no Interest credit card

Credit

What Are The Best No Interest Credit Cards?

ByIshita Chavda June 16, 2024June 12, 2024

Table of Contents

Credit cards with 0% introductory APR periods let you save on interest for a while. This interest-free time can last up to 21 months. After that, a regular interest rate will apply.

These cards are great for paying off debt or buying big things without extra costs. The best 0% APR cards have long periods with no interest, as well as low annual fees. Some even come with rewards.

Key Takeaways

0% intro APR credit cards offer interest-free financing for purchases or balance transfers
The best 0% APR cards have long intro periods, low/no annual fees, and may offer rewards
These cards can help save on interest when paying off debt or financing large purchases
The intro APR period is temporary, so it’s important to understand the ongoing variable APR
Careful management is required to maximize the benefits of a no interest credit card

Understanding No Interest Credit Cards

No interest credit cards give you a break from paying interest. They have 0% APR for a time, usually 12 to 21 months. This means you won’t pay extra on your purchases or balance transfers for that time.

Types of No Interest Credit Cards

There are two main types: cards with 0% APR on what you buy and those with 0% on debt you move over. Some do both. This 0% deal can last up to 21 months.

Benefits of Using No Interest Credit Cards

These cards help you save money in several ways. First, you can carry a balance without interest for a while. This is useful for big buys or moving debt. Second, you might earn rewards or get other benefits. That’s extra savings.

Drawbacks to Consider

You must pay off the full balance before interest kicks back in. Also, there might be a fee to move a balance. Using these cards can affect your credit score. It’s good if you’re careful, but bad if you’re not.

Top Picks for Long 0% Intro APR Periods

Finding the best no interest credit cards is exciting, especially with long 0% introductory APR periods. These cards offer up to 21 months without interest on purchases and transfers. It’s a great help for those dealing with debt or making a big buy more easily. Some great choices for these cards are:

Wells Fargo Reflect® Card

The Wells Fargo Reflect® Card gives you 0% intro APR on buys and balance transfers for 18 months. This is from when you open your account. Then, a variable APR takes over. You won’t pay an annual fee. Plus, by making minimum payments on time, you can get an extra 3 months of no interest.

BankAmericard® credit card

The BankAmericard® credit card has a 0% intro APR for 15 billing cycles on both buys and transfers. It doesn’t charge an annual fee. This makes it a good pick for those wanting a longer interest-free period and low ongoing rates.

U.S. Bank Visa® Platinum Card

The U.S. Bank Visa® Platinum Card offers a 0% intro APR for 20 billing cycles on buys and transfers. There’s no annual fee. It’s a budget-friendly way to handle buys or debt with no interest for a long time.

Cards with long 0% APR periods are a smart choice for avoiding interest and saving money. By using these offers, you make paying off debts or covering big costs easier during the introductory period.

no Interest credit card for Balance Transfers

Looking for a great option on balance transfers? The Chase Slate Edge℠ is top of the list. It gives a 0% intro APR on purchases and transfers for 15-21 months. This helps pay off debt without any added interest.

Chase Slate Edge℠

The Chase Slate Edge℠ focuses on reducing credit card debt. It does this by offering a long 0% APR period on transfers. This allows people to consolidate debts and avoid paying extra interest. Plus, it has no annual fee, helping cut costs further.

Balance Transfer Fees and Considerations

One key thing to remember with balance transfer cards is the fee. The Chase Slate Edge℠ has a 3% fee, which is standard. But, the benefit of a long 0% APR can often be more than this fee.

Remember, it’s important to aim to clear the transferred balance before time runs out. If not, a higher APR takes effect. Using a no interest card wisely can save a lot on interest. It’s a great way to reduce debt.

Rewards Credit Cards with 0% Intro APRs

No interest credit cards mean you won’t pay extra on your balance for a time. Some people, though, want more than that. They want to earn something back when they spend. Lucky for them, some of the best rewards credit cards also start with a 0% intro APR.

Bank of America® Travel Rewards credit card

The Bank of America® Travel Rewards credit card gives you no interest on purchases for 15 months. Plus, you get 1.5 points for every dollar you spend. There’s no annual fee. This makes it perfect for those wanting rewards and a break on interest.

Chase Freedom Unlimited®

Looking for a credit card that doesn’t charge interest and gives cash back too? Check out the Chase Freedom Unlimited®. It offers no interest on purchases and balance transfers for the first 15 months. You’ll also earn 1.5% cash back on everything with no annual fee.

This makes it great for collecting rewards and enjoying an interest-free start.

Citi Custom Cash® Card

The Citi Custom Cash® Card is another option with a 0% intro APR for 15 months. It gives you 5% cash back on what you spend the most in every billing cycle, for the first $500. After that, it’s 1%. This is a chance to get big rewards and save on interest.

Low Ongoing Interest Rate Credit Cards

0% intro APR cards give you time to pay without interest. But, it’s key to look at the ongoing interest rate after this. A high rate makes it expensive to keep a balance, nullifying the 0% start.

Why Low Interest Rates Matter

The ongoing interest rate, or APR, on your card matters a lot. It decides how much more you pay if you don’t clear your balance in full. Lower APR means less extra money added to what you owe. This makes paying off debt easier, especially after the initial 0% APR ends.

Examples of Low Interest Credit Cards

Some cards come with low ongoing interest rates and long 0% intro APR times. They are good if you know you’ll need more time to clear debt. For example, consider these cards:

Wells Fargo Active Cash® Card: Ongoing APR of 16.74% – 26.74% Variable
Citi Diamond Preferred® Card: Ongoing APR of 14.74% – 24.74% Variable
U.S. Bank Visa® Platinum Card: Ongoing APR of 15.74% – 25.74% Variable

These cards balance long 0% intro APR offers with affordable ongoing interest rates. So, they can reduce the cost of carrying debt.

