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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.
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.
Our trained expert advisers have access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable leader and product for your needs.
So Smart Money are specialists when it comes to mortgage and insurance. We have access to the UK’s leading brokers and using their knowledge and skills they'll place you with the most suitable lender and product for your needs.
Speak to an expert for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.
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"I've used sosmartmoney a couple of times now, I checked my old mortgage with them and it encouraged me to get a better deal."
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Best personal finance comparison site &
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