Best 0% APR Credit Card Offers To Reduce Your Debt (Intro APR)
by Silicon Valley Blogger on Credit Cards
7 comments
I’d like to share some resources for those looking for low interest rate credit cards or 0% intro APR cards.
Good credit card offers are harder to come by these days, but if you’re looking to trim your debt and you’re seeking the cheapest rates on cards, then balance transfer credit cards or cards that offer a zero percent or low APR (even for a limited amount of time) can be an option for you. Nowadays, balance transfer fees and limited promotional periods (6 months vs 12 months and over) are the norm.
Best 0% APR Credit Card Offers (Intro APR)
Most (not all) of the credit cards I’ve listed here currently offer a 0% APR on both balance transfers and new purchases for an introductory period. You’ll pay no interest for the duration of the intro period for any balance you move or any new purchases made on these cards. You have to be keenly aware that beyond the specified period, your rates *will* jump, so read the fine print carefully before you apply.
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Blue Cash® from American Express is a cash back rewards credit card that offers 0% intro APR for 6 months for new purchases only. This is one of the best rewards cards out there, as it allows you to earn up to 5% cash back on many spending categories such as gas, groceries and drugstores. For everything else, you’ll earn 1.25% cash back. Here’s where to apply.
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Chase Freedom(SM) Credit Card is a cash back rewards credit card that offers 0% intro APR on a tiered basis. With excellent credit, you may qualify for 0% intro APR for 12 months on balance transfers, and 0% intro APR for 6 months on new purchases. This card provides an ongoing 5% to 20% cash back on various spending categories. You’ll also receive 1% cash back by default (for all other purchases) and a $50 cash back bonus after your first purchase. Here’s where to apply.
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Discover More Card is a cash back rewards credit card that offers 0% intro APR for 12 months on balance transfers and 0% for 6 months on new purchases. This card provides a $50 cash back bonus once you have made $500 in purchases, along with ongoing 5% to 20% cashback on various spending categories. It comes with a 5% transfer fee and no annual fee. Here’s where to apply.
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Discover More American Flag has a 0% intro APR on both purchases and balance transfers for 6 months. Like other Discover More cash back cards, this rewards card lets you earn 5% to 20% cash back when you spend on certain categories and 1% for other purchases. It has no annual fee but has a 3% balance transfer fee. Here’s where to apply.
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Escape by Discover offers a 0% intro APR period on both balance transfers and new purchases for 6 months. It is a travel rewards card that yields unlimited double miles on all purchases, along with other travel benefits, including 25,000 bonus miles. It has a $60 annual fee and a 3% balance transfer fee. Here’s where to apply.
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Miles By Discover Card has a 0% APR introductory promotional term for 6 months, both for purchases and balance transfers. It converts to a travel rewards card that will earn you miles each time you spend. Specifically, it offers 12,000 bonus miles, with double miles each year on the first $3,000 you spend. It has no annual fee and has a 3% balance transfer fee. Here’s where to apply.
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Discover Student Credit Card gives you 0% intro APR on purchases for 6 months. With this cash back credit card, you’ll receive full 5% cash back on popular spending categories and up to 1% unlimited cash back on all other everyday purchases. This card has no annual fee. Here’s where to apply.
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Citi® Platinum Select® MasterCard® gives you 0% intro APR on balance transfers for 18 months, 0% on purchases for 12 months. The APR after the intro period is a variable low rate (11.99% to 19.99% based on your credit standing). Being a non-rewards card, its regular interest rate is relatively lower than those of rewards cards; it also has no annual fee and a 5% balance transfer fee, $10 minimum. Here’s where to apply.
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Citi® mtvU™ Platinum Select® Visa® Card is a solid rewards card for students. If you qualify based on your credit history and application, you may receive a 0% intro APR on purchases for 7 months. This rewards card will grant you up to 2,000 ThankYou points twice each year if you maintain a good GPA, plus additional points for everyday spending and for good financial behavior. The card has no annual fee. Here’s where to apply.
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Citi Forward Card is a rewards card with a 0% intro APR on balance transfers for 12 months and 0% intro APR on purchases for 7 months. You’ll rack up ThankYou points when you stay under your credit line and pay on time. Once the intro period elapses, this card also gives you a chance to reduce the purchase APR by .25% (possibly several times, up to a 2% maximum reduction). It has no annual fee. Here’s where to apply.
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TrueEarnings Card From American Express and Costco is a popular cash back rewards card that offers a 0% intro APR on purchases for 3 months and a low 1.99% APR on balance transfers for 6 months. This card will let you earn up to 3% cash back anywhere. You’ll also get a $25 bonus with your first purchase once you’re a member. There’s no annual fee but you’ll have to be a Costco member to become a cardholder. Here’s where to apply.
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With balance transfer cards and other 0% APR credit cards (intro APR), you’ll be able to make a dent on your debt by committing to a payoff schedule that quickly retires your outstanding balance over the span of the card’s promotional period. Balance transfer cards can work pretty well for you even after taking into account their balance transfer fees and regular interest rates (which are set after the intro period): they may still come out a better deal than other cards you may already be using. For other cards in our list above, new purchases can be made with 0% APR for a limited time. So it pays to shop around!
For best results, pay your balance off before the teaser rates expire to make these cards worth using. These cards may be worth it if you’ve got the discipline to pay them off!
{ 7 comments… read them below or add one }
I have never heard of a card that is 0% on balance transfers and new purchases. This is a good thing to help people out of debt if they don’t abuse it. Unfortunately, it could also be a real problem for someone who has trouble controlling their spending.
I love the idea of this-in theory. It seems like a great idea to transfer credit card debt to a new low, or 0% APR card, but I’ve also seen so many people think they can just leave it there and never pay on it, like it’s a long term solution and now they have no debt, that I’m wary of even putting out there that this is an option. I know, everyone should know all their options and make the decisions for themselves, but I wish more people would plan things out long term.
hey, loved all the information that you have given. It helped me out a ton!
Great article! I never knew 0% deals exist. One question though — do they determine your normal APR as soon as the account is opened, or after the promotional period? In other words do they determine the APR based on how much payment you sent during the promo period? Any negative effect just paying the minimum each month?
@James,
Thanks for your question! Actually, the credit card company, bank or issuer will assess your regular APR (which you’ll receive after the intro period) based on your credit report, credit score and overall relationship with them. So it DOES pay to maintain a good relationship with your card company. Paying only the minimum will be more expensive for you in the end, so I can’t recommend this approach in good conscience. In fact, I recommend that you always try to pay more than the minimum per month (I personally pay off my cards in full each month and don’t carry a credit card balance). Bottom line is that by being a good customer with a good payment record (no late payments, no skipped or missing payments), you’ll garner the best rates for your credit card.
One more thing to note: credit card companies are much more careful about whom they accept as customers these days. They’ll check your credit history and only those who are deemed credit-worthy will be able to qualify for top rated cards. The credit climate is a lot different now than it used to be some years ago when anyone with a pulse could receive a card (or was aggressively pursued by a card company).
Looking for a zero % credit card on balance tranfers for the life of the card. What I mean is that I want to transfer the balance fronm one to the zero card and NEVER pay any interest charges as long as I don’t purchase anything with it. Do they exist?
@Lowell,
As far as I know there are no longer lifetime balance transfer cards. In the past, before the credit industry suffered the crisis, this was a product that still existed. Unfortunately, there are no longer cards like this due to tighter standards in the credit industry. Also, to qualify for the longer term balance transfer cards, you’ll need really good credit.