The Best 0% Purchases Credit Cards
If you need to choose from the best 0% purchase credit cards then look no further. Below we have compared and displayed the best deals from all the leading 0% credit card offers.
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If you are a regular credit card user, then you know that the interest rate on purchases can be extremely high, and if you have been on a spending spree, the credit card bill afterwards can make your eyes water. One way to handle this problem is to use a 0% purchases credit card. These allow you to purchase items for a certain amount of time without being charged any interest on your purchases. There are benefits to using these cards, not only through savings on purchases, but in other ways too. If you are interested in these cards, then there are some basic facts that you should know about them.
The basic facts about 0% purchase credit cards
The 0% purchase credit card has a few basic principles which are easy to understand. The card works in the same way as a standard credit card, and offers 0% interest rate on purchases for a fixed period of time. This period can be as short as 3 months, or as long as 33 months, depending upon the credit card company’s policy. The period begins as soon as the account is opened, and the card is sent to you, so you need to remove at least 2 weeks from the time you begin using the card. This will help you to avoid mistakes when it comes to the end of the period, after which high interest rates will be applied to the card.
When you obtain a 0% purchase interest rate with your card, you need to be aware that you have to stick to just making purchases, rather than paying debts or other bills, and you must also remember that the cad will have a minimum repayment term, otherwise the purchases will incur interest.
Benefits of the 0% purchase credit card
If you want to be able to buy a lot of items on your credit card, but don’t want to have to face the high interest rate charges that will be caused by this, then you should consider the 0% purchase deal available on a number of credit cards. With this deal, you can buy as many items as you like, and only have to pay off that cost, rather than added interest.
How to make sure that you are using the card only for purchases
In order to benefit from the 0% interest rate deal, you need to make purchases, and only purchases, using the card. Under the terms of the deal, you will not be able to do things such as withdraw cash, for example. This means not only taking cash out from the ATM, but also receiving cashback when you make a purchase, buying gift vouchers, or using the card to buy foreign currency. Receiving cashback is something which few borrowers consider being withdrawing money, but if you do that with a purchase, not only might the cash have interest charged on it, but it could include all of the purchases made with that withdrawal.
You should also be aware that the 0% agreement can be withdrawn at any point by the lending company if they consider that the card user has not been sticking to their agreement. This can mean that if there is any debt on the card when the balance is withdrawn, then the remaining amount will be charged at the usual interest rate, and there will also be other charges relating to the outstanding amount. If you are caught out by the sudden withdrawal of the 0% deal, then you may have to pay a lot of money or risk falling into even more debt.
How to manage a 0% purchases credit card
If you have obtained a 0% interest rate on purchases with your credit card, then you need to seriously consider how you are going to manage this before you get into debt. The first thing that you have to be clear on is that you need to cover your expenses each month. You can’t allow the debt to continue into the next month, because the card company could see that as you failing to keep up with your responsibilities. There is also a new law which means that when the 0% interest stops, the total rate of the minimum repayment can increase to cover the costs which have been incurred during the 0% period. Therefore, removing the debt each months helps to avoid sudden and extremely expensive interest rates.