An Interest free credit card is a credit card with a purchase rate of 0% p.a for a fixed period of 6 months or more, but may also refer to balance transfer credit cards with 0% balance transfer offers. Below is a list of Interest free credit cards in NZ including 0% balance transfer credit cards.
Updated: 27 Nov, 2023
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An Interest free credit card or Zero Interest credit card is a credit card with a 0% purchase rate for a fixed period of usually between 6 months to 12 months, after which, the standard interest rate kicks in.
A Zero Percent Interest Balance Transfer credit card is a credit card with 0% balance transfer interest rates for a fixed period of usually between 6 to 12 months. This means that you can transfer your existing credit card balance to a Zero Interest credit card and pay no interest on the balance transferred for a fixed period.
Put simply, an Interest free credit card is a card with a zero percent purchase rate for a fixed period whereas an Interest free balance transfer credit card is a credit card with zero percent interest on the balance transferred to the new card but not on newly incurred debt. You are also required to make your minimum repayments on the balance transferred to continue to be eligible for the zero interest on the balance transferred benefit.
An Interest free credit card might be suitable for you if you do not expect to pay off your credit card balance for a few months, but expect to be able to pay it back before the interest free period lapses. A Zero Interest credit card might be suitable for big-ticket items.
A Zero Interest Balance Transfer credit card might be suitable for you if you have existing credit card debt which you are struggling to pay off but keep in mind you will still need to make your minimum repayments even during the interest-free period, and importantly, if you miss any of your minimum repayments then the standard purchase rate would be applied (in most cases) to the balance you transferred.
An Interest Free Credit Card might NOT be suitable for you if you do not expect to pay off the money you have borrowed using the credit card before the interest free period lapses or at least a few months after the interest free period lapses.
Most Interest free credit cards charge an annual fee, and like most credit cards, a minimum repayment amount is likely to apply. This minimum repayment amount could actually work in your favor as it encourages you to make small regular repayments.
Interest free credit cards usually do not have a low standard rate, but if we do come across any of these you are sure to find it on this page. Simply sort the cards by Purchase rate to find the card with the lowest standard interest rate.
The best Interest-free credit card is subjective and depends on your needs. We have made it easy for you to compare Interest free credit cards on this page and find the best Interest Free Credit Card to suit your needs.
Almost all NZ credit cards require you to make minimum repayments each billing cycle, but this minimum repayment is usually just a fraction of the total amount borrowed. You should make more than the minimum repayment if you are serious about paying off your credit card debt.
Once you have found an Interest Free Credit Card that you like simply click on the “Go to site” or “Apply Now” button to go the credit card provider’s website to review the card details again and apply online. In most cases the whole process can be completed online.
The banks and credit card providers are counting on you to either not pay off your balance on time or stick with them even after you have paid off your balance. But also remember, the banks do charge an annual fee for these cards and as such they do make money regardless.
An interest-free period is the number of days in which purchases you make on your card does not incur any interest. After the interest-free period specified for the card, interest is charged at the purchases interest rate of the card.
Each card is different, so please read the details carefully or call them to find out, but in general, you have to have paid off your previous balance due by the due date for you to be entitled to an interest-free period on your next purchase. So, if you have missed a payment it might be worth checking with your card provider before your next purchase.
Interest-free periods almost always do NOT apply to cash advances, and in fact, cash advances often have a higher interest rate than the standard purchase rate.
The best credit card for you would depend on your personal circumstance and how you intend to use your credit card. We have put together a list of some of the best credit cards in New Zealand to help you find the best credit card in NZ to suit your individual needs. Alternatively, you can narrow down your search by credit card type such as low rate credit card, balance transfer, credit card reward or air nz credit card