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0% APR Credit Cards


Credit Cards are very expensive when borrowing money

The "Free Borrowing Trick"

There is a trick using 0% APR Credit Cards that can give you free borrowing. It doesn't always work, but this page describes what you do.

0% APR Credit Card Offers

Finance companies sometimes make introductory offers to entice you to switch to them. They offer you 0% APR Credit Cards as a "loss leader". That is, the introductory offer costs them money, but they do it because they hope to recoup that cost - and much more - from you in the future.

You can use such 0% APR Credit Card offers to give you free borrowing - but only if you know how the finance company plans to recover money from you, and you make sure they don't succeed!

How they recover money

The finance companies recover money from you in a number of ways. These include:

Avoiding hidden costs

When using this trick for free borrowing, you need to:

The "Trick" to Free Borrowing

The "trick" is simply this:

When the free period on one 0% APR Credit Card comes to an end, you find a new one and transfer your balance to it.

This may not always work, because you can't guarantee that you will be able to find a 0% APR Credit Card. Also, the new card company sometimes places limits on the amount that can be transferred, which may be smaller than the amount outstanding on your existing card.

If you have no debt...

You can still take advantage of 0% APR Credit Cards by using the cheque that the finance company provides to deposit money in an interest-bearing account. When the free interest period is at an end, you simply repay the amount outstanding, and keep the interest for yourself.

The Pitfalls

If you are thinking of getting a 0% APR Credit Card, then stop - there are some pitfalls.

0% APR Credit Cards can:

They can be useful, but...

Any financial decision needs to be supported by good financial planning. Before you make any decisions, you should produce a personal budget and/or cash flow forecast so that you are on top of your debt.


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