With all of the talk about interest rates going up, many people are left wondering if no interest credit cards are worth the cost. Is this type of introductory offer too good to be real? Well, if they are judiciously utilized for short periods of time only, these kinds of credit cards can indeed help you purchase that large-ticket item or even save money on your purchases. In this article, we will discuss some of the main short term ways that such a card can help you, as well as potential drawbacks to watch for with some of them more significant.

One of the main reasons that zero interest introductory offers are attractive is because of how long they tend to last. Most of these kinds of cards will give you a grace period of a month in which you won’t see any interest charges on your purchases, after which, after your balance is paid down to an appreciable level, you will have to begin to pay interest. Many people find this to be a very convenient way to take advantage of a special deal, as it gives them the chance to purchase items that might otherwise not be available. To that end, as previously stated, they are often only valid for a short period of time.

Another reason that these kinds of credit cards are so appealing is because they offer zero interest for a certain amount of time. This means that after your introductory period, after which, you will have to start paying interest, you will be charged a standard interest rate. Because most people find this long enough to make it worthwhile, it has been a long-standing standard in many types of financial products. And while you may not enjoy zero interest forever, many will find this to be far enough of a deal to make it worthwhile.

These kinds of zero interest credit cards come in a variety of different forms, including balance transfers and purchases made with your new card. For example, if you transfer a balance from a high interest credit card like, say, a credit card with a high annual fee, into a lower interest rate card, like the zero rate card mentioned above, you are essentially erasing some of your debt. The great thing about this, as mentioned earlier, is that it allows you to pay down your debt at a relatively high pace. By continuing to pay down your balance, you are able to reduce your debt, which will enable you to ultimately benefit from owning a new card, for a longer period of time.

However, it’s important to note that these kinds of introductory offers do not last forever. If you continue to not make your monthly payments, you can easily find yourself in the same position, or even worse. In many cases, the zero APR offer does not last long enough for the balance transfers to actually save money. What’s worse is that these cards often come with an annual fee, which continues to eat away at your wallet. You can avoid all of those things by finding a high interest card with a low or no annual fee.

Another great way to find no interest credit cards is to do a balance transfer from one high interest card to another one with no or low rates. This may seem like a bad idea because it can be tempting to transfer balances just to get rid of the payment burden. However, by doing this, you are actually saving money in the long run, simply because zero percent interest credit cards generally have a much longer payment schedule than their higher-interest counterparts. In addition, by paying down your balance, you are bettering your credit score.

Finally, one last way to find no or low interest credit cards is to use the introductory period. Many people are inclined to stay with their high interest credit card balance transfer for as long as possible even when there are no offers on the horizon. However, this is not necessarily a good idea, especially after an introductory period. When the interest rate goes back up, your balance will be much higher. If you really want to benefit from introductory offers, take the time to look at all of their terms and conditions to see if there are any fees associated with balance transfers.

Generally speaking, balance transfers offer some benefits that high interest credit cards offer no matter what type of introductory interest rate you get. However, when you want to save the most money, it is imperative that you take the time to compare all of your options. Look at balance transfers, introductory period, and annual fees and compare them to see which ones will save you more money. You might find no interest credit cards offer everything you need in a card, but it pays to do your research beforehand. You’ll soon find yourself with a card that offers everything you need to make your life easier.