Author: Shannon Hannes
Although some credit cards offer a promotional 0% APR (annual percentage rate) period, credit cards typically have higher interest rates than other financial products. Some cards with 0% APR allow you to avoid paying interest on both purchases and balance transfers, while others limit their offers to only one of the two.
When comparing APR cards, remember that some may be missing features like rewards programs and other incentives that would encourage you to continue using the card after the promotion has ended.
This post has compiled a list of the best 0% APR credit cards to help you decide which card is best for you.
1. Wells Fargo Reflect Card
Cardholders receive a zero percent introductory APR on qualified balance transfers and purchases for up to 21 months after opening the account. You can also prolong your intro APR for up to 3 months while making a one-time minimum payment throughout the introduction and extension period. The variable APR will thereafter range between 14.50 and 26.50. When you pay your monthly cell phone bills with this Reflect card, you can earn up to $600 in cell phone protection.
Pros
- There are no annual fees.
- You can obtain a long intro rate on purchases and qualified balance transfers.
- Cell phone security
Cons
- There are no typical incentives.
- Fee for a balance transfer
2. Capital One Quicksilver Cash Rewards Credit Card
With this card, you can earn 0% APR for up to 18 months. This card could be a smart option if you don’t travel frequently enough to justify a hefty annual charge.
Users will also receive a $200 one-time cash bonus after spending up to $500 on purchases during the first three months of opening the account. Another advantage of using this credit card is that you can receive unlimited 1.5% cash back on every daily purchase.
Pros
- With this card, you don’t have to bother about bonus categories.
- There are no minimum redemption criteria.
Cons
- The variable APR of 16% to 26% may be costly.
- Other cards offer more benefits and incentives.
3. Chase Freedom Unlimited
If you’re searching for a flexible and reasonably priced card, try this one. You won’t have to worry about yearly fees with Chase Freedom Unlimited, and you’ll get benefits like travel cancellation and interruption insurance, among other things. You also have a variety of award redemption possibilities.
During the promotional period, you can earn up to 1.5 percent cash back on all purchases with your card. In addition, during your first year or after spending $20,000, you can earn up to 5% cash back on Chase travel through Ultimate Rewards and 3% cash back on drugstore purchases, takeout, and dining.
Pro
- There is no annual charge.
- Sign-up bonuses are relatively simple to obtain.
Cons
- To get 5% back on travel, you must book through the Ultimate Rewards system.
- Foreign transactions are subject to a 3% surcharge.
4. Citi Simplicity Card
The Citi Simplicity Card may be the correct alternative if you need a temporary break from APR. It boasts one of the most extended introductory APR deals on purchases and balance transfers, offering users 0% APR for almost 20 months. It also has low-cost features such as no yearly or late fees.
Pros
- There are no late or annual fees.
- You can pay off balance transfers with no interest for up to 21 months.
Cons
- There is no incentive scheme.
- It does not provide any welcome bonuses.
- After the introductory period, the variable APR is high.
Key Takeaway
Applying for a credit card with a 0% APR may be the best option if you want to avoid paying credit interest. However, it is also critical to select the appropriate card. Consider your goals, how much time you’ll need to pay back before the intro period expires, and whether you’re looking for long-term value before selecting one.
