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Interest free borrowing
Points To Remember When Making Interest Free Purchases On Credit Cards

If you ask anyone what the best deal is on the current range of credit cards available, their answer will probably contain the phrase “0% balance transfer.”  But that isn't the only great deal available on credit cards today.  If you don't have any balances on your current credit cards and you are thinking about making a fairly large purchase in the near future, it might be worth considering taking out an interest free credit card which doesn't charge you on any purchases for a specified period of time.

As with everything else related to credit cards, it's a good idea to think about the situation carefully before making any firm decisions about interest free offers on credit cards.  Read through the points below to make sure you understand the ins and outs of getting credit cards which allow for interest free purchases… before you take the plunge.

  1. Not all credit cards offer the same interest free period.

    Most credit cards will offer between three and nine months to pay off your purchases before interest starts being charged.  The idea is to make sure you get rid of the whole balance before the interest kicks in—making it a truly interest free credit card deal.

  2. Plan out in advance how you will pay off your interest free purchases to make the most of the offer. 

    The best stance to take if you are buying one or two large items on credit cards is to divide the amount of your purchases by the number of months your interest free credit card deal runs.  Once you have done this, make sure you put aside the required amount every month so that you have the total amount ready to pay off the credit card in full at the end of the interest free period.  Put the money in your savings account and earn some interest on it instead of paying interest to your credit card company for once! 

  3. Remember that 0% on purchases is not the same as 0% on balance transfers.

    This might be stating the obvious, but a lot of people see the 0% figure and don't look beyond it.  If you already have a balance on existing credit cards that you want to shift to a lower rate of interest, you will need to find a separate deal to stop paying interest on these.

Don't forget that virtually all credit cards give you 56 days interest free on your purchases, depending on when you make them.  If you have already applied for other credit cards and been turned down, applying for more will only flag up that fact on your credit record.

In this case, you might be better using existing credit cards and making the most of the maximum 56 days interest free credit you will get on them.  It takes a little more planning, but for smaller purchases, it might be enough to solve your problem, and create your own type of interest free credit card.

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