0% interest rate cards will do you in. Here's why. 0% interest rate cards apply for a period of about six months to usually 21 months. During that time, they charge you no interest, but there are two things you need to be aware of. On a 0% interest rate card, if you're ever late on a payment, they have the right to cancel out your 0% interest rate right then and there, which could at that very point, start calculating interest and then be due on your very next. You might not be financially prepared for this. The second thing I hate about 0% interest cards is deferred interest at the end of the term. See, if you carry a balance at the end of the term, they can actually retroactively charge you interest all the way from the beginning of the term when you made your very first purchase with that card all the way until the end. What this means is that the interest will actually compound. So if you have a thousand dollars balance at the end of the term, you won't be charged a thousand plus 20%, which is 1200. We'll be charged a thousand plus 20% for month one, which is $1,200. In month two, that $1,200 will hit 20%, which is 1440. In month three, that 1440 will hit 20%, which is 1,728. The next month, that 1,728 incurs, 20% interest and so on and so forth. By the time you get to the end of that, you can end up owing upwards of almost $9,000 on using a card for $1,000 at the beginning of that 12 months 0% interest rate. So while 0% interest rate cards are really, really good, especially during that intro period, be very, very careful how you operate with them moving forward. Because leaving any balance of any kind can really put you in a bind when it comes to the end of that intro period. Follow for more tips that'll help you increase your credit scores. ✅ If you like this video please subscribe to the channel for future updates on “Best Credit Consultation, Hacks, And Tips” on Youtube! https://www.youtube.com/c/JustJWoodfin ✅ Find the links to everything featured in my videos as well as credit-building products, services, and resources: KreditMD.com/social 👉 Get your credit reports and FICO Scores: www.9ficos.com (Powered by MyScoreIQ) If you need help with your credit, text #HelpMe to 310.919.2002 so I can give you a FREE analysis of whether or not credit repair is the correct move for you and your situation! ============================= ✅ Other Videos You Might Be Interested In Watching: 👉 Can you see the problem with this?!🤦🏾♂️ #Shorts https://www.youtube.com/shorts/TKwddbTrACo 👉 NAVY FEDERAL LATE-NIGHT APPROVAL HACK! #Shorts https://www.youtube.com/shorts/eTdfk30WGFY 👉 Rules for Applying w/Navy FederalCredit Union 🏦 #Shorts https://www.youtube.com/shorts/7ijS94ted8A 👉 Every time you use your 💳debit card you lose! 👎🏾#Shorts https://www.youtube.com/shorts/mqhWW5_9jcE ============================= ✅ About J. Woodfin: I'm going to teach you the Kredit game! So if you're having trouble understanding credit...Don't Worry...As Usual...I Gotchu! C'mon! 😉 IYKYK Don’t forget to subscribe and click the notification bell 🔔 https://www.youtube.com/c/JustJWoodfin Feel free to contact me on: For a FREE credit consultation with J. Just text #HelpMe to 833.524.7800. Let's get you on my calendar so we can talk about your situation. ================================= Tags: #CreditRepair #0InterestRateCreditCards #IntroductoryRateCreditCards #CarryingBalances #OverspendingOnCreditCards #HighInterestRateCreditCards #CreditCards #CreditCard #CreditScore #CreditCardDebt #PersonalFinance #Credit #Debt #BalanceTransferCreditCards Related Phrases: Credit Repair,0% interest rate credit cards,introductory rate credit cards,carrying balances,overspending on credit cards,high interest rate credit cards,credit cards,credit card,credit score,credit card debt,personal finance,credit,debt,balance transfer credit cards Disclaimer: I am not a financial advisor. Do not take anything on Youtube as financial advice. Always do your own research. Consult a professional investment advisor before making any investment decisions! My youtube channel is for educational purposes only! Copyright Disclaimer: Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is permitted by copyright statute that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favor of fair use © J.Woodfin
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