Introductory Rate

Many finance companies will offer an Introductory Rate to tempt new customers to apply. Especially common in the credit card industry, you will often be offered a low or 0% rate on balance transfers and/or purchases for the first six months of using your card, after which the rate will revert to its normal level.

Many mortgage deals also feature a lower-than-normal or fixed rate of the first year or years, which can make it very tempting to save money in the short term.

While you can definitely save by taking advantage of low introductory rates, you should always check whether you'll be paying more in the long term than another deal with a lower standard rate but no introductory rate.

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