If you are experiencing a temporary cash-flow problem and need some money to tide you over for 12 to 18 months here is an interesting trick to get some money interest-free. And even better than that, these companies are actually paying you to take their money! Imagine borrowing $500 keeping it for 15 months and after keeping the money for the first 3 months they give you $150 free.
How about getting $6,000 for 12 months and having them give you $900 free? If all these things sound too good to be true, read on.
In order for this method to work you need to have a good credit rating. And you need to be able to pay the money back within the grace period (often 12 to 18 months).
The method is simple: Simply apply for a Credit card with a zero-interest “Grace Period”. But you still need to be careful. If you transfer a balance from another card they will usually charge you a fee, often something like 3% of the balance you are transferring. But new purchases are covered under the zero-interest deal. So, what you do is make all your regular purchases under the new card and use the money you would have spent on these purchases to either pay off your old card or toward whatever you needed the extra money for.
Warning: Usually once the 0% interest period expires, these cards have fairly hefty interest rates. These companies are hoping to get you hooked, which is why they made such a good deal in the first place.
So, be sure that you get the balance down to zero by the time the zero-interest period expires. You will still have to pay the “minimum” during the interest-free period but it will be a very small percentage of the total you borrowed.
Then once the zero-interest period expires, as long as you pay the card in full every month you will have had totally interest-free money. And any money you used for that month is also interest free.
As of this writing, the following cards are offering zero-interest deals for people with good credit.
Chase Personal “Freedom” or “Flex” Card-
In addition to 0% intro APR for 15 months, and No Annual Fee, the Chase “Freedom Unlimited” and “Freedom Flex” Cards also give you $150 cash back after spending $500 on purchases in your first 3 months from account opening, plus cash back on every purchase thereafter. Learn more.
Note: Even though they say there is 0% interest on “transfers” there is a fee associated with the transfer. Also, I may receive a small reward if you apply to any of these cards and are approved. This will NOT cost you anything extra and I will NOT be given any of your information.
Chase Ink Business “Unlimited” or “Cash” Card-
If you have your own business you may qualify for one of these cards which offer even better terms than the personal cards. Both cards offer zero annual fee, and 0% intro APR for 12 months. The “Unlimited” card will give you $900 cash back after spending $6,000 within the first 3 months. And the “Cash” card will give you $750 cash back if you spend $3,000 in the first 3 months and an additional $400 if you spend $6,000 in the first 6 months after opening the account. More Info Here.
Capital One “Quicksilver” Card-
The “Quicksilver” Card has some interesting features. 0% intro APR for 15 months, Zero Annual Fee, and earn a one-time $200 cash bonus once you spend $500 on purchases within 3 months from account opening.
In addition, they have a feature that allows you to create virtual cards for online purchases that are only good at one site and you can set them to expire immediately after you purchase for added online security. Get the Quicksilver Card
Don’t forget: Even though they say there is 0% interest on “transfers” there is a fee associated with the transfer. So, instead of “transfering” just buy everything on the new card and use the money you would have spent to pay off the old card. And I mean everything, Food, Gas, Utilities, Rent (if possible), etc. This will move money quickly to the interest-free card and free up more money to pay off your old card. But don’t get sucked into wasting that money and ending up in debt when the interest-free period expires!
Good Luck and I hope this little trick helps!
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