How to get an interest-free loan

At first glance, an interest-free loan seems to be something unreal and utopian. But if you have the necessary information about the work of the banking structure, you can choose a fairly profitable scheme for yourself. The main thing is to take into account all the nuances of the developed strategy and not to fall for the deception hook.
Today in the market of banking services there are credit offers without charging interest for use under certain conditions. If you strictly observe the periods of payment of debt, interest-free loan can be used indefinitely. What actions for this need to take? First of all, you need to issue a credit card that provides for a grace period for using the funds within the established limit. Usually for such cards, the grace period during which interest is not charged is from 30 to 50 days. In rare cases - up to 100 days. If you have time to repay the amount of debt before the end of the grace period - no interest will be paid.Although there is one pitfall here, the interest-free scheme works only for non-cash payments. That is, if you withdraw credit funds from an ATM, interest on cash withdrawal is immediately automatically withdrawn. It may seem at once that this is not so much, but if you count the total cost of such an option for the entire crediting period, it turns out that you paid a larger percentage than the average consumer loan.
A more complicated interest-free loan scheme involves the opening of two or more credit cards in different banks. In order to repay a loan in one financial institution, you need to make purchases in favor of third parties on a second credit card. This can be any non-cash purchases, such as purchases for the company on advance reports, payment for goods or air tickets on the Internet for friends. Having received compensation, you repay the first loan with these funds. When the time of the end of the grace period is suitable for the second card, you do the same procedure with the first credit card, and so on ...
Taking advantage of the above schemes, you should consider the possible risks.First, having exceeded the grace period, you will have to pay considerable interest not only on the days of delay, but also for the entire period. In addition, when signing the contract, you should very carefully deduct it and clarify all points of contention. For example, the grace period may be counted not from the time when you made their transfer, but from the beginning of the month.


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