Missed payments aren’t a rare thing. As you know, they bring their consequences. But, what happens when you don’t make your payments on time for a 0% purchase credit card?
Possible penalties
The interest-free period is limited, as stated in your contract. If you don’t’ pay off the full amount in this specific period, you will pay interest.
Missed payments and late payments are some of the problems that will result in penalties. Besides, this will have a negative impact on your credit score. But, these aren’t the only penalties. Keep in mind that the card issuer can withdraw the zero-interest offer.
Another thing to keep in mind is not to withdraw cash. This will result in charging a fee plus interest, even if you make your regular payments. Make sure to use it for purchases only, to avoid paying fees.
Final thoughts
You are okay as long as you pay on time. Make sure to fulfil your regular payments before the interest-free period ends. This will help you avoid paying high-interest rates and penalties.
What do you think? For which purposes would you use a zero-interest purchase credit card?
