3/18/2024 0 Comments Earn your freedom in the![]() ![]() Your statement balance on a 0% APR card is reported to the three major credit bureaus ( Experian, Equifax and TransUnion) each month, so a big balance can hurt your credit score. Cardholders can earn a welcome bonus of $200 by spending $500 within the first three months, as well as bonus cash back on dining, entertainment purchases, streaming service spending and groceries. In addition, some cards may offer bonus rewards for making purchases in specific categories, like dining or groceries.įor example, the Capital One SavorOne Cash Rewards Credit Card (see rates and fees) offers a 0% intro APR for 15 months on purchases and balance transfers (after, 19.99% - 29.99% variable APR, see rates and fees). Some 0% APR cards may have a welcome bonus where you can earn travel rewards or cash back by spending a specific amount within a specified timeframe. This way you're earning interest instead of paying it. If you do have money set aside already, you can still utilize a 0% APR card for the purchase as it will allow you to keep your money in a high-yield savings account while you pay down the balance on the credit card without accruing any finance charges. If you don't have sinking funds or savings set aside for your large purchase, you can still make your purchase when you need it, but you won't have to worry about paying extra in finance charges during the card's intro period. This can work to your advantage in a couple of different ways. Helps with cash flow for large expensesĪ 0% APR credit card can be good for expensive purchases you want to pay off over time with no interest. With a 0% APR card, all of your payment goes toward the principal, allowing you to repay your debt faster. If you have existing debt on credit cards with high interest rates, you can consolidate your debt by doing a balance transfer to a 0% APR credit card. You'll get ahead much faster by not paying any interest for some time. It can sometimes feel like you'll never get ahead when a big chunk of your payment is for the interest charges. ![]() If you are carrying a balance on your credit card each month, you may also be paying a high interest rate. However, you will need to pay a 5%, min $5 fee to bring your balance from another card to this one and transfers must be completed in the first 120 days. Cardholders can enjoy a 0% APR for 21 months on purchases and qualifying balance transfers (18.24%, 24.74%, or 29.99% variable APR afterward). One of the longest zero-interest introductory periods on the market is currently offered by the Wells Fargo Reflect ® Card. ![]() Since not all 0% offers are the same, it's important to read the terms and conditions to make sure you understand the offer. Cash advances rarely qualify for 0% offers. The 0% rate may not apply to everything - some promos are for new purchases only, others may only be for balance transfers and some offers may cover both new purchases and balance transfers. The 0% APR is considered an introductory or promotional rate, and you will switch to the card's regular APR once the promotion ends. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs BondsĪ 0% intro APR credit card offers no interest charges for a set period - typically anywhere from six to 21 months. Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Taxes By State Tax Payment Plans Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt ReliefĬredit Monitoring +More All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Best Credit Repair Companies Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt. ![]()
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