Intro rate credit cards get a lot of, well, interest from financially savvy types. Basically, they give you the flexibility to spend money on credit (and possibly earn rewards points) at a lower rate, or pay no interest at all, for a certain period of time.
Intro rates are offered to new customers as an incentive for switching credit cards. Some credit cards will have intro rates for purchases but you can also get intro rates when you transfer a balance from another credit card. A 0% purchase rate, for example, lets you make purchases on your credit card without a charge for a set period of time.
There are indeed. Some cards will revert to high cash advance rates for balances not paid off within the intro period. And most cards don't apply the intro period to such things as cash advances.
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0.00% for 12 months then 20.74%
0.00% for 6 months and then 20.99%
0.00% for 12 months then 20.24%
3.99% for 6 months
0.00% for 15 months then 13.99%
4.99% for 6 months
** Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.