You can borrow money on your charge card for free. However, you will need a good or excellent credit history. You can either pay off the balance within the grace period or take advantage of an introductory offer, such as an interest-free balance transfer. You will not pay any interest, but you will have to pay a 3% transfer charge.
How to get approval for 0% credit card deals
Maintain a good credit score
Your credit reports and scores are fundamental to getting a great credit card offer. Issuers only want to attract the best customers, and they are seeking big spenders who pay punctually. This means that you need to pay your debts punctually, avoid making too many credit applications, pay down debt and check your credit report for errors. Avoid moving money to a low-limit card
Zero credit card deals are only available to people who manage their credit obligations properly. Ironically, performing a transfer could be detrimental for your credit rating. Do not move your balance from a high-limit to a low-limit card because this will make you appear more exposed financially. Your credit utilisation percentage will rise.
How to pay 0% interest when using your credit card
Take advantage of introductory offers
If you have got a really good credit history, issuers are keen to gain your custom. In order to entice you to move your account to them, they are prepared to offer new customers 0% interest cards for an introductory period. This is not a long-term rate. However, you can benefit from 0% APR credit for 12 months and sometimes a lot longer. For example, the 0% rate on the Barclays Platinum card lasts for 20 months. When the offer ends on one card, provided that your credit rating remains good, there is nothing to stop you performing a second zero balance transfer. Just make sure that you transfer to a card with a similar credit limit or you risk hurting your credit score. Settle the full balance within the grace period
By far, the easiest way to avoid the payment of debt interest is not carrying a balance forward to the next month. Provided that you settle the balance within the interest-free period, your credit card balance will not increase. If you already owe money on your card, there is no better substitute than finding yourself a card which charges 0% APR on balance transfers.