Why you should consider an intro APR credit card now - Business Insider

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If you're worried about your income or job security, now is the time to secure one of these offers while you still can

, but we're just waiting for the initial data to show us what we already know. Unemployment is just beginning to soar, and many can't say with certainty if they'll have a job next week or next month.

In light of this uncertainty, now could be a smart time to apply for a credit card with an intro APR offer to act as an interest-free personal loan.We aren't living in the same economy that existed in early March, but you wouldn't know it by looking at the credit card offers available. There are still dozens of cards that offer at least 12 months of interest-free promotional financing on new purchases, balance transfers, or both., and have a source of income.

But even if you have a very secure job or another source of income, you still might want to consider applying for one of these offers now. That's because these offers might disappear in the future. Already, we're seeing a pause in mortgage lending, and the credit card industry could be next. If card issuers start to see a high rate of defaults in the coming weeks, then they may curtail or suspend some of the best offers currently available. , credit card interest is still expensive.

Think of it as an interest-free line of credit that you can use in an emergency. And if you have a significant unpaid balance, having an introductory APR offer for balance transfers allows you to avoid interest charges while you pay down your balance. Since 100% of your payment will count towards the principal, you'll pay off your balance even sooner when you have a 0% APR.

 

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