Time Frame

• A 0% interest rate is almost always an introductory rate. The low interest rate is temporary and will typically be in effect for six months to one year. Once the introductory period expires, your 0% interest rate will reset to a default interest rate that could be higher than you are willing to pay.
  
  

Facts

• Some cards advertise a 0% introductory interest rate, but the catch is that the interest rate is only available to "qualifying applicants." Depending on the credit card company's standards, very few applicants may actually qualify for the low rate.
  
  

Features

• In the fine print of many credit card agreements, you may discover that you can lose your 0% interest rate if you happen to make a late payment or go over your spending limit.
  
  

Considerations

• Interest rates at 0% are often limited to balance transfers. Thus any new purchases you make using the account will be charged the default interest rate.
  
  

Warning

• If you apply and are accepted for a credit card with a 0% introductory rate, you must activate and use the card. If you do not make any purchases or balance transfers with your new card, the credit card company will eventually cancel your account.