Eligibility for zero interest credit cards

Most of the credit card companies in Canada reserve their best credit card offers such as zero interest credit cards for Canadians with impeccable credit rating. So, if you have an excellent credit record you will definitely qualify for this credit card. All you got to do is make your monthly payments on time, pay back the loans on time, do not keep carrying over huge balances time and again.

Small percentage profits made out of zero interest credit cards will be of no use if you are paying large interest on debts elsewhere. So before you sign up for a zero interest credit card clear all your debts and reap maximum benefits out of it.

Choosing zero interest credit cards

Tips on 0 interest credit cards

Does having a 0 interest credit card mean that you can enjoy the lender’s money for free forever? No, it does not. There are factors that need to be considered while getting a zero interest credit card. Most of these cards offer zero interest only for a limited initial time period of 6 to 12 months. Some of these cards do not allow you to transfer balances from high-rate interest cards during the introductory 0% offer period and even if they do they levy a very high balance transfer fee such as origination fee.

Most of the zero interest credit cards charge heavy penalties on late payments. They may even put you back to variable APR rate in case of late payment. When you sign up for zero interest credit cards, enquire about the post introductory period interest rate. Some of them charge a very high interest rate after the introductory period gets over.