0 Interest Credit Card for Low Credit Score: A Guide
Having a low credit score can make it challenging to get approved for a credit card, let alone one with 0% interest. However, there are still options available for individuals with poor credit. In this article, we will explore the best 0 interest credit cards for low credit scores and provide tips on how to improve your credit score.
What is a 0 Interest Credit Card?
A 0 interest credit card is a type of credit card that offers a promotional period of 0% APR (Annual Percentage Rate) for a specific period, usually ranging from 6 to 24 months. This means that during the promotional period, you won't be charged any interest on your purchases or balance transfers.
Best 0 Interest Credit Cards for Low Credit Scores
- Discover it Secured: This credit card requires a security deposit, which becomes your credit limit. It offers 0% APR for 6 months on purchases and 10.99% APR for 6 months on balance transfers. There's no annual fee, and you'll get 1% - 2% cashback rewards.
- Capital One QuicksilverOne Cash Rewards Credit Card: This card offers 0% APR for 15 months on purchases and balance transfers. You'll earn 1.5% cashback on all purchases, and there's a $39 annual fee.
- Citi Simplicity Card: This card provides 0% APR for 21 months on balance transfers and 12 months on purchases. There's no annual fee, but you'll need to make a balance transfer within 4 months of account opening.
- Wells Fargo Platinum card: This card offers 0% APR for 18 months on purchases and balance transfers. There's a $0 annual fee for the first year, then $25 annually.
Tips to Improve Your Credit Score
- Make on-time payments: Payment history accounts for 35% of your credit score, so make sure to pay your bills on time.
- Keep credit utilization low: Keep your credit utilization ratio below 30% to avoid negatively impacting your credit score.
- Monitor your credit report: Check your credit report regularly to ensure there are no errors or inaccuracies.
- Avoid applying for multiple credit cards: Applying for multiple credit cards can lead to hard inquiries, which can lower your credit score.
- Consider a secured credit card: Secured credit cards can help you build credit if you're struggling to get approved for a regular credit card.
Conclusion
While it may be more challenging to get approved for a 0 interest credit card with a low credit score, there are still options available. By choosing a credit card that fits your needs and following the tips to improve your credit score, you can start building a stronger financial future. Remember to always read the terms and conditions carefully and use your credit card responsibly.
