0% balance transfer and purchase credit cards

Getting 0% interest deals on purchases that you make on your credit card can save you a small fortune in interest, and if you already have high interest credit cards on which you have balances you can save even more by transferring the balances of these cards onto a 0% balance transfer card. If you want to enjoy 0% on balance transfers as well as 0% credit cards on purchases there are a couple of options open to you.

0% balance transfer and purchase cards:

 There are some credit cards available that offer 0% interest on both balance transfers and purchases, and this can mean increased convenience and great savings for cardholder.

However, wherever possible you should look for credit cards that offer an equal length of interest free credit on both balance transfers and purchases. You do get cards that offer unequal lengths, such as offering twelve months interest free credit on balance transfers and just three months interest free credit on purchases. These asynchronous cards can turn out to be something of a debt trap, and this is because when the interest free period on purchases ends any repayments that you make will be allocated to your interest free debt, leaving the purchase balance to continue accruing interest.

Separate 0% balance transfer and purchase cards:

Often the simpler and more sensible solution is to take out two separate credit cards. You can take out one 0% balance transfer credit card, on to which you can transfer your existing higher interest balances. You can then also take out a 0% purchase credit card, which you can use to make new purchases without having to pay interest providing your clear the balance within the specified interest free period.

By opting for two separate cards you can often enjoy longer interest free periods on both purchases and balance transfers, as there are few cards that offer an equal, generous interest free period on both balance transfers and new purchases.

Interest rates on credit cards can be notoriously high in some cases, and by tailing to take any action and sticking with your high interest card you could be wasting a great deal of money each month. Not only will your repayments be higher because of the interest being accrued, but the overall amount that you repay will be much higher, and you will end up paying for a very long time, as interest charges keep bumping up your balance.

By taking the time to look for cheaper 0% interest deals for both balance transfers and for new purchases you can continue to enjoy the ease, convenience, and flexibility of credit card spending without having to put up with the costly interest charges for which credit cards have become known. This can mean lower monthly repayments as well as paying less interest overall on your debts.

Of course, if you repay your balance in full each month then there is little point looking for a 0% card, as you will not be charged interest on your spending anyway. Instead, you should opt for a rewards based card, such as a cashback credit card or retail rewards credit card, or you may prefer to opt for a charity credit card.

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