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0% Credit Cards |  |
What are 0% credit cards? How can the card issuer make any money when
the interest rate is 0% and you get your money without having to repay
any more than the amount you use?
Well, of course it's never as simple as that.
Firstly, you typically can get a 0% rate for purchases and a 0% rate
for balance transfers. These are always limited in time, so that you
have something like 9 months, or until the end of the year, or whatever. This means
that the 0% rate you enjoy is fine for the period that you have it,
but you will get to a point when the 0% rate comes to an end and you need
to either start paying the interest or fund a better deal. The increased
competition in the UK Credit Card market means that 0% interest rate credit
cards are fairly common and most people can take advantage of the offers.
You should also take note of any fee incurred when you take out a balance transfer. This varies from provider to provider.
You may have other credit cards - without a 0% rate - if this is the case, a 0% credit card can save you some money
but do check that the 0% credit card rate applies to balance transfers and don't forget any fee that applies.
After the introductory period the interest rate will increase and you have
the opportunity to switch to other cards.
Our table below lists current offers for 0% Credit Cards for introductory offers on balance transfers and purchases
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