Choosing a lifetime APR

Many credit card companies offer 0% APR credit card deals to attract new customers and these deals have a lifespan of between 3 months to 15 months. Just prior to the end of the deal, the customer will try to secure another 0% credit card balance transfer to another credit card lender. As is the case nowadays with credit card balance transfers, the customer will incur a credit card transfer balance fee typically between 2% to 3%. There is another way that is becoming more popular that is known as a Lifetime APR.

Some credit card companies are now offering customers what is effectively a fixed rate deal if they transfer their credit card balance over to them. In another words the credit card lenders are offering an APR e.g. 4.9% for the duration of the loan. This means that the customer does not have to go hunting for a new credit card company with a 0% APR ever so often and incurring a credit card balance transfer fee into the bargain. However, always check the Terms and Conditions, as you may still be liable for a balance transfer fee and you may lose the lifetime APR if you fail to make at least the minimum payment when it falls due.

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