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Credit card spending can be very convenient for most people, but it can also be associated with extortionately high interest rates and charges.
However, enjoying the benefits of a credit card needn't cost you anything providing you are sensible and you know just how to make the most of your credit card without incurring costly charges and interest fees.
A few simple steps can help you to enjoy the convenience and flexibility of credit card spending without having an adverse effect on your pocket.
0% balance transfers
You may have already clocked up a balance on your credit card for which you are being charged very high rates of interest, and if you are repaying just a portion of the balance on a monthly basis you may find that the majority of the repayment you make gets swallowed up in interest.
Particularly if you are only making the minimum repayment each month, you may find you will barely touch the principal balance on your credit card.
By transferring your credit card balance onto a 0% interest balance transfer credit card you could make huge savings on interest, and you can also buy yourself valuable time during which to make a real impact on your principal balance without being charged any interest.
The amount of time you have to clear your balance whilst benefiting from 0% interest charges will depend on the introductory period offered by the card. However, some balance transfer credit cards are now offering up to a whole year of 0% rates on your transferred balance.
If you do not want to be restricted (or worried) by ending promotional periods, by opting for a credit card that offers a low rate of interest on balance transfers for the life of the balance, you can enjoy the peace of mind that you will benefit from a reduced interest rate until you have repaid your transferred balance in full.
Enjoying 0% interest on purchases
Another way to enjoy convenience and flexibility with your credit card without having to incur interest charges is to opt for a credit card that offers 0% interest on purchases.
This will enable you to enjoy the convenience of paying for larger, more expensive items on your credit card, and then being able to spread the cost of the purchase over a set introductory period, up to 10 months depending upon the card, without incurring any interest charges.
The introductory period on purchases offered will depend on the individual credit card, but the longer the 0% period the more time you will have to repay the cost of your purchase without having to make interest payments on the balance.
Finding a suitable 0% interest credit card
There are a number of credit cards on the market that can offer great deals on 0% interest periods for balance transfers and / or purchases.
In order to find the right one for your needs the best thing to do is compare a variety of cards and see which one best suits your needs, and which offer the best deals in terms of their introductory periods and other benefits.
Show me all credit cards offering...
0% balance transfer credit cards - for transferring a balance and benefiting from 0% interest rates for an introductory period.
Life of balance transfer credit cards - for transferring a balance and benefiting from a low rate of interest until you have repaid the balance in full.
0% purchase rate credit cards - For spending now and paying later, perfect for large initial purchases where you want to spread the repayments over an introductory period of time.
0% balance transfer and purchase credit cards - for transferring a balance and purchase spending on the same card.
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