Interest Free Credit Cards
Interest free credit cards are offered by a lot of companies. You can get no interest at all for a predetermined amount of time. It is usually 6 months or 12 months. I have seen it for as long as 2 years on some cards. Regular credit cards offer this and so do business specific cards such as Lowes. I was able to buy my washing machine and dryer for two years no interest. They will offer this to help you out, but they assume you won’t pay it off before the time runs out. Most of the companies will then add the interest from the original purchase price to your card. This does not save you any money. You have to pay the balance off before time runs out. By doing it this way, you will not pay any interest at all on your purchase. This can save you hundreds or even thousands of dollars.
Calling the Company
If you have a credit card, do not be afraid to call the company and ask what offers they have available. Many of them will offer you no interest on purchases or no interest on balance transfers. They might also offer you a rewards card instead of the one you are currently using. This will get you cash back or airline points on your purchases. You can transfer money from another card that you are paying interest on to this card. It will save you a ton of money in interest.
Getting a New Card
Do not be afraid to look for a new card. If the card you have is charging you interest, find a better option. Search online or actually read all of the junk mail you get every day. You will be able to find someone who will let you transfer your balance for zero percent interest. Sometimes they charge a small fee to do this, but many times there will be no fee. The fee is always small enough that it is less than you would have spent on interest keeping your card with the other company.
Don’t Ever be Late
Do not ever be late on a credit card payment. They will charge you a huge fee. If you were on an interest free plan, they will start charging you interest. If for some reason you make a mistake, call them up and explain the reason. They will usually wave the fee one time a year for you. One simple phone call can save you $30 or more.
Remember these easy tips and you will save a lot of money. It is best to not use credit cards at all, but we are all known to do it. If you are going to use them, just make sure you are smart about it and don’t have to pay interest every month. This is just throwing your money away.