Credit cards have become essential for managing personal finances, but high interest rates can make it difficult to pay off balances and manage debt. That’s where 0 interest credit cards come in. These cards offer a period of time where no interest is charged on purchases or balance transfers, allowing cardholders to pay off their balances without accruing additional interest charges.
In this article, we will discuss the 5 best 0 interest credit cards for all time. Our list is based on extensive research and analysis of industry trends, customer reviews, and expert opinions.
Advantages of 0 Interest Credit Cards
You know how credit cards usually charge you extra money, called interest, when you don’t pay off your full balance each month. Well, 0 interest credit cards are different and offer some pretty cool benefits!
1. Improve your credit score: Using a 0 interest credit card responsibly can actually boost your credit score. When you make your payments on time and keep your spending in check, it shows that you’re a reliable borrower. A better credit score can help you get better deals on loans or credit in the future.
2. Enjoy perks and rewards: These cards often come with extra perks, like cashback or rewards points for your spending. So, every time you use the card, you can earn cool stuff or even get some cash back. It’s like being rewarded for your everyday purchases!
3. Pay down debt faster: Without interest piling up, you can really tackle your debt more effectively. Every dollar you pay goes directly towards reducing what you owe. It’s like a head start to becoming debt-free faster!
4. Lower monthly payments: Since there’s no interest eating into your payments, your monthly bills become much more manageable. You get to put more of your money towards paying off what you owe, rather than just covering interest fees. That means you’ll have more room in your budget for other important things.
5. Save money on interest: The best part about these cards is that you won’t have to pay any interest for a certain period. It’s like getting a little break from those pesky interest charges. So, any money you spend during that time won’t cost you any extra in interest. It’s a fantastic way to save some cash!
Of course, it’s essential to remember that the 0 interest period doesn’t last forever. Once it’s over, the regular interest rates will kick in. So, it’s wise to have a plan to pay off your balance before that happens. Also, these cards might have some requirements to be eligible, so it’s good to check if you qualify.
But overall, if you’re looking to save money on interest, pay off debt faster, and enjoy some rewards along the way, a 0 interest credit card could be a great option for you! Just use it responsibly and make the most of its benefits.
Disadvantages of 0 Interest Credit Card
0% interest credit cards may seem like a great deal, but they have some downsides you should know about:
1. The 0% interest rate only lasts for a limited time, usually an introductory period. After that, the regular interest rate kicks in, which might be high. So, be careful if you still have a balance when the introductory period ends.
2. Not all 0% APR offers cover balance transfers. Some cards only give the 0% rate for new purchases, not for moving existing balances from other cards. Make sure to check if balance transfers are included in the offer before you apply.
3. Even if you find a card with a 0% balance transfer offer, you might have to pay a fee when transferring your balance. It’s usually around 3% of the amount you transfer, so keep that in mind.
4. One slip-up could cost you the 0% deal. If you make a late payment, the card issuer might end the introductory period and put you on a much higher penalty APR, sometimes up to 30%. That’s a lot of interest to pay!
So, while 0% interest cards can be helpful, always read the fine print, be mindful of the introductory period’s end, and make sure you pay on time to avoid losing the benefits.
Tips To Choose 0 Interest Credit Cards
Choosing the best 0% intro APR credit card is a savvy move when you want some breathing room to manage your expenses without worrying about interest charges. To make the right choice, follow these simple steps:
1. Figure Out Your Goal: Ask yourself why you need the 0% intro APR card. Do you plan to make a significant purchase and want to pay it off over time without interest? Or are you looking to move existing debt from another card to save on interest? Knowing your main objective will help you find the perfect fit.
2. Check the Introductory Period: Look for cards offering a generous 0% APR introductory period. They usually range from 6 to 18 months. Longer is better as it gives you more time to pay off your balance without incurring any interest charges.
3. Know the Regular APR: Remember that once the intro period ends, the card’s regular APR will take effect on any remaining balance. It’s essential to be aware of this rate because it will impact your finances if you don’t clear the balance within the intro period.
4. Keep an Eye on Balance Transfer Fees: If you plan to transfer a balance from another card, watch out for balance transfer fees. Some cards offer no fees during the promotional period, while others may charge a small percentage of the transferred amount.
5. Mind the Annual Fees: Check if the card carries any annual fees. You need to weigh the benefits of the 0% intro APR against the cost of the fee to decide if it’s worth it.
6. Perks and Rewards: Some 0% intro APR cards come with rewards programs and extra perks like cashback, travel benefits, or extended warranties. Consider if these rewards align with your spending habits and lifestyle.
