Is a Zero Interest Credit Card Worth Getting?

There are a few credit cards which have zero interest. This sounds fantastic but it might get you wondering whet there are so many people that do not use this sort of card. This is because there are pros and cons to the card and it is a good idea to be aware of these so that you can make a calculated decision as to whether this card is suitable for you.


Obviously the cost of the card is fantastic. You will be able to use it and not worry about repaying it as you will not be charged any interest to keep owing the money. However, it is wise to be very careful with this. This is because you will find that the zero interest period will be limited. This means that after a certain amount of time, usually six months. You will start to be charged interest on what you owe on the card. Additionally, it is often the case that this interest rate will be higher than average as well. This means that you could soon start to have to pay a lot of money in interest and if you do not repay the card quickly, then you could end up paying more than you would have done, had you taken out a standard credit card. Therefore, you need to be careful. Some people will move their outstanding balance to another zero interest credit card once the zero interest period is up and continue to save money. This is something worth looking in to before you take out the card as you will need to be sure that it is an option that you will be able to use. Sometimes there are quite a few card issuers offering zero interest cards but often there is not and so you need to make sure that there are some different ones available when you make plans as to what you are going to be doing with the zero interest card.


It is worth thinking about whether having a card like this will be really tempting for you. Think about whether you feel that you will be tempting to spend lots of money on the card because the interest is free, In some ways this will be okay – if you buy what you would normally buy, but pop it on the card, then you can delay paying for it. However, some people will see the card as an opportunity to buy lots of things for free. It is so easy to forget about the fact that we actually have to repay the card at some point. We therefore could easily be tempted to just see it as free money that we can have and not worry about it. Of course, you will need to repay it and there will be interest to pay at some stage. Therefore, if you think that it is likely that you will fall into the trap of thinking that you should buy lots of extra things because you have the ability to be able to do so.

Spend and Save

There are some people which are pretty clever with zero interest cards. They will use the card to buy everything that they would normally buy so food, toiletries, petrol etc. Then put aside the money that would normally use to pay for those things into a savings account. Then when the interest free period is up they will then take the money out of the savings account to repay the card in full and keep the interest. This is particularly good if you can find a savings account which pays high interest but even if you cannot, you will still be able to gain some money from it.

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