If you turn on the news these days, you’ll most likely hear something about all the advantages of credit cards with a 0% APR. But, don’t you really want to know if they’re as great as they seem?

Many consumers are taking advantage of these cards because as interest rates steadily climb they take advantage of the 0% interest rates to help them get loans as well as keep their debt down. Many people want to know is what they aren’t being told about these supposedly great credit card deals.

You’d think that if you get a credit card with 0%, you’re getting a great deal, right? Yeah, sure, I’ve got one. Doesn’t everyone? The chance to shop without having to pay 15 – 20% interest is extremely appealing to anyone who is of age to shop.

To make this deal even more appealing, many credit card companies will throw in additional incentives along with their stellar interest rates. These may include 0% interest credit cards and the opportunity to earn double frequent flyer miles every time you make a purchase. Other incentives include free balance transfers, reward points and basically anything to attract a consumer, & they really can get creative.

 My advice to you is to READ THE FINE PRINT! These offers are not exactly as you perceive them to be. The first thing you should consider is that you’re usually aren’t going to get a credit card with a 0% APR. In all actuality you’re going to get one with an introductory period 0% APR. Basically this means that after a specified period of time, your interest rate is very likely to increase up to the rate of 20%. That’s how companies manage to keep a full load of customers at such an incredibly ridiculous rate. They entice them with a short term offer, and by the time they realize what’s happened they’re paying a large amount of interest on a huge balance. Late payments can really make your APR increase dramatically, although that usually affects the permanent APR more strongly than it does the 0% interest. Did you know that if you have a late payment, your interest can go up as much as 10%? It’s a fact. Miss a payment? It can continue to climb.

It’s very easy for anyone to get caught up in the excitement of a 0% interest credit card. That excitement usually leads to a little too much retail therapy-perfectly acceptable during the time you have this great interest rate, and before you know it, you’re paying huge chunks of money back. You may find yourself holding the bag for hundreds of dollars of interest on purchases you most likely would never have gotten without the card, and probably items that you cannot afford.

The bottom line is that you should be very careful about using 0% interest credit cards. Just like you’ve always heard, “If it sounds too good to be true, it probably is.” Don’t give in and try to get something for nothing, you’ll regret it in the long run.

Having said that, here is a credit card company that does not try to fool you. They tell you up front, in large print, just how it is. Get the credit card every one is raving about. Apply for the Discover® Open Road Card