0 Interest on Purchases Credit Card in Australia: What You Need to Know
Are you tired of paying high interest rates on your credit card purchases in Australia? Look no further! There are several credit cards available in the market that offer 0% interest on purchases for a specific period. In this article, we will explore the benefits, features, and eligibility criteria of 0 interest on purchases credit cards in Australia.
What is a 0% Interest Credit Card?
A 0% interest credit card is a type of credit card that allows you to make purchases without incurring interest charges for a specific period, usually ranging from 3 to 24 months. This means that you can buy what you need without worrying about accumulating interest on your outstanding balance.
Benefits of 0% Interest Credit Cards
Save Money on Interest
The most significant benefit of a 0% interest credit card is that you can save money on interest charges. With a 0% interest rate, you can avoid paying extra money on your purchases, allowing you to allocate your budget more efficiently.
Flexibility to Pay Off Debt
A 0% interest credit card gives you the flexibility to pay off your debt at your own pace. You can make minimum payments or pay off the entire balance within the interest-free period, depending on your financial situation.
More Time to Pay
With a 0% interest credit card, you have more time to pay off your debt without incurring interest charges. This can be particularly useful if you need to make a large purchase or have an unexpected expense.
Features of 0% Interest Credit Cards in Australia
Interest-Free Period
The interest-free period varies from card to card, but most 0% interest credit cards in Australia offer a period of 3 to 24 months.
Purchase Limit
Some credit cards may have a purchase limit for the interest-free period. Make sure to check the terms and conditions before applying.
Annual Fee
Most 0% interest credit cards come with an annual fee, which can range from $50 to $500.
Introductory Offer
Some credit cards may offer an introductory balance transfer rate or other promotional offers.
Eligibility Criteria for 0% Interest Credit Cards in Australia
Credit Score
You will need a good credit score to be eligible for a 0% interest credit card. A credit score of 600 or higher is usually required.
Income
You will need to meet the minimum income requirement, which varies from card to card.
Residency
You must be an Australian citizen or permanent resident to apply for a credit card.
Top 0% Interest Credit Cards in Australia
ANZ 0% Interest Credit Card
- 0% interest for 12 months on purchases
- No annual fee for the first year
- $500 minimum credit limit
Westpac 0% Interest Credit Card
- 0% interest for 18 months on purchases
- $39 annual fee
- $500 minimum credit limit
CommBank 0% Interest Credit Card
- 0% interest for 12 months on purchases
- No annual fee for the first year
- $500 minimum credit limit
Conclusion
A 0% interest credit card can be a great option for those who want to make purchases without incurring interest charges. However, it's essential to read the terms and conditions carefully and make sure you understand the eligibility criteria and features of the card. By choosing the right 0% interest credit card, you can save money on interest and manage your debt more effectively.
