If you need to spread the cost of a major purchase, getting one of the best interest free credit cards on purchases is a great way of doing so without having to pay extra in interest.
The main benefit of a 0% purchases credit card is that it allows you to spread the cost of a large purchase over several months without paying any interest.
In fact as long as you repay your debt before the end of the introductory 0% period, abide by the card's ts and cs (like making repayments on time) and avoid using the card for cash withdrawals, you won’t need to pay your credit card company any interest at all.
As a result, choosing the longest available 0% period available from 0% credit cards on purchases is likely to be a sensible move as it will give you more time to repay the balance without being charged a hefty interest rate.
Only at the end of the credit cards 0% purchases deal will any outstanding balance begin to accumulate interest at the card's standard APR rate (which can often be quite high).
If you think that it's unlikely you will be unable to pay off the amount you plan to spend within the interest free periods offered by any of the 0% deals on purchases currently available then it makes sense to opt for a card with the longest 0% period and then transfer any outstanding balance to a suitable 0% balance transfer credit card once this ends to ensure your borrowing remains interest free.
Even the very best 0% purchase credit cards still require you to make at least the minimum repayment each month, and withdraw the 0% offer if you fail to do so - meaning your interest free offer becomes much more expensive.
As a result, you need to make sure that you can afford to meet at least the minimum repayments requirement before applying for a 0% purchases credit card. Setting up a direct debit so that these payments are made automatically is also a good idea as it's an easy way to ensure you never miss a payment (although you will need to make sure you have sufficient funds in your account to cover it each month).
You'll also need to have a plan to repay the outstanding debt - either by splitting the total cost of your purchase evenly and repaying a percentage each month that will allow you to clear the balance by the end of your 0% deal, or making the minimum repayments and setting money aside in a high interest current account so you have it available to pay off the balance before you're charged interest.
You can use our 0% purchases credit card comparison table to search for and apply for the best purchase credit card.
