How to Pay Down a Credit Card Balance With No Interest

Many credit cards offer 0 percent introductory interest rates on new purchases and balance transfers. These cards are a great deal as long as you pay your balance off within the introductory period. Transferring a balance from a high-interest card to a 0 percent interest card saves you hundreds and even thousands of dollars, depending on your balance. However, you must be careful to pay off your balance before the card issuer begins to charge interest on your account in order to make the savings add up.

Instructions

1

Determine what the introductory rate is on your credit card. Credit cards have 0 percent introductory rates for increments of three months.

2

Find out the balance you currently owe on your card. You can do this by checking your paper statement, calling the number on the back of your card or by logging on to the card issuer's website with your user name and password.

3

Divide the balance on the card by the number of months you have the introductory 0 percent rate. The resulting number is the amount that you'll need to pay each month to have the card paid off before the 0 percent interest rate expires.

4

Make regular payments each month until the card balance is paid off. If you have extra funds in your budget, make extra payments to pay off the card faster.