mo’s guide to 0% Credit Cards For Purchases
Spread the cost of large purchases with 0% credit cards
0% credit cards for purchases mean no interest is charged on transactions for a set number of months. They can be the cheapest way of borrowing if you repay the debt by the end of the introductory term.
Most 0% Credit Cards for Purchases work in the following way:
- An introductory interest rate for retail purchases (stores, online etc), typically 0% for a set period of time. The length of time varies by credit card
- They can be a great way to spread the cost of large purchases and can be cheaper than a loan if you follow the key rules of avoiding a long-term expensive debt
- Putting large purchases on a credit card can provide extra consumer protection when something goes wrong. Section 75 of the Consumer Credit Act means that if you pay for something on your credit card costing between £100 and £30,000, the credit provider is equally liable if something goes wrong. This is a legal protection provided so you are never put in the position of paying for something that wasn’t received or was not as described.
Do the smart thing - get set before you apply
- Borrow only what you need rather than going on a spree and building unnecessary debt
- Repay at least the monthly minimum repayment on time or risk losing your introductory offer
- Be Smart - Use monva’s Eligibility Match to check you meet the lender criteria, and then use lender pre-approve checks before applying to avoid harming your credit file