Interest Free Credit Cards
A Credit Article Contributed by Kris Griebe
Where Can I Find an Interest Free Credit Card?
There really is no such thing as a truly interest free credit card. Many companies will offer you their credit card with a six-month, or sometimes even a one year, waive on your interest. This is called a grace period. For any transaction you make using you credit card during this time, you will pay no interest on the balance.
Most companies have some form of a credit card with a grace period. Often they are only offered to those with good credit scores. The interest rate, after your grace period is expired, may also be lower than a normal credit card interest rate. This is designed to lure in customers and to keep them satisfied.
How Do I Know If My Credit Card Has an Interest Free Grace Period?
By reading all the documentation that comes with your credit card, you will be able to find out if your credit card has a grace period allowing you to make purchases with no interest. If you do not have your documentation, you can check your monthly bill. If you interest rate is 0% on your bill, then you are still in your grace period and are not paying interest.
Another way to find out if your credit card has a grace period is to contact the credit card company's customer service. The trained technicians of the customer service department will be able to tell you whether or not your credit card has a free interest grace period.
If you applied for your credit card online, try looking in the FAQ on the website. This document will hold all the information you need to know about your credit card. Somewhere in the FAQ will be a section talking about your interest free grace period. It is there that you can find out how long it lasts, and what conditions it applies to.
What If I Want a Totally Interest Free Credit Card?
Any card can be totally interest free if you pay off the balance in full each month, as your credit card company doesn't charge interest when the balance is paid in full. If that is not an option, the only other way to avoid paying interest by getting a bank card. It is not exactly a credit card, though it can be used like a secured credit card. Instead of charging your purchase to an account with a specific credit limit, it withdraws the amount of your purchase directly from your checking or savings account. You pay no interest on your purchases, but in turn you do not have the flexibility a true credit card offers you.
Most major banks offer these bank cards free of charge to their members. It can be connected to your checking or savings account, or you can have one for each. You can use it just like a normal credit card, though for some companies, bank cards are not eligible for use while shopping online. This is the only method of securing something similar to an interest free credit card.
