Things You'll Need:
- Common Sense
- Computer with internet access
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Step 1
You should not consider using a 0% credit card unless you know that you have money to pay for the item/service you are putting on the card. If you are very strapped financially, do not get a 0% credit card. However, if you are only using the card as a convenience and have cash in the back to pay it off at any time, then read on.
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Step 2
If you meet the above qualification, the next step is finding a 0% credit card that is right for you. The main characteristics to look for are no annual fee and a 12 month (or longer) 0% rate. When you find this, sign up for the card.
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Step 3
Next make whatever purchase you are planning to use the card for. It is not advisable to make numerous purchases on this card and continually increase the amount owed. It is best used for one large purchase.
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Step 4
Once the purchase is made, immediately log in to the credit card account online. Once there, you need to set up automatic monthly payments. Set up the payments in such a way that they
A.) Are both greater than the minimum monthly payment and
B.) Pay off the credit card 2-3 months before the 0% introductory rate expires.
For example, let's assume you make a $1000 purchase on a 0% APR for 12 month credit card and the minimum monthly payment comes out to $20. Set up automatic payments of say $100/month for the next 10 months. That way you meet the minimum payment and pay off the full balance ahead of time. -
Step 5
Once you have completely paid off the card, call to cancel it. Several days after doing so, call again to ensure that the card is completely canceled.
