Do you have plans to make a huge purchase or pay off your credit card debt? With a zero interest card, you will have a chance to save some extra cash that you would have used in paying interest. Using a zero interest credit card on your purchases or transferring credit balances can help you minimize the debt that you will pay in the end.
What You Should Put Into Consideration When Taking A Zero Interest Credit Card
To reap maximum benefits from a zero interest credit card, you should consider the following;
- Additional Perks
Some zero interest rate cards offer cash back and rewards. If you want to take a vacation, for instance, there are credit cards that can help you in repaying and financing it with a 0% interest. There are also travel rewards. Therefore, your travel expenses will be considerably minimized.
Besides the zero interest rates, you should consider a card that comes with low fees. A card with zero annual fees or one with a 3%-5% balance transfer can keep your costs to a minimum.
- Terms Of The Introductory 0% APR
This is the most imperative feature for the zero percent interest credit cards. However, the 0% APR is only limited for a period of time. It is usually between 12 months and 18 months after opening your account.
There will be terms and conditions outlined by the credit card issuer that will based on the introductory period.
So, what are some of these credit cards that offer zero percent interest?
With this card, you get 18 months 0% APR on your balance transfers. Cardholders get zero percent introductory APR for six months on their purchases and 18 months on balance transfers. There are also other superb rewards, for instance, 5% cash back on groupings that have a yearly rotation, with a maximum of $1,500 after your activation.
Discover It also matches cash back for new cardholders at the end of the first year. This implies that your reward rate cannot be less than 2% for your first 12 billing cycles.
If you have large balance transfers, you would naturally want low transfer charges or even no charges at all. Chase Slate can help you in eliminating transfer expenses because they do not have balance transfer fees for the first 60 days after account activation. However, $5 or 5% interest will be charged after the first 60 days have elapsed.
Both balance transfers and purchases get 0% interest within the first 15 months after you open your account. After that, the regular APR will range from 16. 74% to 25.49%. Similarly, there will be no annual fees or penalties.
If you are planning to make a massive purchase and you want the payment to be spread over a period of at least 12 months, then CapitalOne VentureOne is a great option for you.
With this zero credit card, you will get travel rewards (20,000 miles after you have spent $ 1,000 in the first three months). You will also get 1.25x miles on all your purchases. There are no annual card fees,
and you can earn 10x miles on hotels when you use this card to make payments.
BlueCash Everyday Card (The American Express)
This credit card has 0% introductory on purchases and balance transfers within the first fifteen months of application. You get cash rewards for your purchases. You will also earn 1,000 membership rewards point within the first three months after spending $1,000 or more on your purchases. You will also get $150 back after you spent an addition of $6, 500 in your purchases.
You will earn 3 percent cash-back at United States supermarkets to a maximum of $6,000 in a year, 2 percent cash-back at United States gas stations and select U.S. stores. You will also get a 1% cash back for everything else that you will purchase. Balance transfers will not be considered towards the spending bonus.
After the introductory period has elapsed, the APR will range from 14.74% to 25.74%.
Bank of America
Bank of America rewards its customers for loyalty. Below are a few credit cards that it offers:
- Bank of America Cash Rewards.
This card is best for individuals who spend mostly on grocery, wholesale club purchases, and gas. It has no annual fee and 0% introductory APR within the first 12 billing cycles for balance transfers and purchases made in the first sixty days. You also get 10% bonus after you redeem your funds into a savings or checking Bank America account.
- Bank of America Travel Rewards Card
With this card, you will get 1.5 points on each $1 that you spend on all your purchases, with no foreign transaction fees or annual fees, and your points never expire. If you can make $1,000 in purchases within the first 90 days, you will get 25,000 bonus points. You can use this card in booking for your trips on any sites that you want with no limitations.
For the first 12 billing cycles for the purchases, the introductory APR is 0 percent, it will then go up to between 16.74 percent and 24.74 percent APR. Additionally, when you have an active savings or checking account with Bank of America, you will get an additional 10 percent customer points on each purchase that you make.
With this card, you will get 18 months with zero interest on balance transfers and purchases. That is close to 2 years with zero interest. After the 18 month period elapses, the regular APR will be between 15.74 percent and 25.74 percent. The APR is variable since it will be based on your creditworthiness.
There are no annual fees, no penalty rates, and no late fees. Another additional advantage is that you will get to pick a due date so the payment will be due at your most convenient time.
U.S. Bank Platinum Visa Card
This card provides 0% introductory APR on balance transfers and purchases for 20 billing cycles. After the period ends, the APR rate will be between 11.74 and 23.74 percent. With this card, you can pick a due date that is convenient for you, and also have free access to your TransUnion credit score. You can also pay your mobile phone bill with this card, and get a cell phone protection coverage for a maximum of $600 in case of theft or damage.