How to get an interest free purchase credit card
Once you’ve found something that ticks all your boxes, it’s time to apply for it. This is where your credit history comes into play. If you have a squeaky clean credit history with a high credit rating you’ll probably sail straight through. If it’s negative, you risk being rejected. Fortunately, credit rating agencies can help you find out where you stand before you apply, but don’t risk multiple applications going against you.
Luckily there are now credit cards for all kinds of borrower, so if you’ve got a poor credit history, you may still be ok (if this is you, see our credit building credit card page).
Things to remember about interest free purchase credit cards
Once you’ve picked one out, interest free purchase credit cards are a pretty simple deal. To ensure you get the best out of yours, however, there are just a few things to remember:
- Ensure your borrowing stays free: 0% interest purchase credit cards are only useful if you keep track of how you’re using them. If you’ve got two whole years of interest-free spending, it’s easy to lose track of time or put off paying it back. If you don’t pay it back on time, however, then the regular interest rates will apply and your purchases will begin to cost you money - completely foiling your savvy interest free borrowing plan in the process.
- Direct debit repayments: A good way to keep on top of your repayments is to set up a direct debit. These can easily be done online and allow you to clear debts without much effort. What’s more, you’ll be able to budget around the repayments. If you have £1,000 of debt on a two-year deal, then a £42-per-month direct debit will make it vanish into thin air.
- Don’t spend more than you can afford to pay back: This is really a no brainer, but it’s tempting to indulge in a spending spree when you haven’t got to worry about paying it back immediately.If you’ve obtained an interest free purchase credit card with the intention of making a specific purchase, then see if the repayments can fit comfortably within your monthly outgoings first.
- When the interest free deal expires: If you don’t plan on using your interest free purchase credit card with the regular rates, then it’s wise to take a pair of scissors to it and close your account with your credit card provider. Don’t feel sad - you’ve had a good interest free run together.
So start using our credit card comparison service to start comparing 0% interest purchase credit cards deals and help you find the right card for you.