Zero Interest Credit Card | Best Credit Cards in 2023
A zero-interest credit card is a type of credit card that offers a promotional period during which no interest will be charged on the balance you carry on the card. This promotional period can last anywhere from a few months to more than a year, depending on the credit card issuer and the specific card.
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| Zero Interest Credit Card |
During the promotional period, you can make purchases and carry a balance on the card without incurring any interest charges. However, it's important to note that if you don't pay off the balance in full by the end of the promotional period, the interest rate will typically increase significantly. Additionally, some zero-interest credit cards may have other fees, such as balance transfer fees or annual fees.
Zero-interest credit cards can be a good option if you have a large purchase you need to make and you know you can pay it off before the promotional period ends. However, if you carry a balance beyond the promotional period, the interest charges can quickly add up and end up costing you more in the long run. It's important to read the terms and conditions carefully and make sure you understand all of the fees and charges associated with the card before applying.
Zero interest credit cards can be a useful tool to manage your finances and potentially save money on interest charges. However, it's important to use them responsibly and understand the terms and conditions.
Here are some tips for using a zero interest credit card
- Know the terms and conditions: Make sure you understand the length of the introductory period, the regular interest rate that will apply after the introductory period, any balance transfer fees or other fees, and any other terms and conditions.
- Use the card for necessary expenses only: Avoid using the card for unnecessary purchases that you can't afford to pay off in full. Stick to using it for necessary expenses, such as groceries or bills, that you can pay off before the end of the introductory period.
- Make payments on time: Late payments can result in fees and the loss of the zero interest rate. Set up automatic payments or reminders to make sure you don't miss a payment.
- Pay off the balance before the end of the introductory period: If you don't pay off the balance before the end of the introductory period, you'll be charged the regular interest rate on any remaining balance.
- Don't max out the credit limit: Using too much of your available credit can hurt your credit score and make it harder to pay off the balance. Try to keep your balance below 30% of your credit limit.
Overall, using a zero interest credit card can be a useful way to manage your finances and potentially save money on interest charges, but it's important to use it responsibly and understand the terms and conditions.
Benefits of Credit cards
Credit card transfers can offer several benefits to users. Here are ten benefits of credit card transfers:
- Lower interest rates: Credit card transfers can help you save money on interest by transferring high-interest balances to cards with lower interest rates.
- Consolidation of debt: Credit card transfers can help you consolidate multiple credit card balances into one card, making it easier to manage your debt.
- Improved credit score: By consolidating your debt and making timely payments, you can improve your credit score.
- Reduced monthly payments: By transferring balances to a card with a lower interest rate, you may be able to reduce your monthly payments.
- Rewards and bonuses: Many credit cards offer rewards and bonuses for balance transfers, such as cash back or points, which can save you money.
- No balance transfer fees: Some credit cards offer promotional periods during which they waive balance transfer fees, allowing you to transfer your balance for free.
- Flexible payment options: Some credit cards offer flexible payment options, such as zero-interest balance transfers or payment plans with low interest rates.
- Security: Credit cards offer security features such as fraud protection and purchase protection, which can help protect you against unauthorized transactions or defective merchandise.
- Convenience: Credit card transfers can be done quickly and easily online, allowing you to manage your debt from the comfort of your own home.
- Peace of mind: By consolidating your debt and reducing your interest rates, you can enjoy greater peace of mind and financial stability.
Precautions During Fund transfer from Credit card
When transferring funds from a credit card, there are several precautions you should take to ensure the transaction is secure:
- Verify the recipient: Before initiating the fund transfer, ensure that you have the correct recipient's name and account details. Double-check the details before proceeding.
- Use a secure connection: Always use a secure internet connection when initiating a fund transfer. Public Wi-Fi networks may not be secure and could potentially compromise your credit card information.
- Check for hidden fees: Some credit card companies may charge a fee for fund transfers. Before initiating the transfer, check for any hidden fees or charges.
- Set a limit: Set a limit on the amount you can transfer to prevent overspending or fraudulent transactions.
- Keep your credit card information safe: Do not share your credit card information with anyone else. Always keep your credit card details safe and secure.
- Monitor your account: Keep an eye on your credit card account to ensure that the fund transfer has been successful and that no unauthorized transactions have occurred.
By following these precautions, you can ensure that your fund transfer is safe and secure.
Top 5 Best Zero Interest Credit Card in 2023
IDFC First Bank Credit Card
IDFC First Credit card
Benefits :
- Life time free credit card.
- Super saver interest rate from 0.75% to 3.5% Per Month.
- Reward Points
- 6x reward on online spend
- Get 10x rewards on monthly spends 20,000 and above.
- 10x rewards on all birthday spends.
- No Expiry
- Shop using reward points
- Additional benefits
- 25% off at movie tickets once a month ( PayTM)
- Free Road side Assistance worth Rs. 1499
- Upto 20% discount across 1500 restaurants
- Insurance protection benefits for Personal accident cover, Lost card liability Cover.
