Several credit cards now feature 0% introductory rates for up to 6 months, essentially giving customers credit cards 6 months interest free.
Credit cards come in various options, with different interest rates, benefits and rewards. They also offer solutions to some of our most pressing financial challenges.
Having a credit card can be a great way of making payments on large purchases, especially if you don’t have the cash. It can also come in handy when you have an unexpected emergency such as having to pay for an emergency medical bill.
A 0% APR offer means that you won’t have to pay interest on your purchases for a specific time period.
This type of card can help you stretch out your payments over time, with the benefit of not paying extra for your purchases. These cards can also be ideal for big ticket purchases.
The introductory interest rate can be anywhere from 6 months to over a year.
How credit cards 6 months interest free work:
It allows you to manage your finances and repay any outstanding balances with no interest.
It’s important to keep in mind that if you use your credit card to withdraw cash, it may result in those amounts being charged interest.
Keep in mind that after the 6 month interest-free period ends, any balance outstanding will be charged at the revert interest rate.
You need to make at least the minimum monthly repayment due every month. If you don’t make the minimum payments, your 0% APR deal may be cancelled. You could be stuck paying a higher interest rate as a result.
Your credit card statement will outline exactly how long each purchase amount will be regarded as interest-free.
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.
