What is an Interest Free Credit Card?
Interest free credit cards have entered the marketplace to encourage existing credit card holders to transfer to another credit card company. What the credit card company offers in return for the switching of account is that any existing balance on a current credit card can be transferred over to the new credit card, and that after it is transferred the cardholder can make the minimum payment only on that balance and not get charged interest.
The interest free credit card deal usually has a lifespan, for example you may be offered 6 months interest free, which means you will have six months in which to pay off the transferred balance before it would be charged interest again. Usually the deal will only be applicable to transferred balances and any new charges made to the new card will receive normal interest charges if not paid in full each month.
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