Tips for Maximizing No Interest Offers

If you have a no interest credit card, use the 0% APR time wisely to save more money. Here’s how:

Time your applications strategically. Try to find cards that offer 0% interest for the longest time, like 12 to 21 months. This gives you a big window to pay off what you owe with zero interest added.
Avoid late payments. Paying late can end your special rate and start the regular one. Set up automatic payments or use reminders so you don’t forget and stay ahead of your payments.
Focus on paying down balances. Do your best to reduce your debt quickly or buy big-ticket items you will pay off before the special rate ends.
Avoid new purchases. It’s tempting, but focusing on your current balance will save you more money in the long run by avoiding extra interest charges.
Consider balance transfers. If you have debts with high interest, check out no interest cards that let you move your debt over. It’s a good way to save by not paying interest for a while.

These strategies will help you make the most of your no interest credit card. Plus, you’ll dodge expensive interest costs during your special deal.

Credit Score Impact of No Interest Cards

Getting a interest credit card with no interest can affect your credit score either way. It depends on how well you handle it. When you get a new card like this, a hard check on your credit can make your score drop a bit. But, this drop is small and doesn’t last long.

Using a no interest credit card companies wisely could boost your credit score with time. This happens because it increases your total credit. As a result, your debt ratio might go down, making your score better. Remember, make your payments on schedule and keep your debt low. Such actions could really help your credit score.

If you don’t clear your balance by the end of the introductory APR period, you might have trouble. The sudden high interest rate can increase the amount you owe. This could hurt your credit score. So, it’s key to have a plan to pay everything off before the interest kicks in. Avoiding carryover debt is crucial after the no-interest period is up.

No interest credit cards can be very helpful for your financial future. But, only if you use them right. Learning about the effects can help you choose wisely. Think carefully about whether such a card would fit your money needs.

No Interest Credit Cards vs. Other Financing Options

No interest credit cards are better than buy now, pay later and personal loans in many ways. They can help you finance big buys or pay off debt without extra costs. It’s good to know these differences to choose the right way for you.

Buy Now, Pay Later Services

Buy now, pay later (BNPL) plans let you pay for things over time without interest. They’re simple to use but usually have shorter periods without interest than credit cards. BNPL plans last from 3 to 12 months, while credit cards can give you up to 21 months. If you miss BNPL payments, it hurts your credit. But, using a credit card issuer well can actually boost your credit score.

Personal Loans

Personal loans are another option for big buys or debt. They often have higher interest rates than no interest credit cards. These rates can be from 6% to 36%. But with credit cards, you don’t pay any interest for a period at the start. This can save you a lot of money, especially if you have high-interest debt.

Feature	No Interest Credit Cards	Buy Now, Pay Later	Personal Loans
Introductory APR Period	Up to 21 months	3-12 months	N/A
Ongoing Interest Rates	Variable APR after intro period	0% during plan, but late fees may apply	Fixed APR: 6% to 36%
Impact on Credit Score	Responsible use can help build credit	Missed payments can negatively impact credit	Requires a hard credit check, which can temporarily lower credit score
Flexibility	Can be used for a variety of purchases and balance transfers	Limited to specific merchant purchases	Fixed loan amount and term

Reviewing the benefits and downsides of each option helps you make a smart choice. Think about your budget and goals before deciding on a financing method.

Also read: How Do I Increase My Credit Limit?

Conclusion

No interest credit cards help consumers handle big buys or cut down debt without extra cost. These cards offer long 0% APR periods, saving you a lot on interest. Whether you want one for balance transfers, buying things, or earning rewards, it’s key to know their features. This knowledge lets you choose what’s best for your money goals.

When looking at these cards, think about the intro APR periods, any yearly fees, and what the interest will be after. Doing this helps you get the most out of the offer and avoids problems. Also, remember how a no interest card can affect your credit score. This way, you can keep your finances in good shape.

No interest credit cards are a great financial tool when used the right way. They give you a chance to buy things without paying extra for a while and maybe earn rewards. By wisely using these features, you can boost your buying options and move closer to your financial dreams.

FAQs

Q: What are the best no interest credit cards in 2024?

A: Some of the best no interest credit cards in 2024 include the Wells Fargo Active Cash® Card, the Bank of America® Customized Cash Rewards Credit Card, and the Capital One SavorOne Cash Rewards Credit Card.

Q: How do intro APR credit cards work?

A: Intro APR credit cards offer a promotional 0% APR for a specified period of time, usually ranging from 6 to 21 months. During this period, you won’t incur any interest on purchases or balance transfers made with the card.

Q: What is the difference between APR on purchases and balance transfers?

A: APR on purchases refers to the interest rate charged on the balance of purchases made with the credit card, while APR on balance transfers is the interest rate applied to amounts transferred from one credit card to another.

Q: Do the best 0 APR credit cards offer cash rewards?

A: Yes, many of the best 0 APR credit cards also offer cash rewards in the form of statement credits, cash back, or other rewards for spending within specific categories.

Q: How long do intro APR offers typically last on credit cards?

A: Intro APR offers usually range from 6 to 21 months, with some cards offering introductory rates for as long as 15 months on balance transfers or purchases.

Q: Do intro APR cards have an annual fee?

A: Some intro APR credit cards may have an annual fee, while others may be fee-free. It’s important to compare the costs and benefits of each card to determine the best option for you.

Q: What are some key features to look for in the best credit card with a 0 APR offer?

A: When choosing a credit card with a 0 APR offer, consider features such as the length of the introductory rate, any fees associated with the card, rewards programs, and if the card aligns with your spending habits and financial goals.

Source Links