Learning the Ropes of an Interest Free Credit Card

Learning the Ropes of an Interest Free Credit Card

Credit cards are among some of the most helpful and convenient methods of payment used today. They allow people to purchase or pay for items and services that they might normally not be able to pay in cash or in full, upfront. More often than that, these cards provide the opportunity to spread out payments into several installments, and sometimes these may even be interest free.

Every card holder must know that interest is the way credit providers earn, so there can be no such thing as an interest free credit card. However, you may be able to avoid paying for interest if you play your cards right. These cards are the fastest and easiest way to borrow money, but if finances are not handled correctly, it could spell big trouble. There are plenty of card offers in the market from 0% interest over a period of time, to the fixed rate credit card, and making the right choices and moves can help save you a couple of interest payments.

Some people can benefit greatly from getting cards that offer 0% introductory deal for a certain period of time, so if you see that you can most likely pay off everything within a year or so, these types of offers may work for you. The longest interest free credit card offer is 0% for 12 months, while some cards will offer 10 months. When using a zero interest credit card, it is important to note that your debt must be fully paid by the end of your introductory period, or else rates skyrocket, leaving your interest free periods almost meaningless. There is such a thing called tarting, where borrowers shift their balances from one card to another as soon as their interest free credit card runs out, in order to avail of yet another 0% interest offer. However, this usually requires that you have a good credit rating in order to be approved to different cards.

Another main feature of a zero interest card is the balance transfer option. Most card companies will offer balance transfers at 0% interest but it is important to note, however, that most interest free card offers such as these will only run for a few months.

On the other hand, some borrowers prefer to use fixed rate credit cards, or those that offers low long term rates. These cards are not used for the introductory rates, but rather for a longer term deal. These cards, however, are not always really fixed rate, and most cards can change their rates in as short as 15 days written notice.

Whether you're using a zero interest or fixed rate credit card, the important thing when trying to maximize your savings and minimize credit expenses is to comply with your card company's rules. Avoid penalties at all costs, especially on your interest free credit card or cards, by paying on time or else, that might be the end of you. Pay at least the minimum amount due and if possible, maybe even more. Setting up auto debits is also a good idea so as not to miss any payments. Always keep a close watch on your spending and stay within your credit limit

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