A credit card with a 0% annual percentage rate (APR) promotion can serve as an intelligent approach to managing a significant purchase over time or expediting the repayment of existing debt. Some of the most notable cards in this category present periods of interest-free financing lasting 15 months or even more, all while maintaining minimal annual fees and balance transfer charges.
Do not allow a balance transfer charge to discourage you from capitalizing on a 0% APR balance transfer opportunity provided by a specific card. It is highly probable that you will still economize and accelerate the repayment of high-interest debt by embracing one of these opportunities. However, it is advisable to perform the necessary calculations before committing to a new card.
We meticulously examined a wide array of credit cards offering 0% APR from various issuers, curating a collection of the finest options available. Presented below are our handpicked choices.
BankAmericard® Credit Card
With the BankAmericard® credit card, you can benefit from a 0% introductory APR for 18 billing cycles on both purchases and balance transfers within the first 60 days. Afterward, the variable APR stands between 16.24% and 26.24%. Although it lacks an annual fee and rewards program, it does provide a simple option for those looking for an introductory APR offer with minimal fees attached. However, the card’s limited benefits might not be suitable for individuals seeking more rewards.
Citi® Diamond Preferred® Card:
The Citi® Diamond Preferred® Card stands out for its extended 0% introductory APR period. You’ll enjoy 21 months of 0% intro APR on eligible balance transfers and 12 months on purchases from the account opening date. After this period, the variable APR ranges from 18.24% to 28.99%. The card offers flexibility with balance transfers, allowing you to complete them within the first four months. While it doesn’t have an annual fee or rewards, this card could be a good fit for those aiming to manage balances or make large purchases over an extended period.
Discover it® Cash Back:
The Discover it® Cash Back card presents a unique rewards structure. It starts with a 0% intro APR for 15 months on purchases and eligible balance transfers, followed by a variable rate of 17.24% to 28.24%. You’ll earn 5% cash back on rotating quarterly categories, up to $1,500 in spending when activated, and 1% cash back on all other purchases. The card also matches all the cash back earned at the end of the first cardmember year, effectively doubling your rewards. Notably, it has no annual fee and no foreign transaction fee, making it appealing for those seeking cash back rewards.
Bank of America® Travel Rewards Credit Card:
The Bank of America® Travel Rewards credit card provides a 0% intro APR for 15 billing cycles on purchases and balance transfers made within the first 60 days. After this period, the variable APR ranges from 18.24% to 28.24%. The card rewards you with 1.5 points per $1 spent on purchases and offers a welcome bonus of 25,000 points after spending $1,000 in the first 90 days. With no annual fee and no foreign transaction fee, this card suits those who wish to earn travel points while benefiting from an introductory APR offer.
Bank of America® Customized Cash Rewards Credit Card:
The Bank of America® Customized Cash Rewards credit card lets you tailor your cash back rewards. You’ll earn 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined quarterly spending), and 1% on other purchases. The card comes with a 0% intro APR for 15 billing cycles on purchases and balance transfers made in the first 60 days, followed by a variable APR from 18.24% to 28.24%. Additionally, it offers a $200 cash rewards bonus after spending $1,000 in the first 90 days. However, a 3% foreign transaction fee applies.
Bank of America® Unlimited Cash Rewards Credit Card for Students:
Designed for students, the Bank of America® Unlimited Cash Rewards credit card offers a 0% intro APR for 15 billing cycles on purchases and balance transfers within the first 60 days. Afterward, the standard variable APR ranges from 18.24% to 28.24%. You’ll earn 1.5% cash back on purchases and receive a $200 cash rewards bonus by spending at least $1,000 in the initial 90 days. This card provides an extended intro APR offer, which can be beneficial for students managing their finances.
Wells Fargo Active Cash® Card:
The Wells Fargo Active Cash® Card stands out with its 2% cash rewards on purchases, making it a straightforward choice for cash back enthusiasts. It starts with a 0% intro APR for 15 months on both purchases and qualifying balance transfers made within 120 days. After this period, the variable APR varies between 20.24% and 29.99%. While balance transfers within 120 days qualify for the intro rate and a 3% fee, transfers afterward come with a fee of up to 5% or a minimum of $5. This card also offers a $200 cash rewards bonus for spending $500 in the first three months, along with cell phone protection benefits.
Amex EveryDay® Credit Card:
The Amex EveryDay® Credit Card provides a 0% intro APR for 15 months on purchases and balance transfers, followed by a variable APR ranging from 18.24% to 29.24%. This card rewards you with 2 Membership Rewards points per $1 spent at U.S. supermarkets (up to $6,000 annually), 2 points per $1 on American Express Travel, and 1 point per $1 on other purchases. Plus, if you use the card 20 or more times in a billing period, you earn an extra 20% points. It comes with a welcome bonus of 10,000 Membership Rewards points after spending $2,000 in the first six months, but a 2.7% foreign transaction fee applies. Additional benefits include the ability to transfer points to airline miles or hotel points and car rental insurance.
Should you get a 0% APR credit card?
If you possess substantial credit card debt, opting for a new credit card with a promotional financing offer of 0% APR on balance transfers might present itself as a favorable choice. By moving your current balance to the fresh account, you will sidestep any interest charges throughout the introductory financing window. As a result, you’ll be able to settle your debt more promptly, given that your payments will solely target the principal debt rather than being divided between the accruing interest and the principal.
Preferably, leverage these offers to expedite your debt repayment rather than delaying it. The optimal approach involves dividing the balance transferred amount by the remaining months in the introductory financing period. Commit to making this calculated payment each month, ideally utilizing the autopay functionality of your card. As long as you abstain from incurring any new balances, you’ll achieve freedom from debt before interest starts accumulating.
It’s worth noting that numerous balance transfer cards levy a balance transfer fee ranging between 3% and 5%. Nonetheless, even after covering this fee, a balance transfer is likely to save you money when compared to carrying a balance on a card that subjects you to interest charges.
Cards that furnish 0% APR introductory financing for new purchases can prove valuable for individuals who foresee needing to make substantial purchases they can’t immediately settle. Yet, a strategic approach is still necessary—prepare a budget that accommodates the monthly payment required to completely clear the balance before the promotional period concludes.
