Zero percent interest cards – the offer sounds so good that it’s scary isn’t it? It makes wonder if it’s too good to be true. It’s important to read all the fine print and evaluate your options when considering a zero percent credit card.

Zero percent interest cards weren’t even heard of until the late 1980s. Until then, the typical credit card carried a relatively high interest. In this article, we’ll try to take away some of the mystery and expose both the risks and benefits to taking advantage of that zero percent credit card offer you just got in the mail.

Check out the length of the “teaser” or “incentive” rate offer. This refers to the limited time offer of the zero percent interest rate. The best zero percent card offers are a year in length and also allow zero percent APR on balance transfers during that year’s time. A year’s length of time gives you a chance to transfer balances off cards with higher interest rates and make a dent in the balance before having to consider moving the money again. Shorter periods of time require more vigilant monitoring so you don’t end up accidentally carrying a high balance past the teaser time period.

Make note of when the teaser time period is up and what the new interest rate will be if you continue to hold a balance. Chances are the new interest rate is higher than the rates you’re paying on your other cards. You’ll want to mark your calendar or blackberry with the date so you don’t hold onto a balance on the card once it goes into that higher interest rate.

Look for hidden fees. Make sure there are no initial sign up or monthly fees, and check to make sure you won’t be penalized for making balance transfers. Check to see if you will be penalized for transferring the balance to yet another card at the end of the teaser rate period.

Check the minimum monthly payments and make sure it’s something you can handle. Consider what your financial situation will be during the time period of the lower rates and make sure you can handle the payments. Compare the minimum monthly payments with that of your current credit cards.

Make sure the balance available will be enough to cover the amount you need to transfer.

Evaluate your own personal level of responsibility. Are you someone who will remember to move the balance before the teaser rate time period runs out? Will you be able to make a dent on the balance before the time runs out?

Zero percent interest cards can be a great way to pay off a debt faster than you would when accruing interest charges. Just make sure you don’t get caught with a balance on the card once the teaser rate time period is over!