October 19, 2009
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Finding 0% APR CCs, Pt.1
Sympathy for the Devil.As much as we hate to admit it, there are times when we must stop what we're doing long enough to understand the fine print in credit card terms. When signing up for a 'good deal' concerning an introductory low-interest credit card, this is doubly important. It is said that "The devil is in the details", and that's true. But, it's also true when they "To be forewarned is to be fore-armed". When we put these two together, we can see great advantages in attending to detail in order to command advantages with credit card offers.
This article (series) is intended to bring out some of the more-prevalent caveats and opportunities when securing zero or low-interest introductory credit card accounts. The credit card industry is as diverse and the people who make the decisions. Some lenders are very sincere in servicing customers while others are out to get you in any way they can. Reputations are a good indicator to separate them. In any case, it's important to know general stumbling blocks that trip consumers who look for key concerns applicable to all credit card accounts.
<(O)> Advertising: The first thing to be aware of is the purpose of advertising. It differentiates from notification in that the purpose is to attract. Notification merely disseminates information as a public service. So, in order to attract new customers, credit card issuers must say things that will draw customers. These can be categorized as:
<%> Perceived Advantages (smokery): Things like "On-line Credit Card Manager", updated news letters, etc.
<%> Exaggerated Perceptions (puffery): Things like "Lowest credit card interest".
<%> Bear Traps (trickery): Things like "Special interest rate*" found deeply embedded in the fine print.
<%> Sincere Advantages: The hardest to sort out because it involves eliminating all of the others. Obviously, these are the opportunities to seek for your new credit card.