Some credit card promotions promise you will pay 0% interest for a certain period of time. These are usually referred to as Introductory Rates. Be very careful when you consider these types of the rate because if you are late with a payment, your 0% rate could skyrocket and your purchases could be subject to a high “penalty” rate. In addition, 0% rates almost never apply to cash advances. Make sure to read the fine print. Know what you are agreeing to. Be aware of the consequences of a skipped or late payment.