Features of 0% APR on Purchases:
A 0% APR credit card requires you to pay a minimum statement balance at the end of each month. It is generally a small amount, but it needs to be paid off timely and regularly so as to avoid paying fees for late payment or penalties.
During the introductory period consumers can make purchases only up to the maximum credit limit that is available for them.
Once the term of the introductory period is over, the ARP will convert to the regular ARP based on what the credit card is offering. This new rate will definitely be higher.
There are many credit card companies that expect you to make a minimum purchase each month on your new card to keep the 0% introductory APR. You should take note of such offers and requirements.
The 0% APR on purchases benefits consumers in a great many ways, especially when their times are rough or they need to start some business.
You can use the 0% APR cards to fund your expenses with no interests on electronic goods or on a vacation.
The 0% ARP on purchases is generally recommended to those who have excellent payment and credit score record.
It is issued for all credit consumer categories.
It usually comes with other amazing offers like no annual fees, 0% intro APR for balance transfers and the like. You can also enjoy such benefits as free consumer protection, travel accident insurance etc.
Tips and warnings
Many credit card companies offer 0%introductory APR on balance transfer only and not on purchases. Be careful and look into the details before you avail one.
Consider the annual fees. There are many companies that charges high annual fees.
Make sure you look into the interest rate that crops up after the introductory period is over.
There are some companies which require you to pay a transfer fee. Avoid that as it will erase all your savings you probably intended to incur during the introductory period.