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Entry bubble Interest Free Credit Card for Everyday Purchases

By: Colleen | September 16, 2009 | Category: Money

Do you have issues with credit card debt?

If you're anything like many of my friends, you're being smothered by debt you started accumulating in college and it has since just snowballed.

Trying to combat this somewhat is a new type of credit card. The new card has a feature called "Blueprint" that allows consumers to avoid paying interest on everyday purchases, such as groceries. Borrowers get to keep an interest-free grace period for everyday items as long as they choose those categories in advance and pay them in full each month. Card holders are still charged interest on the other items charged to the account.

I think it's a great idea, not only for groceries, but gasoline as well.

Would you apply for this kind of credit card? Would it be helpful to you?

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Comments (7):

blue comment bubble Posted by Gary on September 16, 2009 at 08:25 AM EDT

Don't all cards not charge interest if you pay them in full each month? My Discover, Visa and MC are all that way.
Gary

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blue comment bubble Posted by Laura on September 16, 2009 at 09:23 AM EDT

I'm with Gary on this one. I thought all credit cards were intrest free if they were paid in full each month. Has been true of any credit card I've ever carried.

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blue comment bubble Posted by Kenneth on September 16, 2009 at 12:25 PM EDT

I am with Gary and Laura on this. The credit cards I have already does not charge interest on any purchases if the balance is paid in full when due. This includes my gasoline credit cards.

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blue comment bubble Posted by Colleen on September 16, 2009 at 12:43 PM EDT

Sorry if I was unclear about this. When you pay your pre-selected day to day purchases in full that ammount is deducted from the interest you are paying on the remainder of your purchases when you can't pay the entire balance in full each month.

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blue comment bubble Posted by Scott Lovingood on September 16, 2009 at 01:23 PM EDT

So the card is designed for someone who carries a balance but wants to chose certain categories to pay off every month and not have interest charged on them?

I think it is a niche type card. The benefit would be if they offered a low interest balance transfer and still allowed you to use it day to day. The way most cards work is the payments are applied to the lowest interest rate debt first. This would allow you to work around that but only if they offered a balance transfer option or cash advance type offerings.

Always interesting to see how people will create new things to solve a problem people have.

Scott
http://www.AskTheWealthSquad.com/blog/

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blue comment bubble Posted by Mike on September 16, 2009 at 05:30 PM EDT

I don't get it!

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blue comment bubble Posted by Rob on September 18, 2009 at 02:48 PM EDT

What about those "prepaid" cards that are like gift cards, except you can use them anywhere? You could put food
budget money on one, gas on another, etc.
Anyone know where these are available

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