Do you owe money on your main credit card, but need to continue making purchases? Getting a 0% purchase card might be the right solution for you. Our service includes a range of 0% purchase credit cards, which you can compare in one place – right here.
As befits their name, 0% purchase credit cards give you the ability to spend money on credit while paying no interest for the length of the promotional period. This is known as an introductory offer or period.
The introductory period usually lasts between six and nine months, but occasionally up to 12-15 months depending on your lender. Following the introductory period, the card reverts to the standard credit card interest rate (between 13-21%).
Essentially, 0% purchase cards work in a similar manner to interest-free credit cards. They are well suited for making larger one-off purchases during the introductory offer, as they save you money on interest.
When you’re comparing 0% purchase credit cards, you need to give some thought to the following factors in order to find the right card for your needs:
Much like with the majority of interest-free credit cards, you will need to be diligent with your payments. Otherwise if you pay late, you’ll owe interest on your purchases.
What many customers also overlook is the credit card revert rate, which can come as a nasty shock if you continue using your 0% purchase card past the introductory period.
A common mistake for 0% purchase credit card holders is withdrawing cash from an ATM using their credit card. This is called a cash advance and you get charged interest on this money right away.
0% purchase credit cards can be of great benefit if you’re using them in a smart way and are diligent with your repayments. When you compare 0% purchase cards, keep in mind all the pros and cons and plan your purchases well ahead to make the most of your introductory offer.