An intro 0% APR credit card offers a promotional period in which interest is not charged on purchases or balance transfers. After the initial interest-free period expires, the regular interest rate will be applied to all new purchases and balances. This card is a great way of financing large expenses. You can find the best 0% intro APR credit card here.
The best 0% APR credit cards
- Unlimited cashback: Wells Fargo Active Cash(r) Card
- Long 0% intro APR: Wells Fargo Reflect(sm) Card
- Citi Simplicity (r) Card No Penalty APR and Late Payment Fee
- Balance transfers and cashback: Explore it(r) Balance Transfer
- Chase Freedom Flex(sm), Cashback versatility with a huge bonus
- Purchases and balance transfers: BankAmericard(r), credit card
- U.S. Purchases and Balance Transfers Bank Visa(r) Platinum Card
- Bonus cashback: Citi Custom Money(sm) Card
- Cashback in the category of your choice: Bank of America (r) Customized Cash Rewards credit card
What does a 0% APR credit card look like?
The promotional APR for purchases on intro 0% APR credit card cards is 0% for a short period. This means that you won't have to pay your entire credit card balance each month in order to avoid interest.
Imagine that you receive a card with an intro-0% APR for purchases for 15 months. It can be used to purchase a new computer for $1,500. You only need to make the minimum monthly payment. You'll get it interest-free if you make at least $100 each month toward that purchase.
Your credit card company can charge interest in certain situations:
- Your minimum monthly payment has been paid but you still need to make the minimum payments on time. The card issuer may cancel the intro 0% APR deal if you do not.
- Credit cards can be used for transactions other than those listed above. Cash advances are not eligible for the 0% intro APR offer of most credit cards.
What happens when the 0% APR expires?
The credit card company will modify the standard APR of the card after the intro 0% APR period ends. The card issuer may then charge you interest on any balance remaining and new purchases. It is highly recommended that your balance be paid off before the end of the intro 0% APR deal.
Credit cards with 0% intro APR may be the best option for you if you have expensive purchases that you cannot pay in full. The card's intro period allows you to spread your payments and avoid interest. You'll also be able to pay your balance off before the end of the introductory period. To avoid costly errors, you need to first understand how intro 0% credit cards work.
What is a 0% APR Credit Card?
The introductory period for a 0% APR credit card is zero interest. You can carry a balance from month to month on the card without any interest charges during its introductory period.
Each card has a different length of the intro period. The length of the intro period for a 0% intro credit card can vary from one card to another.
If you pay your entire balance in full within the initial period, there will be no interest. This could save you hundreds of dollars or even thousands of dollars over what standard credit card interest rate would cost.
Read more: APR and what does it mean for your credit cards?
What is the process of credit card interest?
Credit card fee This is the charge you pay when you borrow money with your credit card. The credit card issuer will apply the APR on all transactions that are eligible for interest charges every billing cycle.
APR is an annual percentage rate. It serves as the interest rate on credit cards. Variable APR is a feature of most credit cards. Variable APRs allow for interest rates to change with time. Credit cards usually have a range of APRs, but your actual APR will depend on your credit score.
Variable APRs are also charged by many credit cards for different types of transactions (purchases, balance transfers, and cash advances). Some credit cards might start charging higher penalty APR if you are late paying.
Some transactions do not incur interest. Most credit cards have an interest-free grace time between the date you receive your statement and the due date. You won't pay interest if you pay the entire statement balance. If your card offers a 0% intro APR, you won't be charged interest.
Learn More: How To Lower Your Credit Card Interest rate
Which are the longest intro 0% APR credit card?
These are the longest intro 0% APR credit card we have come across:
- U.S. Bank Visa(r), Platinum Card: 0% Intro APR on Purchases (and Balance Transfers) for 20 Billing Cycles
- Citi Simplicity (r) Card: 0% Intro APR on Balance Transfers for 21 Months and 12 Months on Purchases
- BankAmericard(r), credit card: 0% intro rate on purchases (and qualifying balance transfer) for 18 billing cycles
How to compare 0% APR credit card
U.S. Bank Visa(r), Platinum Card is the best credit card with 0% intro APR. The U.S. Bank Visa(r) Platinum Card has the longest introductory period for purchases and balance transfers. This card is the best choice if you want to take as long as possible to pay for your purchases. There is also a $0 annual charge. Other options include the Citi Simplicity(r), Card, and BankAmericard (r) credit cards.
Many credit cards that offer 0% intro APR with no annual fees are available. It's crucial to compare credit cards to ensure you get the best deal. You can determine which offers are available by knowing your credit score.