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No Interest Credit Cards -- Use Them To Your Full Advantage

Feb 28, 2008
No interest credit cards sound like the perfect type of credit. With no interest charged on them, you do not have to pay exorbitant fees to lenders just to borrow money. In most situations, a no interest credit card is a limited time offer, feature to lure you in as a customer in the hopes of retaining you long term as a customer. Those that qualify for them can use them to their advantage by paying for items with the line of credit and then paying it off before the introductory time period expires. But most cardholders do not have the discipline to pay off the balance on these prior to eh introductory period expiring. Card issuers know this to be true.

How To Get Them

To get your hands on one of the top no interest credit cards available, most companies require you to submit an application that meets their requirements. Usually, they seek out those individuals that have at a minimum good credit, but more often than not, card issuers will require excellent credit. In some situations, they may require specific income requirements and employment history as well. Any lender's job is to find a person to lend to that has the ability to repay them. Getting 0 APR means being qualified and a solid credit profile showing credit worthiness lies at the heart of any approval for this type of offer.

Choosing Offers

Once you are qualified for a no interest credit card offer, you may start to see a flood of this very same type of offer in your mailbox. This can be a good thing, but it can also be detrimental to your credit if you do not use them wisely. When applying for a no interest credit card, find out what the terms of the loan are including what qualifies as a no interest purchase and what does not. This is a key item to note. Additional fees for things like balance transfers may exist, which you will need to take into consideration. Also, find out the specific date when the no interest period expires (month and day) so that you are sure to pay off any money you borrow during that time before the finance charges start accruing. Finally, when applying for no interest credit cards, know what the ongoing APR of the offer will be after the introductory period expires, but find out what it will be before you actually apply for the offer.

Using Them Wisely

Part of getting no interest credit cards is to help you to use the lines of credit as you see fit, without having to pay for any finance charges in the process. Know the terms of and conditions of the offer, not just the APR. In some situations, the finance charges that accumulate throughout the course of the loan are applied to the charges after the introductory period, unless you pay off the balance prior to that in full. For example, if you purchase an item in December with a three months of no interest card, and do not pay for that item in full prior to the expiration period, retroactive finance charges may be applied on the entire balance, not just the remaining balance. That's another slick trick of some card issuers. So be sure to take the time to read through the details of any no interest credit cards you obtain...
About the Author
Robert Alan is an editor for www.CreditCardAssist.com and frequently contributing writer on various credit card-related topics. Find more free information, tips and advice from Robert on the no interest credit cards page at CreditCardAssist.com.
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