Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
Will Biden’s Neo-Populist Economic Doctrine Support Gold? - 25th Sep 21
Markets Deflationary Winds Howling - 25th Sep 21
Crude Oil Price Piercing the Sky: Where Will We See the Black Gold by Xmas? - 25th Sep 21
Cryptocurrency policy choices and consequences - 25th Sep 21
The Next Emma Raducanu UK Tennis Star Pleasing the Crowds at Millhouses Park Sheffield - 25th Sep 21
Stock Market Rescued by the Fed Again? - 24th Sep 21
Are Amazon Best Cheap Memory Foam Mattresses Any good? Bedzonline £69 4ft Small Double ECO Example - 24th Sep 21
Evergrande not a Minsky Moment - 24th Sep 21
UK Energy Firms Scamming Customers Out of Their Best Fixed Rate Gas Tariffs - 23rd Sep 21
Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Should School Children be Jabbed with Pfizer Covid-19 Vaccine To Foster Herd Immunity? - UK - 23rd Sep 21
HOW TO SAVE MONEY ON CAR INSURANCE - 23rd Sep 21
Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
Trading Crude Oil ETFs in Foreign Currencies: What to Focus On - 22nd Sep 21
URGENT - Crypto-trader event - 'Bitcoin... back to $65,000?' - 22nd Sep 21
Stock Market Time to Buy the Dip? - 22nd Sep 21
US Dollar Bears Are Fresh Out of Honey Pots - 22nd Sep 21
MetaTrader 5 Features Every Trader Should Know - 22nd Sep 21
Evergrande China's Lehman's Moment, Tip of the Ice Berg in Financial Crisis 2.0 - 21st Sep 21
The Fed Is Playing The Biggest Game Of Chicken In History - 21st Sep 21
Focus on Stock Market Short-term Cycle - 21st Sep 21
Lands End Cornwall In VR360 - UK Holidays, Staycations - 21st Sep 21
Stock Market FOMO Hits September CRASH Brick Wall - Dow Trend Forecast 2021 Review - 20th Sep 21
Two Huge, Overlooked Drains on Global Silver Supplies - 20th Sep 21
Gold gets hammered but Copper fails to seize the moment - 20th Sep 21
New arms race and nuclear risks could spell End to the Asian Century - 20th Sep 21
Stock Market FOMO Hits September Brick Wall - Dow Trend Forecast 2021 Review - 19th Sep 21
Dow Forecasting Neural Nets, Crossing the Rubicon With Three High Risk Chinese Tech Stocks - 18th Sep 21
If Post-1971 Monetary System Is Bad, Why Isn’t Gold Higher? - 18th Sep 21
Stock Market Shaking Off the Taper Blues - 18th Sep 21
So... This Happened! One Crypto Goes From "Little-Known" -to- "Top 10" in 6 Weeks - 18th Sep 21
Why a Financial Markets "Panic" May Be Just Around the Corner - 18th Sep 21
An Update on the End of College… and a New Way to Profit - 16th Sep 21
What Kind of Support and Services Can Your Accountant Provide? Your Main Questions Answered - 16th Sep 21
Consistent performance makes waste a good place to buy stocks - 16th Sep 21
Dow Stock Market Trend Forecasting Neural Nets Pattern Recognition - 15th Sep 21
Eurozone Impact on Gold: The ECB and the Phantom Taper - 15th Sep 21
Fed To Taper into Weakening Economy - 15th Sep 21
Gold Miners: Last of the Summer Wine - 15th Sep 21
How does product development affect a company’s market value? - 15th Sep 21
Types of Investment Property to Become Familiar with - 15th Sep 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Save on Credit Card Interest Rate Payments by Utilising Interest Free Credit Cards

Personal_Finance / Credit Cards & Scoring Sep 15, 2010 - 05:12 AM GMT

By: Credit_Choices

Personal_Finance

Paying interest on a credit card can take a big chunk out of your monthly earnings, so if you can avoid paying interest by using an interest free credit card, you should do so. There are now a variety of different credit card deals which can help you last longer without paying interest, you just need to know how to navigate the interest free credit card marketplace.


It is vital to read the small print and find out exactly what you are agreeing to when you sign on the dotted line for an interest free credit card. Do your research and plan ahead - otherwise, you could end up paying far more than you expected in interest repayments.

Read on to discover how interest free credit cards work and what traps you should avoid.

There are two main types of interest free credit card:

0% on purchases credit cards – this means you will not pay interest on purchases you make until the promotion finishes. This option is best for people who are clear of current debt. So, if you don’t have any debt, a 0% on purchases credit is a good way to make purchases without paying interest, as long as you are absolutely certain you will be able to pay off the balance before the 0% on purchases promotion ends.

0% balance transfer credit cards – allow you to allocate interest bearing debt from one credit card to a 0% balance transfer credit card. This means you can concentrate on paying off the debt, rather than paying interest. You will not pay interest on your balance for a specified period of time – usually around 6-12 months. This is the best option if you want to save on interest repayments for current debt but are capable of paying off that debt quickly.

If you would rather pay off the debt over a longer period of time, another option you should research is the lifetime balance transfer credit card – these offer a long-term alternative for those carrying a larger debt, offering a low rate of interest for a longer period of time. However, if you already have debt which you know you will be able to pay off fairly soon, a 0% balance transfer credit card could be for you.

Tips for 0% balance transfer credit cards

Shop around – balance transfer periods vary massively between different credit card companies.

Transfer fees - shop around for transfer fees. Credit card companies watch for customers who switch from one 0% balance transfer credit card to another, and charge a fee for doing so – you need to find the lowest possible balance transfer fee.

Pay you debt in time - Before switching your debt to one of these interest free credit cards, you need to work out how much you will have to pay each month so you don’t go beyond the 0% interest period. You also need to check how much interest you will pay if you cannot pay back the debt in time.

If you are coming to the end of the 0% balance transfer promotion and don’t think you can pay all of the remaining balance in time, consider moving your debt to a different 0% balance transfer credit card, or to a lifetime balance transfer credit card. However, you need to be careful because there will usually be a charge for doing so.

Don’t spend on your 0% balance transfer credit card – view it instead as a loan which you pay off every month, otherwise you could be stung with very high interest on purchases.

Don’t apply for too many 0% balance transfer credit cards – this can have a negative effect on your credit rating.

Credit Choices offers free price comparisons and advice on interest free credit cards and 0% balance transfers.

© 2010 Copyright Credit Choices - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in