The 0% APR credit card is a very attractive one for many people. The lure of no interest is enough to make anyone jump from their existing credit card to another one - and this is especially true for people who carry large outstanding balances every month. However, as enticing as that magical 0% may seem it is always wise to read the fine print before jumping from your existing credit card to another one.

Generally speaking a 0% APR credit card only offers that rate for a limited amount of time after signing up before the rate then jumps to one that, in many cases, is often much higher than that of the card which you left. Another significant point to consider is that most of the 0% APR cards only offer that rate to people who wish to transfer their outstanding balances to their card and apply that rate only to the transfer balances. Any new purchases incur regular interest charges.

Jumping from your existing credit card to a 0% APR credit card is only wise if you are planning on paying off your existing balances within the time frame allocated to the 0% rate. If you are able to do that then you can cut the amount of interest you pay on your debt significantly. However, if you are unable to pay off your debt before the regular interest rate kicks in then make sure the regular rate is the same as the rate you already pay or lower. If it is higher then it is not worth your while to make the switch.

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