Credit Cards (US)
Choose your ideal 0% APR card: the best options for you!
Choose one of the options below and we'll suggest the ideal 0% APR card for you, based on your preferences.
by Ana Machado
Select a 0% APR card that suits you best
What are the benefits to choose an 0% APR card? By choosing this option, you can reduce your interest payments and make progress on paying off your debt.
Keep reading this post to understand how it works and decide if it is the best option for you!
What is APR?
The APR or annual percentage rate, when it comes to credit cards, is the interest charged on any outstanding balances on a monthly basis, expressed as a yearly rate.
For instance, if your APR is 15% and you owe $100 at the end of the month, you’ll pay $15 in interest for that month.
There are primarily two types of APR: fixed and variable.
What is a good APR credit card?
See how you can qualify for an APR card
A fixed APR implies that the interest rate on your credit card will remain the same, irrespective of market conditions. However, with a variable APR, the interest rate may increase or decrease depending on changes in the market.
Thus, selecting a credit card with 0% APR is crucial if you carry a balance on your credit card and don’t want to be bothered about your interest rate going up.
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What is intro APR?
The introductory APR is a promotional interest rate that you get on credit card purchases, cash advances, and balance transfers for a specific duration.
For instance, if your credit card has an introductory APR of 14 months, you won’t incur any interest charges during this period.
How does a 0% APR card work?
If used wisely, a 0% APR credit card can save you a lot of money on interest charges.
Typically, most 0% APR cards offer an introductory rate for a specified period, which usually ranges from six to 21 months. During this time, you won’t incur any interest charges on your balance until you reach the offer limit.
However, once the introductory period ends, the APR will go back to the regular rate, which is generally around 15% or higher, depending on the card.
For instance, if you have a $1,000 balance on your credit card, and you’re being charged 20% interest, you’ll end up paying $200 in interest charges over a year.
On the other hand, with a 0% APR card, you’d pay $0 in interest charges during the introductory period.
This can be extremely advantageous if you need to carry a balance on your card for a few months. Just ensure that you pay off your balance before the intro period ends, or else you’ll be charged all the interest at once.
My 0% APR period has ended!
See what happens once your card’s 0% intro APR period ends
About the author / Ana Machado
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