0% Purchase Credit Cards

By: Zoe Badowska

A 0% purchase credit card enables you to make purchases during a specified period without incurring any interest charges. This type of card effectively offers you "free money"; your credit card company will make no profit on what you borrow if you pay it back within the allocated time.

Comparing 0% purchase credit cards

With credit card companies becoming increasingly competitive, there is an array of cards from which to choose. It is advisable to research as many cards as you can to ensure that you get the best deal available.

When comparing and choosing a 0% purchase credit card you should begin by comparing the durations of the interest-free periods on offer. These can vary substantially from card to card and generally range from three to twelve months. The longer the interest-free period the more you will benefit, as you will have more time during which to make purchases and pay back anything you have borrowed.

In the event that you find several cards offering the same interest-free period on purchases, you may wish to narrow down your selection by comparing credit cards by any other deals offered, such as 0% interest on balance transfers or low interest on purchases once the initial 0% purchase offer has expired.

Which companies offer 0% purchase cards?

and both offer cards with long (10 - 15 month) interest-free periods on purchases.

In addition, Capital One's card has the benefit of the same length 0% period on balance transfers as well.

The above companies are by no means the only ones offering 0% interest rates on purchases, so you should use a website to find the best deal for you.

In summary:

- Do your research - compare a number of credit cards and be sure to choose the card with the longest possible interest-free period.

- If you are struggling to choose between several cards offering the same interest-free period on purchases, consider comparing any other benefits offered by these companies, such as 0% offers on balance transfers.

- Ensure that you pay back what you have borrowed within the specified time. Once your card's 0% offer has expired, interest charges on any remaining balance are likely to be high. There is little benefit in applying for a 0% purchase credit card if you do not intend to pay back your balance before the card's interest-free period expires.

- 0% interest offers do not include cash transactions, i.e. withdrawals and foreign currency purchases. If you use your card for this type of transaction you will incur unwanted interest charges.

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