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Sunday, August 10, 2008

Free Credit Cards : Interest Free Credit Cards

Free Credit Cards

An interest free credit card

Credit card interest is the principal way that credit card companies make money. When you make purchases on a credit card you are actually "borrowing" money from the card issuer. The bank pays for the purchase and then charges the card holder interest over time until the balance is paid.

Although the only guaranteed way to avoid paying interest is to pay your bills on time there are ways that you can utilize interest free credit cards introductory periods to your advantage and stay interest free well beyond the introductory period but you will be required to transfer your balance from one interest free credit card to another.

The key is to find multiple credit card companies that offer 0% interest introductory periods as well as 0% balance transfers. Using the two card companies together you can transfer your balance from one interest free credit card to another and begin the new interest free introductory period when your old one reaches it's end. As soon as the new interest free introductory period begins, start looking for a new card with a 0% introductory period.

When looking for new cards be careful because some credit card companies offer 0% interest on purchases but charge around 2% interest on balance transfers. Be thorough in your research as conditions will vary with each credit card. Some credit cards include fine print that states that as long as your first balance transfer is done within 12 months from the date that you opened your account you can get 0% for 12 months from date of first balance transfer.

Are there any completely interest free credit cards out there?

Unfortunately, there are no completely interest free credit cards on the market because, well... credit card companies have to make money to stay in business. But there are many smart and effective ways to maximize your savings using the interest free introductory periods.

The first step to getting started is to compare interest free credit cards<>

This article has been provided by Creditor Link. Creditor Link offers Refreshingly Honest Credit Card Advice to our readers. We also offer a simple search utility that allows you to easily find the interest free credit cards you are looking for.

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