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Newest 0% APR Credit Cards Forgive Fees

[Wednesday, September 4th, 2013]

It’s one of the cardinal rules of using credit cards: never miss the payment due date. But that is changing with some of the newer cards on the market.

Paying the minimum amount due even one day late can result in getting slapped with a hefty late fee for a traditional card—often around $35. That can happen just for submitting that online payment after close of business, or if the postal service takes an extra day to deliver your check. But the latest low interest credit cards are forgiving those fees. In fact, they are not even charging them in the first place.

Cards like Citi Simplicity say they are designed to make life easier for cardholders by not charging fees for things that traditionally have them. Paying late and going over your credit limit—both common pitfalls that cause customers to be charged a fee—are both fee-free with the card.

Discover it is another new card that aims to simplify terms and conditions and keep customers from paying fees for slipping up now and then. Most people have gone over their credit limit at least once, but with these new cards that doesn’t result in a penalty.

Both Discover it and Citi Simplicity give consumers an introductory interest-free period, as well. Citi Simplicity offers up to 21 months of 0% APR, depending on a customer’s creditworthiness. Discover it gives a 0% APR for up to 14 months depending on the applicant’s credit score.

Fee free, 0% APR cards attractive in current economy

These cards are good options for people struggling with the economy. Unemployment continues to be a problem for many. The July unemployment report by the U.S. Department of Labor fell short of projections, adding only 162,000 jobs to the economy. Unemployment, while down to 7.4%, is still not falling as fast as predicted by economists.

Meanwhile, the average U.S. household owes more than $15,000 in credit card debt, a number that is hard to bring down if they are paying high interest on those cards. Transferring balances to low-APR or 0% APR cards is one way you pay off debt faster, eliminating interest payments on those balances.

When one does not have to worry about paying interest, fees for a missed due date, or a credit limit overcharge, the burden of debt can be more easily addressed.

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