Credit Card with Zero Interest Rates

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One of the latest introductions by banks today is the zero interest rate credit cards. This type of credit card helps people to do away with the credit card interests if they pay the debt within a specified time period. A credit card with zero interest rate is one which helps a customer to borrow money or make purchases on credit within a specified credit limit and for a specified timeframe without paying any interest. These credit cards are usually launched as an introductory offer to attract customers with a specific validity period.

Following are few banks which offer zero interest credit cards in India:

  1. Axis Bank
  2. ICICI Bank
  3. HDFC Bank
  4. IDBI Bank
  5. Citibank
  6. HSBC Bank
  7. Standard Chartered Bank
Common features of zero interest credit cards in India:
  1. No annual fees is charged on 0% interest credit card
  2. No renewal fees is charged on 0% interest credit card
  3. 0% credit cards comes with a stipulated time period of free credit for about 50-55 days
  4. There are some particularr requirement for qualifying for 0% interest, failing which this would not be applicable
  5. The interest rates beyond the 0% interest period is usually very high
  6. Usually these cards come with a free accidental insurance cover or credit shield (in case of job loss) at nominal rate of interest
  7. These credit cards offer various offers and schemes in terms of cash back points, Air miles, reward points etc. which can be redeemed for travel, shopping, entertainment etc.
  8. Always check the exit policy for closing the credit card accounts as these may be chargeable
Types of 0% interest credit cards in India:

  1. Classic card
  2. Gold Card
  3. Silver Card
  4. Premium Card
  5. Executive Card
Last Updated on 05/03/2011