0% APR Credit Cards for Bad Credit: A Comprehensive Guide
Are you struggling with bad credit and finding it difficult to get approved for a credit card? Don't worry, we've got you covered. While it may seem impossible to get a credit card with 0% APR and bad credit, there are some options available. In this article, we'll explore the best 0% APR credit cards for bad credit, their benefits, and what you need to know before applying.
What is a 0% APR Credit Card?
A 0% APR credit card is a type of credit card that offers a promotional period with 0% interest rate. This means that you won't be charged any interest on your purchases or balance transfers during the promotional period, which can range from 6 to 21 months. After the promotional period ends, the regular APR will apply.
Is it Possible to Get a 0% APR Credit Card with Bad Credit?
While it's challenging to get a 0% APR credit card with bad credit, it's not impossible. Some credit card issuers offer credit cards with 0% APR promotional periods to people with poor credit. However, these cards often come with higher fees, higher regular APRs, and stricter approval requirements.
Best 0% APR Credit Cards for Bad Credit
Here are some of the best 0% APR credit cards for bad credit:
1. Capital One QuicksilverOne Cash Rewards Credit Card
- 0% APR for 15 months on purchases and balance transfers
- $39 annual fee
- Regular APR: 24.99% Variable
- Credit score requirement: 600+
2. Discover it Secured
- 0% APR for 6 months on purchases
- No annual fee
- Regular APR: 24.99% Variable
- Credit score requirement: 300+
3. Credit One Bank Platinum Visa Credit Card
- 0% APR for 6 months on purchases
- $0 - $99 annual fee
- Regular APR: 24.90% Variable
- Credit score requirement: 300+
Things to Consider Before Applying
Before applying for a 0% APR credit card with bad credit, here are some things to consider:
- Fees: Many credit cards for bad credit come with higher fees, such as annual fees, late fees, and foreign transaction fees.
- Regular APR: After the promotional period ends, the regular APR will apply, which can be very high.
- Credit score requirement: While some credit cards may accept applicants with poor credit, others may require a higher credit score.
- Credit limit: Credit cards for bad credit often come with lower credit limits.
Tips for Using a 0% APR Credit Card with Bad Credit
If you're approved for a 0% APR credit card with bad credit, here are some tips to keep in mind:
- Make timely payments: Make sure to pay your balance in full each month to avoid interest charges.
- Keep your credit utilization ratio low: Keep your credit utilization ratio below 30% to avoid negatively impacting your credit score.
- Monitor your credit report: Keep an eye on your credit report and dispute any errors or inaccuracies.
Conclusion
While getting a 0% APR credit card with bad credit can be challenging, it's not impossible. By understanding the benefits and drawbacks of these credit cards and following the tips outlined above, you can use a 0% APR credit card to improve your credit score and financial health. Remember to always read the terms and conditions carefully and make informed decisions when applying for a credit card.
