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What to know before getting a no-interest credit card

A no-interest credit card certainly sounds appealing, but if you have ever taken a credit card company up on such an offer, you may know that things do not always work out in your favor. No-interest credit cards allow you to make purchases without assessing interest on the amount accrued, but only for a specified amount of time.

Once the no-interest window has closed, you will have to pay interest according to your card’s standard annual percentage rate. This can prove problematic if you still have a considerable balance on your account at the end of that grace period. So, before you apply for that no-interest credit card or sign on the dotted line, consider the following.

The card’s APR

If you are considering applying for a no-interest credit card, do your research about its APR, and then check out how it compares to the APR of credit cards you are already using. If it is higher, going this route is probably not a good idea for you, unless you are absolutely certain you can pay the balance off in full before the no-interest period is over.

Additional fees

If the card you are considering is also a rewards card, you may have to pay an annual fee in addition to interest once the grace period ends. The amount of these fees tends to vary based on factors such as how valuable the rewards benefits are.

Spending habits

It also may prove wise to take a good, hard look at your spending habits. It can be all too easy to take advantage of an interest-free credit card. Before you know it, you have racked up considerable debt, and the no-interest period is nearing its end.

Credit card debts are one common cause behind filing for bankruptcy. If you have any doubt about your ability to pay off your credit card balance in full before the no-interest period ends, you may want to reconsider taking advantage of these offers. 

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