A 0% purchase credit card can be a great way to spread the cost of your shopping – without paying a penny in interest. Find the best 0% purchase credit cards below.
If you need to make a big purchase – such as a holiday, a home improvement, a car, or Christmas presents – then getting a good 0% purchase card can be incredibly useful.
What are 0% purchase cards?
0% purchase credit cards don’t charge you any interest for a certain period of time when you use them to buy things.
0% purchase credit cards can be a great way to spread the cost of purchases – without paying any interest
This makes them extremely useful for spreading the cost of big purchases (or several smaller items).
At the moment, many cards offer 0% interest for over 12 months – giving you over a year to spread the cost of goods and services bought on your card.
Why should I get a good 0% purchase card?
Spread the cost of items
They can be a great option for anyone who wants to spread the cost of their purchases – especially on ‘big-ticket’ items like holidays. 0% credit cards are also far cheaper than getting a loan, or going for expensive in-store credit
Pay no interest
As long as you pay off your card within the 0% period – which is often 12 months or more – you won’t pay a penny in interest.
If you use a credit card to pay for something worth between £100 – £30,000, your credit card company has to protect you by law. So if something goes wrong, the company goes bust, or you have any problems with a product – you won’t have difficulty getting your money back.
Why shouldn’t I get a 0% purchase card?
Only get a 0% purchase card if you can answer “YES” to the following three questions:
Buying items with a credit card gives you extra protection
Can you clear your debt BEFORE the 0% period ends?
When the 0% period ends, the interest rates on these cards tend to shoot up to 17% or more. So always make sure you can pay off your debt before the 0% period ends – otherwise you’ll end up paying interest.
Can you make at LEAST the minimum repayments each month?
Don’t fall into the trap of just making the minimum repayments each month. If you only pay back the minimum amount, you’ll never pay off your debt before the 0% period ends. (Credit card companies make minimum repayments low on purpose.
This is because they want to stretch out your credit card debt for as long as possible – so you end up paying them interest over the long term!)
Have you got a good credit rating?
To get the best 0% cards, you need a decent credit rating. So if you’ve often missed payments in the past, your credit rating might not be good enough. Find out more about how credit ratings work (it also shows you how you can check your credit rating for FREE).
If you can answer “YES” to those three questions, then a 0% purchase card can be a great way to spread the cost of purchases without paying any interest.