Before the sub-prime mortgage crises, you were probably receiving weekly credit card applications in the mail offering you 0% APR for a specific time. Since then, some banks have stopped sending these offers, but they are still out their. Although a 0% APR may appear attractive on its face, it is a scam the credit card companies and mortgage lenders use to entice credit card holders.

According to the Federal Reserve, “…..any initial information you receive about mortgages probably will come from advertisements, mail, phone, and door-to-door solicitations from builders, real estate brokers, mortgage brokers, and lenders. Although this information can be helpful, keep in mind that these are marketing materials--the ads and mailings are designed to make the mortgage look as attractive as possible. These advertisements may play up low initial interest rates and monthly payments, without emphasizing that those rates and payments could increase substantially later. So get all the facts and make sure any offers you consider meet your financial needs."

If you received a credit card application with a 0% APR offer in the mail, shred it! If anyone calls you about information that seems too good to be true, it absolutely is! Hang up!

Also keep in mind that with the new credit card law having gone into effect this past February, there are very specific rules and regulations banks must follow as it relates to credit card holders. But, this does not mean that the predatory lending practices have completely stopped.

Don't fall for the 0% APR Scam or any other scam that usually targets seniors and young adults!