0% Intro APR Credit Cards: A Comprehensive Guide
Are you tired of paying high interest rates on your credit card debt? Do you want to save money on interest charges and pay off your balance faster? If so, a 0% intro APR credit card may be the perfect solution for you.
What is a 0% Intro APR Credit Card?
A 0% intro APR credit card is a type of credit card that offers a promotional period with a 0% annual percentage rate (APR) on purchases, balance transfers, or both. This means that you won't be charged any interest on your outstanding balance during the promotional period, which can range from 6 to 21 months.
How Do 0% Intro APR Credit Cards Work?
Here's how 0% intro APR credit cards work:
- Introductory period: The credit card issuer offers a promotional period with a 0% APR on purchases, balance transfers, or both.
- Regular APR: After the promotional period ends, the regular APR applies to any outstanding balance.
- Interest charges: During the promotional period, you won't be charged any interest on your outstanding balance. However, if you don't pay off your balance in full by the end of the promotional period, interest charges will apply.
Benefits of 0% Intro APR Credit Cards
Here are some benefits of 0% intro APR credit cards:
- Save money on interest: With a 0% intro APR, you can save money on interest charges and pay off your balance faster.
- Consolidate debt: You can use a 0% intro APR credit card to consolidate high-interest debt from other credit cards or loans.
- Make a large purchase: A 0% intro APR credit card can be a good option if you need to make a large purchase and want to avoid paying interest.
Things to Consider
Before applying for a 0% intro APR credit card, consider the following:
- Regular APR: Make sure you understand the regular APR that will apply after the promotional period ends.
- Fees: Check for any fees associated with the credit card, such as annual fees, late fees, or balance transfer fees.
- Credit score: You'll typically need a good credit score to qualify for a 0% intro APR credit card.
Top 0% Intro APR Credit Cards
Here are some top 0% intro APR credit cards:
- Citi Simplicity Card: 21 months of 0% APR on balance transfers, with no balance transfer fee for the first 4 months.
- Bank of America Cash Rewards credit card: 12 months of 0% APR on purchases and balance transfers, with no annual fee.
- Discover it Balance Transfer: 18 months of 0% APR on balance transfers, with a 3% balance transfer fee.
Conclusion
A 0% intro APR credit card can be a great tool for saving money on interest charges and paying off debt. Just remember to read the fine print, understand the regular APR, and make sure you can pay off your balance in full by the end of the promotional period.
