If you haven't yet taken advantage of interest-free credit card deals, perhaps it's about time you started.
Consumer group Which? offered a very simple top tip a few days ago: if you're going to flash the plastic this Christmas, make sure you shop around for the best card to use.
It might appear that Which? is stating the bleeding obvious, but even though many of us are taking advantage of interest-free credit cards and shamelessly transferring our loyalties at the drop of a hat, the majority of us are still not bothering.
And yet there are more than seventy credit cards on the market at the moment offering 0% introductory deals either for balance transfers and/or new purchases. Why on earth people don't take more advantage of these deals is beyond me!
Obviously, we all have different needs and wants, and the precise combination of interest rates, interest-free periods and benefits is different for every card. You'll have to make your own mind up as to what you require.
For example, if you always pay off your bill in full every month, the interest rate will be irrelevant. But why not earn as you spend with a cashback card instead?
But if you've run up a credit card bill that you're paying off slowly, cut your interest bill to zero by transferring the balance to an interest-free card. And if you've still got some Christmas shopping to do, then it won't hurt to use a card that doesn't charge interest on new purchases for an introductory period.
In spite of their many advantages, credit cards are one of the most expensive ways of borrowing money if you don't pay off the debt in full every month. But not if you shop around and take advantage of the best deals on the market. Yes, you'll have to keep an eye on short-term introductory rates and switch again when your time is up - but if you're going to borrow money, it makes sense to do it for free!
More: Choose a better Credit Card.