7. Credit Score Requirements: Keep in mind that 0% intro APR cards typically require a good to excellent credit score for approval. Make sure your credit score meets the criteria before applying.
Remember, a 0% intro APR credit card can be a valuable tool, but use it responsibly. Create a plan to pay off your balance within the promotional period, and be mindful of your spending to avoid unnecessary debt. With a bit of research and prudence, you can make a smart choice and make the most of your 0% intro APR credit card.
How To Get 0 APR On Existing Credit Card?
To obtain a 0% APR on an existing credit card, there are two main approaches you can take:
1. Targeted Offers: Some credit card issuers may occasionally extend 0% APR offers to their long-time cardholders through targeted promotions. Keep an eye on any communications you receive from your credit card company, as they may send you special offers that include a temporary 0% APR period. If you receive such an offer, make sure to read the terms and conditions carefully before taking advantage of it.
2. Apply for a New Credit Card: If you don’t receive any targeted 0% APR offers on your existing credit card, your alternative option is to apply for a new credit card that offers a 0% APR introductory period. Many credit card companies provide this feature to attract new customers. Be sure to research different credit cards and their terms to find the one that suits your needs best.
Remember, while a 0% APR offer can be enticing, always consider your financial situation and spending habits before acquiring a new credit card. Responsible credit card usage is crucial to maintaining a healthy financial profile.
5 Best Zero Interest Credit Cards
Zero interest credit cards offer a great way to save money on interest, especially if you have a large purchase or need to consolidate debt from other high-interest loans. However, it is important to use these cards responsibly and make sure you can afford to pay off the debt within the introductory period.
Here are the 5 best zero interest credit cards:
1. Wells Fargo Reflect® Card
The “Wells Fargo Reflect® Card” is a credit card offered by Wells Fargo, a financial institution. This card is designed to promote responsible credit behavior by providing cardholders with tools and features that help them manage their spending and build positive credit habits.
The Reflect® Card may include features like spending tracking, credit score monitoring, and financial education resources to support customers in making more informed financial decisions. It aims to assist customers in achieving their financial goals while fostering responsible credit use.
1. You get 0% interest on purchases and balance transfers for the first 21 months after opening your account. After that, the variable APR is between 18.24% and 29.99%, depending on your credit. Balance transfers made within 120 days also enjoy the introductory rate, with a 5% fee or $5 minimum.
2. No annual fee for this card.
3. When you pay your monthly cell phone bill with the eligible Wells Fargo card, you get up to $600 protection against damage or theft, with a $25 deductible per claim.
4. Access personalized deals from various merchants through My Wells Fargo Deals. Use your Wells Fargo credit card for shopping, dining, or experiences to earn cash back as an account credit.
2. Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card is a business credit card offered by Chase. It is designed to provide small business owners with a straightforward and flexible way to manage their expenses. The card offers unlimited 1.5% cash back on every purchase, with no annual fee.
Additionally, it comes with a sign-up bonus for new cardholders who meet the spending requirement within the specified time frame. This card is a popular choice for businesses seeking a reliable and easy-to-use credit card for their day-to-day transactions.
1. $750 Bonus Cash Back: Get a $750 cash back bonus when you spend $6,000 on purchases in the first 3 months.
2. 1.5% Unlimited Cash Back: Earn 1.5% cash back on all your business purchases, without any limits.
3. No Annual Fee: No need to worry about annual fees – there aren’t any!
4. Flexible Rewards: Redeem your rewards for cash back, gift cards, travel, and more through Chase Ultimate Rewards®.
5. Free Employee Cards: Get employee cards at no extra cost and earn rewards faster. You can also set spending limits for each card.
6. 24/7 Fraud Monitoring: Your credit card purchases are continuously monitored for any unusual activity.
7. Zero Liability Protection: You’re not responsible for any unauthorized charges made with your card or account information.
8. 0% Intro APR: Enjoy a 0% introductory APR on purchases for the first 12 months.
9. Member FDIC: Your funds are safe and insured as a member of the Federal Deposit Insurance Corporation.
3. Discover it® Cash Back
Discover it® Cash Back is a popular credit card offered by Discover Financial Services. It is known for its cashback rewards program, where cardholders can earn a percentage of cashback on their purchases.
The card often features rotating categories with higher cashback rates, making it attractive for those who want to maximize their rewards on various spending categories. Additionally, Discover often matches the cashback earned during the first year for new cardholders, making it a great option for those seeking a valuable rewards card.
