Understanding 0% Interest Promotions: What You Need to Know
Learn how 0% interest for 15 months on loans or credit cards can save you money on big purchases. Know the benefits and risks.
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0 interest for 15 months typically refers to a promotional offer on credit cards or loans where no interest is charged on the balance for the first 15 months. This can be beneficial for purchasing big-ticket items or consolidating debt. However, it's important to pay off the balance within the promotional period to avoid high interest rates post-promotion.
FAQs & Answers
- How does a 0% interest promotion work? A 0% interest promotion means you won't pay interest on your balance for a set period, typically incentivizing big purchases or balance transfers.
- What happens after the 0% interest period ends? After the promotional period, standard interest rates apply, which can be significantly higher, so it's crucial to pay off your balance before this time.
- Can I use a 0% interest offer to consolidate debt? Yes, these offers are often used for debt consolidation, allowing you to pay off high-interest debt without accruing more interest during the promotional period.
- Are there any fees associated with 0% interest credit cards? While the interest rate is 0%, be mindful of potential fees such as annual fees or balance transfer fees, which can impact your overall savings.