Benefits of Credit Card Interest Free on Purchases Deals
Do you have a big purchase coming up that you need to finance? Maybe you want to buy a new laptop, a new sofa, or a new car. Or maybe you just want to treat yourself to a vacation, a spa day, or a shopping spree.
Whatever your reason, you don’t want to pay a fortune in interest on your credit card. You want to enjoy your purchase without worrying about the debt piling up.
That’s why you need a credit card that offers interest free on purchases. These are special offers that let you pay no interest on your purchases for a certain period of time, usually from 6 to 21 months.
But how do these deals work, and what are the benefits of using them? Let’s find out.
How to use interest free on purchases deals
To use interest free on purchases deals, you obviously need to apply for a credit card that offers them. You can compare different cards and their features on various websites around the internet.
Once you get approved for the card, you can start using it to make your purchases. You will pay no interest on these purchases until the end of the promotional period, as long as you pay at least the minimum monthly payment and stay within the credit limit.
This means you can spread the cost of your purchase over several months without paying any extra fees. You can also use the money you save on interest to pay off your balance faster or to save for other goals.
Benefits of interest free on purchases deals
Using interest free on purchases deals has many benefits, such as:
- Saving money: You can save hundreds or even thousands of dollars on interest by using interest free on purchases deals. For example, if you buy a $2,000 laptop with a 21-month interest free on purchases deal, you will pay $0 in interest, compared to $480 in interest if you use a standard credit card with a 24% APR.
- Budgeting easier: You can plan your monthly payments more easily by using interest free on purchases deals. You know exactly how much you need to pay each month to clear your balance before the end of the promotional period. You can also avoid any nasty surprises or hidden fees that may come with other financing options.
- Improving your credit score: You can improve your credit score by using interest free on purchases deals. By making your payments on time and keeping your credit utilization low, you can show lenders that you are a responsible borrower. This can boost your credit score which helps you qualify for better credit cards, loans, and mortgages in the future.
Best interest free on purchases cards in the USA
There are many credit cards that offer interest free on purchases deals in the USA, but some of the best ones are:
- Wells Fargo Reflect® Card: This card offers 21 months of 0% interest on purchases and qualifying balance transfers, making it one of the longest offers available. It also has no annual fee and no foreign transaction fee, making it a great choice for travellers. However, it does charge a 3% balance transfer fee and a 5% cash advance fee.
- Citi® Diamond Preferred® Card: This card offers 18 months of 0% interest on purchases and balance transfers, giving you plenty of time to pay off your debt. It also has no annual fee and a low balance transfer fee of 3% or $5, whichever is greater. However, it does charge a 3% foreign transaction fee and a 5% cash advance fee, so you should be careful when using it abroad or at ATMs.
- Chase Freedom Unlimited®: This card offers 15 months of 0% interest on purchases, plus a $200 bonus after you spend $500 in the first 3 months. It also has no annual fee and offers 1.5% cash back on all purchases, making it a rewarding card to use. It does charge a 5% balance transfer fee and a 3% foreign transaction fee.
How to choose the best interest free on purchases card for you
To choose the best interest free on purchases card for you, you need to consider several factors, such as:
- The length of the promotional period: You need to choose a card that offers a long enough interest free period for your needs. You want to have enough time to pay off your balance before the interest rate jumps to the standard APR, which is usually around 24%. You also want to avoid applying for too many cards in a short period of time, as this can hurt your credit score.
- The annual fee and other fees: You need to choose a card that has a low or no annual fee, as this can save you money in the long run. You also want to avoid cards that charge high fees for balance transfers, cash advances, foreign transactions, or late payments, as these can eat into your savings and damage your credit score.
- The rewards and benefits: You need to choose a card that offers rewards and benefits that suit your lifestyle and spending habits. You may want to earn cash back, points, or miles on your purchases, or enjoy perks like travel insurance, purchase protection, or extended warranty. You also want to look for cards that offer sign-up bonuses, introductory offers, or discounts with partner merchants.
Conclusion
Using interest free on purchases deals is a smart way to finance your big purchases without paying high interest for up to 21 months.
This can save you are a great deal of money … but discipline is still needed, as there may be a temptation to charge more than you originally intended.
Remember … only charge items that you would have purchased anyway and avoid taking on commitments you may struggle to afford later.
Enjoy the benefits … avoid the pitfalls!
Would you like to know the very best Credit Card Interest Free on Purchases deals available in the USA today?
Join us for free as a Wise Credit Card Consumer VIP member … and we’ll keep you fully informed. All the best deals at your finger tips … with full details of the offers available, a concise summary of the features and benefits of each card and a link to the card issuer if you want to apply. Updated daily.
CLICK HERE for more information.
Click Here to Return to Site Contents