Do Interest Free Credit Cards Exist?
Category: Articles- gotalkmoney.com- 2:17 pm/ March 24, 2008I’m sure if you’re reading this blog post, you have a credit card in your purse and wallet. A question that makes us wonders a lot is, “Are there credit cards out there that are interest free?” Believe it or not, there actually are a few cards out there that are interest free but there’s a catch. I’ll explain them to you.
Don’t be late with your payments
If you do decide to sign up for one of these cards, you’re going to have to stick with a set plan. If you don’t, it’s going to cost you. One of the biggest credit card carriers, Discover, offers this type of no interest deal. One of the catches though is that if you’re late with one of your payments, they can hit your balance with a pretty hefty APR. This rate can generally range around fifteen to twenty percent.
Read the fine print
Sometimes you may find that your card indeed does offer no interest but this is only to your transferred balance. You’ll want to stay away from these cards. You’ll want a card that offers you no interest on the life of your balance every time you make a purchase. Also keep in mind that the life of the balance may not necessarily mean the life of the card. This is where you’ll want to read the terms and conditions again.
Make minimum purchases
I know some of Discover’s credit cards make you make a minimum purchase each month. They will usually tell you to keep the card active. So if it means making two purchases a month, you best do it or else they will take away your privileges.
Like anything in life, if it’s going to be a good deal, it’s going to cost you and a credit card with no interest is going to be the same. IF you do apply for one, make sure you apply some of these techniques because if you fail to do so, you may find your card carrying that hefty fee defeating the purpose of why you applied for it in the first place.
Some Helpful Resources
- 6 Month CD 1.06 %
- 1-year CD 1.32 %
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- Savings Account 1.04 %
- 30-year Fixed Mortgage 5.22 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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