Best Interest Free Credit Cards

Credit cards are an easy way to gain access of money you don’t have at the moment. It’s like magic, one swipe and the item is yours! The problem is, right after we purchase that item, we are suddenly hit with a huge surprise. The bills coming in month after month. All of a sudden, your calculations are wrong, and you realize you’re paying so much more for an item you never really needed in the first place.

When buying things off credit, the first thing you have to remember is never to acquire something if you know you can’t pay for it within the month or within the next month. If you’re thinking about doing installments until you’re all paid off, this is just one way to dig yourself into a hole of debt, especially when interest rates are high. However, there is one thing that can break this rule. What if your card didn’t charge interest, and in fact, your initial calculations were actually quite accurate?

An interest free card? It all sounds too good to be true. But indeed, it does exist. As a way to entice consumers to apply for a card with them, banking and credit card institutions have come up with the perfect way to get you on their hook. Yes, that’s right, interest free cards. But of course, this doesn’t last for the rest of the time you’re going to use your card. The interest free period does come with a deadline. Some cards can give you six months, others can give you fifteen, and still others, eighteen. After that, it’s back to the regular rates. But still, if you’re planning to purchase a certain something you can’t afford just right now, then having an interest free card just might be the solution.

Here are the Best Interest Free Credit Cards for you:

Best Interest Free Credit Cards

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These cards are probably sent from heaven above to help you get that item you need. These cards can also help you get out of debt quick if you just know how to use them right. But just like anything that sounds good, you also need to check just how much your interest rate will be after the promotional period. Making sure the rate is reasonable in the future can save you headaches and worries if you still have installments to pay for. And despite the interest free allure, being wise with purchasing items will always work for your advantage.

Best 0 Interest Credit Cards 2011

When it comes to credit cards, no interest means no penalty fees. It would all be such a dream if every credit card offered by credit card companies had zero interest rates, allowing us to buy what we want whenever we want, without fear of digging ourselves deep into interest debt. Although this sounds too good to be true, we can actually enjoy zero interest for the first few months depending on credit card offers. Here are the best 0 interest credit cards 2011 can give you:

1. Discover Student Mix Tape Card

Zero interest for 9 months! The Discover Student Mix Tape Card offers a 0% introductory APR on all purchases for as long as 9 months. Aside from breathing easy on interest, this card allows you to earn a 5% cash back bonus in practical categories like travel, department stores, gas, groceries, restaurants, and more. Plus you can even get a 1% unlimited cash back bonus on everything else you buy. With $0 fraud liability, and no annual fee, this card is hard to beat.

And if that doesn’t seem enticing enough, Discover allows you to choose among more than five fun and quirky designs that suits your mood and personality.

2. Discover More Card

If nine months isn’t long enough for you, Discover More Card offers a 0% introductory APR on purchases and balance transfers for as long as 15 months. With the same cash back offer of 5% on travel, gas, groceries, and restaurants, those who love their home can also avail of this cash back from home improvement stores. A 5% cash back could mean big savings and big rewards in the long run.

Discover More card charges no annual fee and can give up to 1% unlimited Cashback Bonus on all other purchases. This arrangement makes sure that every purchase you make on your card doesn’t go to waste. And just like Discover’s Student Mix Tape Card, you can have the liberty of choosing from a host of card designs that will truly give you a personalized feel.

Have a worry free credit card experience with Discover Student Mix Tape card and Discover More Card. These cards allow you to breathe easy while you charge, keeping you safe from interest fees for the first 9 – 15 months.

Best Credit Cards 2011

Ever since the dawn of credit cards, making purchases with no need for cold cash has become so easy. The names VISA and MASTERCARD have replaced George Washington and Benjamin Franklin in our wallets simply because paying with credit is becoming more hassle free.

