How to Get an Interest‐Free Loan
Find the right credit card., Make purchases., Pay off your balance.
Step-by-Step Guide
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Step 1: Find the right credit card.
Some cards will allow you to make purchases without accruing any interest rate for an introductory period.
This period might last for 12 months or up to 31 months.You can search for offers online.
These cards are not balance transfer credit cards.
Instead, you can make purchases directly with the card.
You can’t get a 0% cash advance, so pursue other options if you need cash. -
Step 2: Make purchases.
Buy whatever you want, knowing that you won’t be charged interest until the 0% introductory rate ends.
Your card will have a credit limit, which will be based on your credit history.
Don’t go over the limit., Make monthly payments on time.
If you miss a payment, you’ll lose the 0% introductory APR.
Set up reminders.
Many credit card companies will send you an email or text reminder when your bill comes due.
Also pay off the balance in full before the introductory period ends, otherwise you’ll start paying interest.
The interest rate is usually high—around 20%.If you still have a balance, then consider transferring it to a balance transfer credit card. -
Step 3: Pay off your balance.
Detailed Guide
Some cards will allow you to make purchases without accruing any interest rate for an introductory period.
This period might last for 12 months or up to 31 months.You can search for offers online.
These cards are not balance transfer credit cards.
Instead, you can make purchases directly with the card.
You can’t get a 0% cash advance, so pursue other options if you need cash.
Buy whatever you want, knowing that you won’t be charged interest until the 0% introductory rate ends.
Your card will have a credit limit, which will be based on your credit history.
Don’t go over the limit., Make monthly payments on time.
If you miss a payment, you’ll lose the 0% introductory APR.
Set up reminders.
Many credit card companies will send you an email or text reminder when your bill comes due.
Also pay off the balance in full before the introductory period ends, otherwise you’ll start paying interest.
The interest rate is usually high—around 20%.If you still have a balance, then consider transferring it to a balance transfer credit card.
About the Author
Jose Freeman
Creates helpful guides on pet care to inspire and educate readers.
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