If you ask me “are 0 interest credit cards good or not”, I would say, 0 interest credit cards can be a useful financial tool for individuals who want to make purchases or transfer balances without accruing interest charges for a set period of time. However, whether they are "good" or not depends on individual financial circumstances and the individual's ability to manage credit responsibly. Don’t worry, I will explain what this means.
One of the main benefits of 0 interest credit cards is that they can help individuals avoid paying high interest rates on purchases or balance transfers for a set period of time. This can be especially helpful for individuals who want to make a large purchase or consolidate existing credit card debt without incurring additional interest charges.
However, it is important to note that 0 interest credit cards often come with caveats such as limited time frames for the promotional period, balance transfer fees and annual fees. Additionally, if the individual does not pay off the balance before the promotional period ends, they may be hit with a high interest rate, sometimes even retroactively applied to the entire balance from the start of the promotional period.
Moreover, opening multiple credit cards, especially those with 0 interest introductory rates, can potentially negatively impact an individual's credit score. This is because each time a credit card application is submitted, a hard inquiry is added to the credit report, which can lower the credit score. Also, having multiple credit cards can make it more difficult to manage debt and could result in overspending.
0 interest credit cards can be a useful financial tool for some individuals, particularly those who have a plan to pay off the balance before the promotional period ends. It is also important to manage credit responsibly, including making payments on time, keeping balances low, and avoiding opening too many credit cards at once.
Pay the utility bills using your card with NoBroker to get assured cashback. It's raining cashback! Every 100th user gets ₹100 or ₹1000 cashback through NoBroker Rent Payment services. Read More: What are the Best Credit Card in India with No Annual fee? What are Instant Credit Card Approval India?Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Are 0 Interest Credit Cards Good?
Kirthi
107 Views
1
2 Year
2023-05-17T12:54:42+00:00 2023-05-17T12:59:37+00:00Comment
Share