A credit card is basically a loan, but if you clear your balance in full when you receive your monthly statement, the loan is interest-free.
Getting a credit card with 0% interest for 24 months may be ideal for buying big ticket items without having to pay interest for an extended period of time. So if you don’t have the cash to buy the item now you can use your 0% interest credit card and save considerably.
Interest free periods may vary, while some 0% interest offers also include balance transfers.
It’s important to keep in mind that you might not even qualify for the credit card.
It’s often ideal too search for a deal that offers a low rate on purchases.
A credit card with 0% interest for 24 months is the Virgin All Round Credit Card.
- 0% on purchases for 24 months
- 0% for 24 months on money transfers and balance transfers
- No annual fee is charged
Benefits that come with a credit card with 0% interest for 24 months:
Having 0% interest credit cards essentially means that you won’t have to pay interest on your purchases for a specific time period.
0% interest credit cards can be a great way to save. These cards can also be ideal for big ticket purchases.
You need to make sure that you watch your financial behaviour during the introductory period. Keep your credit record clean and don’t accumulate unnecessary debt.
If you don’t make the minimum payments, your 0% interest deal may be cancelled, which means that you could be stuck paying a higher interest rate. Make sure that you make payments diligently.
Your 0% interest rate will turn into a regular interest rate after the promotional period ends. If you’re still carrying a balance on your card, you’ll start accruing interest on it.