the short-term to avoid paying interest on your holiday purchases. Also, interest-free loans are a wise move for larger purchases that you know you can pay off during the no-interest offer period.

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