Browsing Victoria » Credit Cards » 0% Purchase Credit Cards
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One big reason why there is so much credit card debt is the standard rate that many credit card companies charge for new purchases. With interest rates that can reach 19% or more in some cases, it makes it very difficult to pay off the debt that is accumulating monthly.
However, there is the option to purchase a 0% purchase credit card that for a limited time does not charge any interest rates on new purchases. For Australians who are looking to keep their revolving debt as low as possible at least for a short period of time, this type of rate can be quite attractive.
This is a credit card that offers a 0% purchase rate for a limited period of time. Unlike a 0% balance transfer rate card where new purchases are subject to a higher interest rate, a 0% purchase rate card means that whatever purchases are made do not accrue any interest rate for a set period of time which is usually 12 months and often more.
After the 0% purchase rate period is over, the card will then revert to a higher rate which may be upwards of 17 to 19% depending on the company that owns the card. It is important to check what is known as the revert rate first before obtaining the card.
The most obvious benefit is that you can make purchases for the period of time in which the 0% is in effect and not have to pay interest. The rates will change however, so you will need to be aware when it runs out so that you can use the card wisely. Of course, it helps if you are given 0% free interest on both purchases and transfers as you can really lower your debt total.
However, even just the 0% purchase interest alone for 60 to 120 days can pay real dividends if you can pay off the debt in a short period of time before the standard rate sets in. In some ways, having a limited window where you can pay off the debt interest free can help you manage your credit cards better and get more out of them without racking up additional debt with interest payments.
The clever use of 0% on purchases combined with 0% on balance transfers can make a powerful difference in how much you ultimately pay on your debt. You will need to read the rules of using your credit card and even call to ask questions about the limitations of transferring the remaining debt. However, if you can find a card that offers a good revert rate then you might want to stick with that particular credit card as it will pay off in the long run.
0% purchase credit cards are an excellent way to pay for an expensive item and then pay off the debt quickly before the standard rates kick in.
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