0 Interest Credit Cards can be an extremely useful asset for balance transfers or for making a purchase you plan to pay off in the near future.
Like the old saying… “All good things come to an end.” Well that applies to 0% Interest Credit Cards as well. All zero percent interest credit cards have an introductory period which is 0%. After this period standard rates will apply. It is important to know how long the introduction period is and what the rate after the 0% interest period will be.
Knowing and understanding those two aspects of the zero interest credit cards will help arm you to use the 0% intro period as a tool to help you save money, instead of getting stuck with a higher interest credit card after the intro period is over.
The two primary uses for a 0% interest credit card are for balance transfers and purchases to pay off.
- Balance Transfers: Consolidating high interest credit cards onto a 0% credit card can save you tons of money. Make a plan to pay off as much of the debt as possible within the 0% introductory period. This is because all of the money you apply to the credit card will go to principle and not interest. Secondly, be sure that the interest rate after the 0% introductory rate is not higher then the average rate of the credit cards you are consolidating. If the interest rate average is higher you will end up losing money in the long run.
- Pay Off Purchase Items: Purchasing an item in which you have a plan to pay off before the 0% intro period is over is a great way to utilize the 0 interest credit cards. You can essentially use other peoples money to purchase the item, and pay it off interest free over the 0% intro period. Be sure you have a plan to pay off the purchase entirely because some credit companies will charge back interest for the initial balance and not just the remaining balance.
Again, knowing how to use the 0% interest credit cards will help you save money. But do not be fooled, they can be a trap. Be smart and have a plan.
After a little education on 0% interest credit cards here is a list of some of the best 0 Interest Credit Cards on the market.
Citi® Platinum Select® MasterCard® |
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- 0% APR - No Annual Fees - Online Account Management |
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| Intro APR | 0% Applied To | Intro Period | Annual Fees | Rewards |
| 0% | Purchases Balance Transfer |
6 Months | None | No |
Discover® More(SM) Card – American Flag |
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- Up to 1% Rebate on General Purchases - 5% to 20% Cashback Bonus® at Top Online Retailers |
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| Intro APR | 0% Applied To | Intro Period | Annual Fees | Rewards |
| 0% | Purchases Balance Transfer |
12 Months | None | Yes |