Eligibility Criteria -
- Age Limitation - For salaried Person - 21 to 60 Years and for Self Employed - 25 to 65 years.
- Monthly income - More than Rs. 30000
- Credit score : Above 710
- Documents: PAN, Aadhaar and Income proof.
Axis Bank Credit Card
Axis Bank Credit Card
Benefits :
- Life Time free credit Card ( Limited Offer): Axis My zone Credit Card and Axis Indian Oil Credit Card
- Choose from Multiple Credit Cards to suit lifestyle
- Complimentary Airport lounge Access
- Exciting reward and cash back benefits
- Additional Benefits
Eligibility Criteria -
- Age Limitation : 21 to 60 years
- Customer with good cibil Scores
- Self Employed - Not eligible with Zero Cibil Score
- Income Criteria :
- Salaried person also need good civil score - Income above 15,000 Per month
- If income above 25,000 Per Month they can apply without Cibil Scores.
- Self Employed person need both Good Cibil Score and Income above 30,000 Per Month
- Documents : PAN, Aadhaar and Income Proof
SBI Credit Card
SBI Credit Card
Benefits :
- Get SBI Credit Card at an annual fees of Rs. 499+ GST
- Welcome benefits : 2000 points worth Rs. 500 on spending Rs. 2000 in 60 Days.
- 10x Rewards points on Grocery shopping,dinning and movies.
- Free add on card for Family members
- Annual Membership is reversed from next year if total spend is more than 1 lakh in the reviews year.
Eligibility Criteria:
- Age Limitation : above 23 years
- Only Salaried Person with monthly salary above Rs. 25,000
- Credit score : 700+
- Documents: PAN, Aadhaar and Income proof
Bajaj RBL Super Credit card
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| Bajaj RBL Super Credit card |
Benefits:
- 4 in 1 benefits ( Get the power of 4 cards in one)
- Credit Card for online and Offline shopping
- Loan card (Personal Loan @1.16% Per month)
- Cash Card (Interest Free cash withdrawal from ATM)
- EMI Card ( Converts Purchases above 2500 Rupees into affordable EMIs.)
- 5% Cash Back on Down Payment for EMI purchases at any Bajaj Partner Shop.
- Annual fees waiver on spend 1 lakh in a year.
- 12x Reward on Online Spend and many more.
Eligibility Criteria :
- Age Limitation: 25 to 65 years
- Salaried Employee : Cibil Score Above 720
- Self Employed: Cibil Score above 755
- Documents : PAN, Aadhaar and Income proof
Limitation :
- Available in Specific locations only. Check your Pin Code .
- Only for those customers who already have a minimum 12th months old credit card with credit limit above Rs. 50,000.
Standard Chartered Credit card
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| Standard Chartered Credit card |
Benefits:
- Fast and Digital Application Process
- Enjoy discount and offer on doing shopping
- Pay in EMI
- Earn Rewards on every spend
- Get free airport lounge access (based in Card variant)
Eligibility Criteria:
- Age Limitation : 21 years to 65 years
- Only for Salaried Employee ( Annual Salary 3 lakh and above)
- 700 Above Cibil scores with no negative remarks.
- Documents: PAN, Aadhaar and Income proof.
Limitation :
- Available in Specific locations.
Some Important Points need to know before Choosing a right Credit card
Using a credit card can be a convenient and flexible way to make purchases and manage your finances. Here we discussed some important tips to help you use your credit card responsibly:
- Choose the right credit card: There are many different types of credit cards available, so choose one that suits your needs and spending habits. Look for a card with low fees, a reasonable interest rate, and rewards or benefits that you will actually use.
- Stick to a budget: Before using your credit card, create a budget that outlines your income and expenses. Make sure you have enough money to pay off your credit card balance each month and avoid carrying a balance, which can lead to interest charges and debt.
- Use your credit card wisely: Only use your credit card for purchases that you can afford to pay off in full each month. Avoid using your card for cash advances, which often come with high fees and interest rates. Keep your credit card information safe and secure by never sharing it with anyone and checking your statements regularly for unauthorized charges.
- Pay your bill on time: Pay your credit card bill on time each month to avoid late fees and damage to your credit score. Set up automatic payments to pay bill on time.
- Monitor your credit score: Regularly check your credit score to make sure it is accurate and to monitor for any suspicious activity on your credit report.
Remember, responsible credit card use can help you build a positive credit history, earn rewards, and manage your finances effectively.
Conclusion
In conclusion, in this article We discussed all about Zero interest credit cards with their benefits and eligibility Criteria along with limitations. Also, we discussed about the precautions that you need take while you transferring fund from credit cards. Hope this article will help you a lot in the journey of choosing a right credit card.