Money: Why 0% Interest Isn't Always a Good Deal

The latest credit-card offer from Discover all but screams out, "What a deal!" The terms: 0% interest for life on balance transfers. JPMorgan Chase Bank also recently offered customers a 0% deal in a limited test. But before you accept, read the fine print. That zero rate won't necessarily last forever. After six months, cardholders who still carry a transfer balance can retain the 0% rate only if they make two transactions per month. And new purchases carry a 13.99% rate. Also, monthly payments get applied to the transfer balance first, so interest will accrue quickly on current purchases. If you're...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!