Furniture Credit Cards (Zero Interest Credit Cards)

Like department stores, many furniture stores in Canada offer zero interest credit cards as an incentive to bring shoppers in to buy their product. Zero interest credit cards give you the chance to purchase big ticket items with the chance to pay no interest for a certain period of time. These deals may seem great, but when you actually think about what zero interest credit cards equal as far as long term costs, the deal is not always a good one.

How do zero interest credit cards from furniture stores work? When you go to a furniture store and are offered a zero interest credit card as a way to pay for your purchase, this means that the total cost of your purchase goes onto the credit card. Each month for the no interest period, you may or may not be required to make a minimum payment on the balance as there is zero interest. Minimum payments however may not add up to the total balance at the end of the interest free period, meaning that you could still have a balance when the term is up.

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Are zero interest credit cards worth it? They can be, but only if you take advantage of the interest free period and pay off the total balance within the specified time frame. A good rule of thumb is to take your balance and divide it by the number of months included in the interest free term. This will enable you to incrementally pay off the balance before the interest charges come due. If your calculation results in a payment that is too high for your budget then consider spending less by paring back your purchases.