Existing card debt
Lower credit scores
A 0% purchase credit card lets you make purchases using your card that you can then pay off over time without having to pay any interest for a certain period. 0% purchase cards generally offer an interest-free period of at least 6 months, with some offering up to 20 months. Once your 0% period ends, you’ll be charged interest on any remaining balance you have.
They are often used to help cover the cost of large purchases or expenses, and can be much cheaper than a personal loan due to the 0% interest period.
The longer your 0% purchase period, the more time you’ll have to pay off your balance without incurring interest. This makes a 0% purchase credit card a good option for those planning on making a big purchase or covering a big expense, but who don’t want to take out an expensive loan to cover the cost.
If you have existing debt, you’ll want to look at balance transfer credit cards, but there are dedicated 0% purchase cards that also offer extended 0% interest periods on balance transfers. This means you can move over an existing balance, and also cover big expenses without having to take out multiple cards.
You can still be eligible for 0% purchase credit cards if you have bad credit, but may not be able to get the cards with the best 0% periods. However, you should still be able to find a card with an extended 0% purchase period, with many cards offering periods up to 18 or 20 months.
Here are five tips for getting the most out of your 0% purchase credit card:
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