1. Discover takes your privacy seriously. They help remove your data from select people-search sites that might sell it, and it’s completely free with their mobile app.
2. Discover’s Intro Offer: Unlimited Cashback Match! They automatically double all the cash back you earn in the first year with no limits or minimum spending. Turn $150 into $300 effortlessly!
3. Enjoy 5% cash back on everyday purchases at various places each quarter, like Amazon.com, grocery stores, restaurants, and gas stations. Plus, you’ll get unlimited 1% cash back on all other purchases.
4. For 15 months, get a 0% intro APR on purchases, then a standard variable purchase APR of 17.24% to 28.24% applies based on your creditworthiness.
5. No annual fee! Discover gives you rewarding perks without any extra costs.
6. Redeem your cash back easily – every earned dollar is yours to use.
4. Citi Custom Cash℠ Card
The Citi Custom Cash℠ Card is a credit card offered by Citibank that comes with customizable rewards. It allows cardholders to earn 5% cash back in their top eligible spending category each billing cycle, and 1% cash back on all other purchases.
The card also provides a $200 cash back bonus when certain spending requirements are met within the first three months of account opening. It’s a straightforward and flexible card option for those looking to maximize rewards in their preferred spending categories.
1. Earn $200 cash back when you spend $1,500 within the first 6 months of opening your account. You’ll receive 20,000 ThankYou® Points, redeemable for $200 cash back.
2. Enjoy 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 19.24% – 29.24%, depending on your creditworthiness.
3. Get 5% cash back on your top eligible spend category every billing cycle, up to $500 spent, and enjoy 1% cash back on all other purchases, without limits.
4. No need to sign up for rotating bonus categories; your earn automatically adjusts with your spending in eligible categories each billing cycle.
5. No Annual Fee.
5. Capital One VentureOne Rewards Credit Card
The Capital One VentureOne Rewards Credit Card is a popular credit card that offers rewards for every dollar spent on purchases. It typically comes with no annual fee, making it an attractive option for those who want to earn travel rewards without the extra cost. The card often provides a sign-up bonus for new cardholders, allowing them to earn additional rewards after reaching a spending threshold within the first few months.
The accumulated rewards can be redeemed for travel expenses such as flights, hotel stays, and car rentals, providing cardholders with a flexible way to use their points. Overall, the Capital One VentureOne Rewards Credit Card is a solid choice for individuals who enjoy earning travel rewards without having to pay an annual fee.
1. Enjoy 0% intro APR on purchases and balance transfers for 15 months, followed by a variable APR of 19.99% – 29.99%, with a 3% fee on amounts transferred within the first 15 months.
2. Transfer miles to 15+ travel loyalty programs of your choice.
3. Redeem miles for any travel purchase or book trips through Capital One Travel for reimbursement.
4. Earn 5X miles on hotels and rental cars booked through Capital One Travel, with access to their best prices on thousands of trip options.
5. Miles never expire, and there’s no earning limit for the life of the account.
6. Earn unlimited 1.25X miles on all purchases, every day.
7. Get a 20,000-mile bonus after spending $500 on purchases within 3 months of account opening (equivalent to $200 in travel).
8. $0 annual fee and no foreign transaction fees
Frequently Asked Questions:
Do 0% interest credit cards exist?
Yes, 0% interest credit cards do exist. These cards offer a period of time, usually six to 21 months, during which no interest is charged on new purchases, balance transfers, or both, depending on the specific card.
What credit score is needed for 0 interest?
To qualify for 0% interest on credit cards, you’ll typically need a good to excellent credit score. Specifically, a FICO credit score of at least 670 or a VantageScore credit score of at least 661 is generally required.
However, if you have a very good or excellent credit score, with a FICO score of at least 799 or a VantageScore of at least 781, your chances of being approved for such cards are even higher.
How do 0 percent interest cards work?
A 0% interest card works by offering you the opportunity to use your credit card without incurring any interest on your balance for a specific period. Whether you use the card for purchases or balance transfers, you won’t be charged interest as long as you pay off your balance before the designated offer period expires. Essentially, it gives you a temporary interest-free window to manage your finances without the burden of interest charges on your outstanding balance.
After exploring the top five 0 interest credit cards, we find some excellent choices for managing finances wisely. These cards offer a great advantage with no interest charges for a limited period, making them useful for making purchases or transferring balances.
However, it’s crucial to use them responsibly and read the terms carefully, as regular interest rates will apply after the introductory period. With proper planning, these credit cards can be valuable tools for saving money and achieving financial goals.
Remember to research and consider your specific needs before choosing the right one for you.