What is a 0% Purchase Credit Card?
A 0% purchase credit card charges your no interest for a set period of time when you make a new purchase on your credit card.
Why would you want a 0% purchase credit card?
Generally speaking, a 0% purchase credit card offer is often used to buy large, expensive items in order to take advantage of making repayments at 0% interest. Often people use them to purchase white goods, furniture, expensive insurance policies and electrical items such as a television.
How does a 0% purchase credit card work?
The 0% purchase offer will be set for a certain period of time for example 12 months, 18 months etc. Generally speaking, the 0% offer will start from the moment your card is active. You will pay 0% interest on any new purchases up until the offer period ends.
What to look out for on 0% purchase credit cards
Ensure that you meet your monthly repayments. Failing to do so might mean losing the 0% deal completely. You will then be subject to paying interest on the outstanding balance.
Be mindful as to when the 0% introductory offer ends, especially in the final month of the deal.
When taking advantage of the 0% purchase offer period, ensure you can repay the whole amount of the outstanding debt before the end of the offer period. If you don't, then your outstanding amount will start being subject to interest, which could be quite costly.
How to choose a 0% Purchase Credit Card
1. Narrow down the PocketRate credit card comparison table by selecting the Purchase Credit Card menu option.
2. From this list, compare the 0% Purchase Rate Period introductory offers by sorting the column.
3. Take note of the current APR rate on the card and clarify on the provider's website as to what interest rate you will be paying when the introductory 0% period is over.
4. Consider checking your credit score and credit report before applying for the card. Ideally you want to ensure your credit status is healthy before submitting an application. Check out our comparison table of credit score and credit report providers.
5. Click the Apply button on the table to visit the provider's website to apply for the credit card.
