Putting Off Paying for Holiday Gifts? Try These Credit Cards

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Will you be willing and able to pay off your holiday credit card bills when the new year rolls around? If not, a number of credit cards will let you carry a balance interest free for a full year or more. Here are a handful of such cards, based on information from credit card research organization IndexCreditCards.com.

Will you be willing and able to pay off your holiday credit card bills when the new year rolls around? If not, a number of credit cards will let you carry a balance interest-free for a full year or more. Here are a handful of such cards, based on information from credit card research organization IndexCreditCards.com:

  • Blue from American Express offers new cardholders a zero percent interest rate on purchases for up to 15 months. The interest rate after this period is currently as low as 10.99%.
  • The Citi Simplicity Card offers zero percent interest for 12 months, with a subsequent rate currently at 9.99%.
  • The Discover Platinum Card also offers 12 months interest-free, with an ongoing rate as low as 9.99%.
  • The Chase Platinum Visa offers 12 months interest-free, with an ongoing rate currently as low as 10.99%.
  • The GM Card offers 12 months interest-free, with an ongoing rate as low as 11.99%.

While it’s not “too good to be true,” consumers who want a year-long free ride should think carefully before applying for any of these cards.

“Two questions come to mind with zero-percent offers,” says Justin McHenry, Research Director at IndexCreditCards.com. “First, does the promise of zero interest make you spend more, especially more than you can currently afford? Second, will you pay off the balance before the free period is over?”

McHenry recommends that consumers go for zero-interest offers only if the “permanent” rate on the new card is less than on the cards they are already using.

“If you’ll be paying a lower rate even after the introductory period, you win all the way around. But if the ongoing rate is higher and you won’t pay off the balance early, you could pay more in the long run. The ongoing rates for the cards shown here are the lowest rates the companies offer – you could be approved for these same cards but at higher rates. If that’s the case, check the new card rate against your current card before accepting the offer.

“Also, remember that these are variable-rate credit cards, and the current environment is one of rising rates. The ongoing rate you see today may be significantly higher by the time your zero-interest period is over.”

About IndexCreditCards.com

IndexCreditCards.com offers credit card news, research, and perhaps the most comprehensive index of credit cards available on the Internet today, with a master listing of over 600 credit cards as well as categorized lists based on interest rates, reward programs, business credit cards, student credit cards and credit cards for those with poor credit histories.

Information provided in this release may be reproduced free of charge, provided credit is given to http://www.IndexCreditCards.com.

CONTACT: Justin McHenry, 216.221.0312

WEBSITE: http://www.IndexCreditCards.com

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