Here’s what you need to know before saying yes to a 0% deal
0% credit cards can sound like the perfect option – borrow money without paying any interest? What’s not to love?
But like most financial offers, it’s important to understand the full picture before you commit. Because while 0% sounds simple, there are a few things that could trip you up if you’re not careful.
At Northern Community Bank, we’re all about helping you borrow in a way that’s clear, fair and right for your situation. No confusion. No pressure. Just the facts.
What Is a 0% Credit Card?
A 0% credit card is a type of credit card that offers no interest for a set period. There are usually two types:
- 0% on purchases – interest-free for a limited time when you buy something
- 0% on balance transfers – interest-free when you move existing credit card debt over
These deals can last anywhere from 3 months to 2 years, depending on the card.
Sounds good, right? It can be if you use it carefully.
The Pros
- You can spread the cost of a big purchase without paying interest (during the 0% period)
- You can move existing debt from a higher-interest card and save money
- If you repay the full balance before the 0% ends, you avoid paying interest altogether
The Pitfalls
The 0% deal doesn’t last forever
Once the interest-free period ends, rates can jump to 20% – 30% or more – often without much warning.
You still have to make the minimum payment
Miss one, and you could lose the 0% rate straight away and damage your credit score.
There may be fees
Some cards charge a balance transfer fee (often 2%–3%), and many add charges for late payments or going over your limit.
It can encourage overspending
It’s easy to treat it like free money, but remember, it’s still borrowing. You’ll have to repay it all eventually.
Is It Right for You?
If you’re confident you can:
✔ Stick to a budget
✔ Make payments on time
✔ Clear the balance before the deal ends
…then a 0% credit card could be a useful short-term option.
But if you’re already juggling other debts, struggling with repayments, or find it tricky to stay on top of bills, it might not be the safest choice.
What’s the Alternative?
At Northern Community Bank, we offer fair, affordable loans designed with real-life budgets in mind. No flashy offers, no small print, just honest, straightforward borrowing with support when you need it.
- Fixed repayments that help you plan ahead
- No hidden fees or nasty surprises
- A trusted local lender who puts your wellbeing first
Need Advice Before You Decide?
You don’t have to figure it out alone. Whether you’re thinking about credit cards, borrowing options or just trying to make your money go further, we’re here for you.
You can always talk money with us.
