Credit card offers are notorious for very high interest rates, so interest free credit cards are quite the catch. Or are they?
The zero interest rate is not permanent, so before you decide to take a company up on their awesome offer, you’ll want to find out how long the interest free period lasts. Some are very short, just a few months, while others are for the full year or even longer.
While no interest is definitely a good way to start out, particularly if you have a year to pay the card off, there are some down sides. First, you should be aware that any remaining balance on the card once your free period is up will be charged at a high rate of interest. Each card differs in how high they go with this rate.
These credit cards can be a good deal if you know how to handle them. Start out by choosing one that offers a relatively long period of 0% interest. You can then charge to it without worry, but keep an eye on your calendar so you can be sure to pay everything off by the end of the period. After this, it’s up to you whether you want to continue using the card or not.