0% Purchases

A 0% purchases offer allows for interest-free purchasing for a set period which is often up to 12 months, once the specified period is up, the standard rate of interest will be applied and charged against any outstanding balance.

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It is commonly advised that only people who are clear of debt should go for a 0% purchases card. This is in the sound belief that those who are already struggling with debt should be concentrating on ways to pay it off whilst minimising interest, rather than risking additional financial troubles with further spending beyond their means.

For those who feel certain that they can be sensible and disciplined and pay off their balance before the promotion ends, this type of card can be used to make relatively large purchases, much like an unsecured loan, only interest-free. This can be ideal for something like the purchase of a car.

Once the interest-free period ends on your credit card you will often be subjected to a very high interest rate and so it is very unwise to opt for a deal like this unless you are completely confident of clearing your balance before the offer is up.

Before you decide to take advantage of this type of offer, be sure that you know exactly what your bank considers to be a 'purchase'; cash withdrawals, online gambling and sometimes even gift voucher purchases, do not fall within the 'purchases' bracket and the interest will begin to pile up the second you make the purchase.

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