It would seem that an interest free credit card is the absolute best deal in credit that you could secure, right? If you look a little closer at some of the interest free offers, you may find there is great potential to be hit with fees. Understanding the fine print of interest free credit card offers is necessary to keeping the good deal good!
- Know the interest rate after the interest free period ends. If you charge more than you can pay off while the card is in it’s interest free period, you should know how much interest you’ll pay on those purchases later.
- Know what purchases are eligible for the interest free promotion. If your idea was to use the interest free credit card to purchase gift cards or transfer balances, keep in mind that these are often not included in an interest free offer and you could be in for a rude awakening when you get your bill!
- Understand what happens if you make a late payment or miss one. Usually a late or missed payment will result in losing your interest free offer.
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