Where to find interest free credit cards that make you money

Want to find the best interest free credit cards and learn how you can use them to make you money with credit card stoozing?

By Will Mayger in Finance |2020-01-18

Before we talk about the best interest free credit cards of 2020 and where to find them, I thought you might be interested in a few things you may not know about them, such as how you can earn money with them?

When it comes to credit cards you need some self discipline, even an interest free one.

After all It is only interest free if you don’t miss a payment!

Also, in general you should aim to only spend money you already have on a credit card otherwise you can start building bad debt which should be avoided.

Some interesting things you can do with interest free credit cards

With a 0% interest credit card, there is no interest on the debt you owe as long as you keep up with the monthly payments.

1. All credit cards can be interest free

You probably already know that if you pay off your credit card balance in full each month, you won’t have to pay any interest. What I find surprising is that most people do know and understand this but still choose to ignore it.

The easiest time to pay off debt and keep control is in that first month, and I suggest you do. It will help build your credit rating whilst keeping you safe and away from bad debt.

I personally no longer use interest free credit cards and instead use an american express cashback credit card and pay the balance off in full each month to avoid paying interest.

2. Interest free credit cards are not forever

With an interest free credit card it can be very easy to buy things you couldn’t otherwise afford, so be careful.

Make sure the reason you want one is good. I would recommend that you don’t spend more than you can pay off within one month, even if it is interest free.

When you take out an interest free credit card, it will only be interest free for a number of months, so make sure when the time is up, your debt is paid off otherwise you will be hit with a lot of interest (this is often how banks make money on interest free credit cards).

3. How to make money with interest free credit cards

Now, how to make money by credit card stoozing!

It’s time to learn about stoozing if you want to earn some money from an interest free credit card.

Credit card stoozing is where you use an interest free credit card to earn interest for yourself, from debt. Quite ironic right?

You do this by saving or investing the money from the interest free card, whilst you are paying 0% interest.

Steps to credit card stoozing:

  1. Get an interest free credit card with the highest possible credit limit and for the longest interest free term as possible.
  2. Max out the credit card over a few months by using it to pay for all your normal expenses, such as rent, food, shopping, travel, and so on. Don’t be tempted to buy anything extra though.
  3. Save or invest that money you now have in your bank account from where you have paid for everything using your interest free credit card.
  4. When the interest free period is about to finish, take the money you have saved or invested and pay off the full value of your interest free credit card.
  5. You will now be able to keep all the interest from your savings or investment!
  6. Repeat this process with multiple interest free credit cards and see the instest build up!

If you follow that list you would have successfully used credit card stoozing to make you money!

Keep in mind though that you must make the minimum payments to your credit card each month without fail otherwise it will not be worth stoozing.

Set up a direct debit to make this easy so you can’t miss one.

Where to find the best interest free credit cards of 2020

The best place to find interest free credit cards would be at (moneysavingexpert.com)[https://www.moneysavingexpert.com] you can find the (0% credit cards here at https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/#longestdeal)[https://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/#longestdeal]. The reason why I recommend looking at money saving expert is because it is always up to date and you will always find a new card there.

Here is a list of my own favourite interest free credit cards:

  • (Sainsbury’s Bank - Up to 27 months 0%)[https://www.sainsburysbank.co.uk/credit-cards/]
  • (Barclaycard platinum - Up to 25 months 0%)[https://www.barclaycard.co.uk/personal/credit-cards/platinum-purchase-bt]
  • (Tesco bank - Up to 22 months 0%)[https://www.tescobank.com/credit-cards/purchases-card-1/] -(Barclaycard forward - 3 months (for building up your credit rating))[https://www.barclaycard.co.uk/personal/credit-cards/forward/]

I hope this article has helped, to stay on top of the best credit cards and other tips make sure you sign up to the newsletter to avoid missing out!

By Will Mayger in Finance.
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