If you havent checked your credit card statement lately, you should. Why? Because just about every time the Prime Rate increases, the interest rate you pay on a variable rate credit card rises accordingly. Over the past two years, the prime rate has skyrocketed to 8.00%, up 100% from January 2004, when this benchmark rate was a mere 4.00%. That means many credit cards that once charged rates around 10% are salvation army car donations charging close to 14% or more. Fortunately, credit card issuers have continued to offer 0% interest rates on balance transfers and purchases. For many, these 0% APR offers represent the best way to cut down on mounting interest charges.

Currently, American Express leads the pack in 0% offerings, with the American Express Blue credit card offering a 0% APR for up to 15 months. However, it takes excellent credit to attain this great introductory rate. In addition to the 15 month 0% APR offer, the American Express Blue credit card also offers fixed APR balance transfers. Unlike the variable rates that apply to most balances, fixed APR balance transfers allow you to fix in your interest rate until the balance is repaid.

If youve been stung by rising interest rates, but dont have the excellent credit needed to obtain an American Express Dietgirl there are still a number of 0% APR options on the market. Just about every credit card issued by Chase offers a 0% interest rate on purchases and balance transfers for up to 1 year. Similarly, most Citi credit cards offer at least a 0% for 12 months on balance transfers, with some cards offering 0% on purchases as well.

So, knowing whats on the market, the question becomes: just how much can I save with a 0% APR credit card? While the precise value will differ from person to person, the basic answer is quite simple: a lot. For example, a $5,000 0% balance transfer can save a person with a 14% interest rate close to $800 over the course of one year. Thats no small change. If you dont need a 0% balance transfer, but want flexibility in paying back your balance, a 0% APR on purchases will also provide great savings. For example, using a 0% credit card on just a $1000 of new purchases would still save you over $100 in interest expenses over the course of a year.

Smart credit card usage can save you hundreds, if not thousands of dollars a year in interest. With current credit card rates moving higher and Mortgaging refinancing quotes a 0% credit card is more of an asset today than it was just a few years ago. Remember, however, that not all 0% offers are the same. Be sure to read the fine injury compensation claim And enjoy the money you will save.

The author is President and CEO of Credit Card Depot Inc, credit-card-depot.com/credit-card-depot.com, a website that provides over 50,000 monthly visitors detailed credit card information and links to credit card applications. To view http://credit-card-depot.com/0apr.htm0% APR credit card applications and apply online, visit Credit Card Depots extensive http://credit-card-depot.com/0apr.htm0% APR offer page.