21 Month 0 APR Credit Card: A Comprehensive Guide
Are you tired of paying high interest rates on your credit card debt? Do you need a breather to pay off your outstanding balance? Look no further! A 21 month 0 APR credit card can be the solution you've been searching for. In this article, we'll delve into the world of 0% APR credit cards, explore their benefits, and provide you with a list of some of the best options available in the market.
What is a 0 APR Credit Card?
A 0 APR credit card is a type of credit card that offers a 0% annual percentage rate (APR) promotion for a specified period. This means that you won't be charged any interest on your purchases or balance transfers during the promotional period. The length of the 0 APR promotion varies from card to card, but in this case, we're focusing on 21-month 0 APR credit cards.
Benefits of a 21 Month 0 APR Credit Card
Save Money on Interest
The most significant advantage of a 21-month 0 APR credit card is the opportunity to save money on interest charges. With a 0% APR, you can avoid paying interest on your debt, allowing you to focus on paying off the principal amount.
Consolidate Debt
If you have multiple credit cards with high balances and high interest rates, a 21-month 0 APR credit card can be a great way to consolidate your debt. You can transfer your existing balances to the new card and enjoy a 0% APR for 21 months, giving you a chance to pay off your debt without incurring additional interest charges.
Make Large Purchases
A 21-month 0 APR credit card can also be useful for making large purchases. If you need to buy something expensive, such as a new laptop or a piece of furniture, you can use the card to finance the purchase and then pay off the balance over the next 21 months without incurring any interest charges.
Best 21 Month 0 APR Credit Cards
Here are some of the top 21-month 0 APR credit cards available in the market:
Citi Simplicity Card
- 21 months of 0% APR on balance transfers
- No balance transfer fee for the first 4 months
- No annual fee
Bank of America Cash Rewards credit card
- 21 months of 0% APR on purchases and balance transfers
- 3% cash back on gas and 2% cash back on groceries
- No annual fee
Wells Fargo Platinum card
- 21 months of 0% APR on purchases and balance transfers
- No balance transfer fee for the first 120 days
- No annual fee
Chase Slate Edge℠
- 21 months of 0% APR on balance transfers
- No balance transfer fee for the first 60 days
- No annual fee
Things to Consider
While a 21-month 0 APR credit card can be an excellent option for managing debt or making large purchases, there are some things to keep in mind:
Regular APR
After the promotional period ends, the regular APR will apply to your outstanding balance. Make sure you understand the regular APR before applying for the card.
Balance Transfer Fee
Some cards may charge a balance transfer fee, usually 3% to 5% of the transferred amount. Factor this fee into your calculations before applying for the card.
Credit Score
To be eligible for a 21-month 0 APR credit card, you'll typically need a good credit score. If you have a poor credit score, you may not qualify for the card or may be offered a shorter promotional period.
Conclusion
A 21-month 0 APR credit card can be a valuable tool for managing debt or making large purchases. By understanding the benefits and terms of these cards, you can make an informed decision and choose the best option for your financial needs. Always remember to read the fine print, factor in the regular APR and balance transfer fee, and make timely payments to get the most out of your 0% APR credit card.
