Key takeaways
- Zero-percent APR bank cards will help you save on curiosity and repay debt faster by eliminating curiosity on sure purchases or balances for a set time period.
- Nonetheless, many 0 % curiosity playing cards include tradeoffs, akin to larger credit score rating necessities and restricted rewards.
- To decide on the best 0 % APR card, do your due diligence when evaluating the choices accessible to you.
Zero-percent APR bank cards allow you to keep away from paying curiosity on purchases, stability transfers or each for a restricted time. Nonetheless, particular person card particulars differ fairly a bit from there, with some providing longer introductory intervals and extra perks than others. Charges can differ too, together with annual charges and stability switch charges.
Listed below are among the prime options you must take into account earlier than making use of for a 0 % intro APR bank card.
Determine what kind of supply fits your wants
Zero-percent intro APR bank cards lengthen their affords to purchases, stability transfers or generally each. In some circumstances, playing cards will even lengthen zero curiosity to purchases and stability transfers on totally different timelines.
The Citi® Diamond Most popular® Card, for instance, affords 0 % intro APRs on purchases for 12 months and on stability transfers for 21 months (offered that the stability transfers are accomplished inside 4 months from account opening).
Steadiness switch supply
In the event you’re trying to pay down your bank card debt by consolidating all of it onto a brand new stability switch bank card, you’ll want to ensure the cardboard you’re contemplating has a sexy supply on stability transfers. This usually implies that the supply ought to give you the results you want by way of each the size of the intro interval and the stability switch price you’ll should pay.
Buy supply
In the event you’re trying to finance a big buy and don’t wish to fear about paying curiosity when you carry a stability, then you should concentrate on the cardboard’s buy APR and different related particulars. You received’t have to fret a couple of stability switch price, however you may need to fret about particulars like the cardboard’s overseas transaction price for those who’re buying an merchandise from one other nation.
Both method, you’ll want to be taught what kind of supply the cardboard is promoting so you may plan accordingly.
Discover out the size of the intro APR supply
Probably the most essential particulars is the size of every card’s 0 % intro APR interval. The place most bank cards on this area of interest lengthen zero curiosity for at the least 12 months, some playing cards supply 0 % intro APRs for as much as 21 months.
The size of the supply issues as a result of it’s how lengthy you’ll keep away from curiosity; it describes the period of time earlier than your bank card rate of interest resets to the common APR.
For instance, when you have a bigger buy to make and want not more than a yr to pay it off, any variety of 0 % intro APR bank cards with intro affords for 12 months might work. If, then again, you’ve gotten hundreds in high-interest bank card debt you should repay, search for the longest 0 % intro supply you will discover.
Pay attention to any supply limitations
Learn your card’s high-quality print to be taught in regards to the limitations related to every card supply. Some playing cards will rescind their 0 % intro APR affords completely for those who miss too many funds or don’t take note of their different guidelines.
For instance, the Wells Fargo Replicate® Card comes with a 0 % intro APR for 21 months from account opening on purchases and qualifying stability transfers, adopted by a 18.24 %, 24.74 %, or 29.99 % variable APR. However like all playing cards, there are further limitations concerned. These stability transfers should be made inside 120 days to qualify for the intro charge, and a stability switch price of 5 % or a minimal of $5 will apply to every stability switch.
Be sure to perceive the charges
Sure charges can change your opinion on whether or not a card can be best for you. A number of the commonest forms of charges related to 0 % APR playing cards embody:
- Annual charges. That is the price you pay yearly to hold the cardboard. Most bank cards with a 0 % intro APR received’t cost an annual price, however this isn’t all the time the case.
- Steadiness switch charges. As beforehand talked about, this price is charged everytime you full a stability switch. Most playing cards on this area of interest cost a stability switch price of three % however some cost 5 % as an alternative. By selecting a card with the bottom price you will discover, you’ll decrease the prices concerned with transferring a stability.
- International transaction charges. This price is charged everytime you make a purchase order the place a foreign money conversion is concerned. In the event you plan to make use of the cardboard abroad or with non-U.S. firms on-line, you would possibly run into this price. In the event you do journey ceaselessly, attempt to keep away from playing cards that cost overseas transaction charges (or just pull out one other card in your pockets when overseas).
Search for bank card rewards
Many bank cards with intro APR affords additionally earn rewards, though you’ll usually sacrifice the size of your zero-interest supply for this perk.
An instance of a well-liked money again bank card with an intro APR supply is the Chase Freedom Flex℠*. The Freedom Flex affords a wide range of money again classes, together with 5 % on activated bonus class purchases every quarter (as much as $1,500 in purchases, then 1 %), together with 0 % intro APRs on purchases and stability transfers for 15 months. You’ll pay 20.49 % to 29.24 % variable APR after that introductory interval ends. Moreover, a 3 % intro stability switch price with a minimal $5 applies for transfers made within the first 60 days.
One other in style card is the Citi Double Money® Card. This flat-rate money again bank card affords as much as 2 % money again on all spending (1 % if you make a purchase order and one other 1 % if you pay it off). By way of an introductory APR supply, you’ll get a 0 % intro APR on stability transfers for 18 months, adopted by an 19.24 % to 29.24 % variable APR.
Look into further cardholder perks
Be sure any bank cards you’re contemplating supply perks that you really want or might use. Frequent advantages embody:
Work out what credit score rating you want
When you’re trying out all the cardboard particulars, you must also take into account whether or not you’ve gotten an opportunity at being authorised for the 0 % APR card you need. The perfect playing cards on this class usually require good to glorious credit score, so not everybody will qualify.
Earlier than you apply, verify your credit score rating to make sure you stand an opportunity at being authorised.
The underside line
Selecting a 0 % intro APR card could be overwhelming, however by taking into account the credit score scores required for approval, charges related to the playing cards, further card perks and the supply size that most accurately fits your payoff timeline, you can begin to slender down your choices. Plus, Bankrate will help you examine the perfect 0 % intro APR bank cards in the marketplace for 2024, making it even simpler to seek out the best card — or playing cards — for you.
When you do your analysis and guarantee your credit score is nice sufficient to probably qualify, you’ll want to apply earlier than the supply is gone.
*Issuer-required disclosure assertion
Details about the Chase Freedom Flex℠ has been collected independently by Bankrate. Card particulars haven’t been reviewed or authorised by the issuer.
