0% INTEREST CREDIT CARDS
What Is A 0% Interest Credit Card?
0% interest credit cards offer 0% interest on all purchases or existing credit card debt transfers for a certain period. This gives people the chance to pay off large purchases over a number of months without being charged interest. The difference with this and 0% purchase credit card is that you can transfer a previous credit cards balance to this one allowing you to pay off previous debt with 0% interest.
There will most likely be a high fee for withdrawing money as there is with the majority of credit cards, there could also be a fee for using your credit card abroad so make sure to check this with the supplier. Although there is 0% interest on the balance, there is a minimum payment that needs to be met each month otherwise the privileges could be revoked.
FAQ’s
Credit cards that offer 0% interest for existing credit debt or on any purchases within a pre defined period.
Yes, having a good credit rating will help, if you have a poor credit rating you may still be accepted but with a higher interest rate at the end of the period and so it then becomes more important to make sure the full balance is paid off before the 0% interest period ends.
Benefits & Disadvantages
✅ Interest free introductory set period for both purchases and balance transfers.
✅ Purchases (between £100 and £30,000) are covered by purchase protection.
✅ Some cards may offer additional perks and rewards such as cashback.
❌ There could be a fee for a balance transfer.
❌ Interest free period could be less then what it would be for a specific balance transfer or purchase card.
❌ After the interest free period ends interest rates can then be higher than a standard credit card.