Aside from the convenience it brings, credit card companies are now packing their cards with discounts, freebies and rewards. Here are the top five credit card deals, taking into account low interest rates plus heaps of rewards:

1. Discover More Card – For this card you can get a cool introductory 0% APR on purchases and balance transfers for as long as 15 months. After the introductory period, standard rates of 11.99-20.99% will apply. Aside from the good rate, you get a 5% cash back bonus in practical purchases such as travel, gas, groceries, restaurants, home improvement sotres and loads more. Plus you get a 1% unlimited cash back bonus on all other purchases. And what’s more, there’s no annual fee.

2.Discover Student Open Road Card – Aside from having 0% introductory APR on purchases and balance transfers for 9months, you also get a double cash back bonus at any gas station and restaurant. You get up to 1% unlimited Cashback Bonus on everything else you buy, with $0 fraud liability. Again, there’s no annual fee for this card.

3.Discover More Card -$50 Cash back bonus – Do you think you can spend $250 on your credit card in the first three months? If the answer is yes, then the Discover More $50 Cash back bonus card is for you. This card will give you a bonus of $50 once you make a $250 purchase within the first three months. Introductory APR will be 0% for balance transfers for 12 months, and 0% on purchases for 6 months. After that, variable APR will be between 11.99% and 20.99%. Again there’s a 5% Cash back bonus in travel, gas, restaurants and home improvement stores.

4. Discover More Student Card – 0% introductory APR for purchases for the first 9 months. Get a 5% cash back bonus in categories like travel, gas, department stores, groceries and restaurants. 1% unlimited cash back bonus on all other purchases with no annual fee.

How 0% Credit Cards Can Cost You Money

The allure of 0% Credit Cards can sometimes override the logical decision making that needs to take place before transferring the balances of your credit cards to a 0% interest credit card.

0% credit cards exist because credit companies make money from them, otherwise they would be no more. Do not be fooled, they are doing you no favors. The 0% interest draws the people in and often times distracts them what may be worse credit card terms then they currently have with their own credit cards.

Often times 0% credit card offers are used by people transferring other credit balance with higher interest rates over to the card with 0% interest.

Here are a few tips when deciding whether a 0% interest credit card is right for you to transfer balances onto.

  • The 0% Interest Will End: The 0% is only an introductory rate.  The introductory period is usually only 6 months long, sometimes a year.  After this period ends the standard terms of the credit card will apply.  You must educate yourself with the terms of the credit card so you do not put yourself in a worse position after 6 months.  Here is a quick calculation you can do to loosely determine if it may make sense to transfer your credit card balances to 0%.  Figure out the average interest rate of the credit cards you currently have a balance on.  If the average rate is lower then the interest rate that will apply after the 0% intro period than it is probably best to stay with what you have.  I say that is a loose calculation because in order to get an exact figure for combined interest rates you need to calculate in the balances.  But that quick calculation will give you a good general idea if it will make sense.
  • The exception to having a higher interest rate after the intro period is if you can pay large portions of the balance down while in the 0% introductory period.  This can help get you ahead a little bit because all the money you pay will be applied to the balance and not the interest. If you plan on only making the minimum payment through the 0% introductory period, or purchasing more stuff at 0% interest causing your balance to increase, you will most likely put yourself in a worse position if the interest rate is higher at the end of the introductory period.
  • Do not miss a payment: Many times credit card companies have terms in their contract stating something to the effect of if you miss a payment or are delinquent on a payment your 0% interest rate could end immediately.  This could be bad news if you transfer large amounts and then cannot make the payment on the credit card.
  • Transfer Fees: Not all credit card transfers are free.  You need to know if there is going to be a fee to transfer the balance from one credit card to the new zero interest credit card.  This fee can be enough money to make the whole thing not worth it.

When it comes to 0% interest credit cards they can be a tool to help you, or a trap that will hurt you.  Education is the best weapon to arm yourself with.  Do not get distracted by the allure of the 0%, that is how you will get yourself in trouble.

Look over the terms of the credit card, break down the figures of your own debt load, run some calculations to determine if transferring your balances is going to make financial sense for you.

If you want to see a list of 0% cards, click…  0% interest credit cards.