Credit cards with a 0% intro APR (Annual Percentage Rate) are becoming increasingly popular among consumers as they provide an opportunity to make purchases and balance transfers without incurring any interest charges for a certain period. These types of credit cards can be particularly helpful for individuals looking to consolidate debt or finance a large purchase without paying interest. In this article, we will explore the different credit cards with a 0% APR available in the market, the benefits and drawbacks of these credit cards, and provide some tips on how to use them wisely.
Credit Card 0 APR Comparison Table
We have compiled a table comparing different credit cards with 0% intro APR offers available in the market. The table includes information on the length of the intro APR offer, the ongoing APR, the balance transfer fee, rewards, and the annual fee (if any).
| Credit Card | Intro APR Offer | Regular APR | Balance Transfer Fee | Annual Fee | Learn More |
|---|---|---|---|---|---|
BankAmericard Credit Card | 0% for 21 Months | 15.49% - 25.49% Variable APR | 3% of each transaction | $0 | Apply |
Wells Fargo Reflect Card | 0% for 18 Months | 17.74% to 29.74% Variable APR | 3% or 5% of the transfer amount | $0 | Apply |
Chase Freedom Unlimited | 0% for 15 Months | 19.49% to 28.24% Variable APR | 3% or 5% of the transfer amount | $0 | Apply |
Discover it Cash Back | 0% for 15 Months | 16.49% to 27.49% Variable APR | 3% or 5% of the transfer amount | $0 | Apply |
Citi Custom Cash Card | 0% for 15 Months | 18.74% - 28.74% Variable APR | 5% or $5 of the transfer amount | $0 | Apply |
U.S. Bank Visa Platinum Card | 0% for 18 Months | 19.24% to 29.24% Variable APR | 3% or $5, whichever is greater | $0 | Apply |
Slate Edge Credit Card | 0% for 18 Months | 19.49%–28.24% Variable APR | 3% or $5, whichever is greater | $0 | Apply |
Bank of America Unlimited Cash Rewards Credit Card | 0% for 18 Months | 17.49% to 27.49% Variable APR | 3% of the transfer amount | $0 | Apply |
Blue Cash Everyday Card from American Express | 0% for 15 Months | 18.74% to 29.74% Variable APR | 3% or $5, whichever is greater | $0 | Apply |
Quicksilver from Capital One | 0% for 15 months | 19.74% - 29.74% Variable APR | 3% of the transfer amount | $0 | Apply |
*Note: The information in the table is subject to change. Please check the respective credit card issuer's website for the latest information.
Benefits and Drawbacks of Credit Cards with 0 APR
Credit cards with a 0% intro APR offer can provide several benefits, including
- Interest-free financing: By taking advantage of the intro APR offer, cardholders can make purchases or balance transfers without paying any interest charges for a set period. This can be especially helpful for individuals looking to consolidate debt or finance a large purchase.
- Improved cash flow: Not paying interest charges on purchases or balance transfers can free up cash flow and allow cardholders to pay off their debt faster.
- Rewards: Many credit cards with a 0% intro APR offer also offer cashback rewards, and points, However, there are also drawbacks to consider before applying for a credit card with a 0% intro APR offer.
Some Potential Drawbacks Include
- High ongoing APR: Once the introductory period ends, the ongoing APR on the card can be quite high. It's important to consider whether the benefits of the intro APR period outweigh the potential costs of the ongoing APR.
- Balance transfer fees: While many cards offer 0% intro APR on balance transfers, they often charge a balance transfer fee, which can be a percentage of the balance being transferred. Cardholders should be aware of these fees before applying for a card.
- Annual fees: Some cards with 0% intro APR offers may also charge an annual fee. Cardholders should consider whether the annual fee is worth the benefits of the intro APR period.
- Credit score impact: Applying for a new credit card can temporarily lower a cardholder's credit score. Additionally, carrying a balance on a credit card, even with a 0% intro APR offer, can impact a cardholder's credit score if the balance is high compared to the credit limit.
Top Credit Cards with 0 APR
Citi® Diamond Preferred® Card
- 0% intro APR for 21 months on purchases and balance transfers (then a variable APR of 17.74% - 28.49%)
- Annual fee - $0
- Balance transfer fee: $5 or 5% of the amount of each transfer, whichever is greater
- Additional perks: Access to Citi Entertainment® and Citi® Private Pass® for exclusive access to events and presales
Wells Fargo Reflect® Card
- 0% intro APR for 18 months on purchases and balance transfers (then a variable APR of 17.74% - 29.74%)
- No annual fee
- Balance transfer fee: $5 or 3% of the amount of each transfer, whichever is greater
- Additional perks: Cell phone protection when cardholders pay their monthly bill with their card
Chase Freedom Unlimited®
- 0% intro APR for 15 months on purchases and balance transfers (then a variable APR of 19.49% - 28.24%)
- No annual fee
- Balance transfer fee: $5 or 3% of the amount of each transfer, whichever is greater
- Additional perks: Unlimited 1.5% cash back on all purchases, plus a $200 cash back bonus after spending $500 in the first three months
Capital One Quicksilver Cash Rewards Credit Card
- 0% intro APR for 15 months on purchases and balance transfers (then a variable APR of 17.74% - 29.74%)
- No annual fee
- Balance transfer fee: 3% of the amount of each transfer
- Additional perks: Unlimited 1.5% cash back on all purchases
Discover it® Cash Back
- 0% intro APR for 15 months on purchases and balance transfers (then a variable APR of 16.49% - 27.49%)
- No annual fee
- Balance transfer fee: 3% of the amount of each transfer
- Additional perks: 5% cash back in rotating categories each quarter, up to the quarterly maximum when activated, and unlimited 1% cash back on all other purchases
These credit cards with 0% intro APR periods can provide a range of benefits and drawbacks for cardholders, depending on their financial situation and needs. It's important to carefully consider the terms and conditions of each card before applying and to use the card responsibly to avoid falling into debt.
Tips for Using Credit Cards with 0 APR Responsibly
- Set a budget
It's important to have a clear understanding of your financial situation and create a budget that includes how much you can afford to spend and pay back each month. Stick to your budget and avoid overspending, even with the temptation of interest-free financing.
- Pay on time
Late payments can lead to penalty fees and may also cause the introductory APR period to end early, resulting in interest charges. Set up automatic payments or reminders to ensure you make your payments on time.
- Pay more than the minimum
While the 0% APR period may give you some breathing room, it's important to pay off your balance as quickly as possible. Aim to pay more than the minimum payment each month to reduce your overall balance and avoid accumulating interest charges.
- Avoid new purchases
If you're using the card to consolidate debt, avoid making new purchases on the card until you've paid off the balance. New purchases may accrue interest charges immediately, and it can be easy to fall into a cycle of debt.
- Keep track of the introductory period
Make sure to note when the introductory APR period ends and what the regular APR will be. Plan to pay off your balance before the introductory period ends to avoid accruing interest charges.
Conclusion
Credit cards with 0% intro APR periods can be a useful tool for managing debt or financing large purchases. However, it's important to use them responsibly and understand the potential benefits and drawbacks. Make sure to carefully consider the terms and conditions of each card and use it in conjunction with a solid financial plan to avoid falling into debt.
Additionally, it's important to monitor your credit score, as applying for multiple credit cards or carrying a high balance can negatively impact your score. By using credit responsibly and keeping a close eye on your finances, you can take advantage of the benefits of credit cards with 0% intro APR periods while avoiding the potential pitfalls.
