14 Best Credit Cards With 0% Interest Rate & 0% APR (2022-2023)
14 Best Credit Cards With 0% Interest Rate & 0% APR (2022-2023)
14 Best Credit Cards With 0% Interest Rate & 0% APR (2022-2023)
ABOUT 0% APR INTEREST RATE
If you pay off your debt in full each month, interest won’t accrue; however, if it goes unpaid after the grace period of a billing cycle, interest will start to accrue at the annual percentage rate that applies to that balance (APR). Even worse, a penalty APR could apply if you have a late payment of more than 60 days overdue. Although your APR for purchases and debt transfers may be different, a lower APR is always preferable.
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Most ongoing APRs are variable, which means that the interest rate may alter depending on the market rate after a promotional APR term has ended. The possibility that a bank may increase or decrease credit card interest rates is influenced by choices made by organizations like the Federal Reserve.
How Does 0% APR Offers work?
A credit card issuer may provide you with a 0% introductory (APR) term or no-interest financing on purchases made during that time when you open an account with them. This kind of interest-free promotion is frequently provided by credit card providers for periods ranging from 12 to 21 months.
Although this kind of deal typically doesn’t have any upfront costs or penalties, you should be aware that it won’t last forever. Any sum that is left after your introductory rate of 0% expires will begin to accrue interest at its standard rate, which can range from 12 to 25% yearly or more, in addition to any other applicable fees or charges (such as late payments).
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A card with a 0% introductory offer might ease some of the financial burden if you’re preparing for a home renovation, a medical bill, or any significant purchase that will take time to pay off. Currently, a credit card’s interest rate averages around 17%. You can lessen your immediate financial load and have time to pay off your purchases without incurring interest by using a credit card with a 0% introductory APR period.
1. Wells Fargo Reflect Card: Best for longest intro APR
- Advantages Of Wells Fargo Reflect Card: One of the longest interest-free promotional offers is available to you if you can comply with the terms of the offer by transferring an eligible balance within 120 days and making the required minimum monthly payments on time.
- Who this card is good for Anyone who wants the maximum amount of time to pay off an existing credit card balance or large purchase.
- Alternatives: This card is a good choice if you need a lot of time to pay off debt or a significant purchase. Consider a card that gives promotional interest and base rewards, such as the Capital One SavorOne Cash Rewards Credit Card, if you don’t need the extra time and wants a card with longer-term value..
2. U.S. Bank Visa Platinum Card: Best for your cell phone bill
- Advantages Of U.S. Bank Visa Platinum Card: Cardholders who pay their cell phone bill with this card are automatically eligible for cell phone protection, which protects against damage or theft up to $600 (with a $25 deductible).
- Who this card is good for: Someone who wants one of the longest windows to avoid interest. 0 percent intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR of 16.74 percent to 26.74 percent applies.
- Alternatives: This card is ideal if your objective is to get one of the lengthier intro APR periods available. However, you’ll fare better with a different card, like the Discover it Balance Transfer card, if you want to earn rewards and access higher long-term value.
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3. Discover it Cash Back: Best for flexible spenders
- Advantages Of Discover it Cash Back: Discover will match the cash back you’ve accrued through Discover Cashback Match at the conclusion of your first year using the card as a welcome offer.
- Who this card is good for: People who are open to a compromise between cash back earnings and the length of the introductory APR offers.
- Alternatives: This card is among the highest-rated cards available from Bankrate’s credit card partners. However, if you want a rewards program that doesn’t need as much attention, the Wells Fargo Active Card has one of the highest flat-rate rewards rates on the market at 2 percent cash rewards.
4. Capital One SavorOne Cash Rewards Credit Card: Best for dining and entertainment
- Advantages Of Capital One SavorOne Cash Rewards Credit Card: While many other cards just give rewards for dining, SavorOne’s 3 per cent cash rewards category also includes entertainment.
- Who this card is good for: Devotees of food and fun who want to capitalize on generous cash rewards and a lengthy introductory APR offer for purchases and balance transfers.
- Alternatives: Although it has a very high ongoing interest rate, this no-annual-fee credit card has a lot to offer those who desire cash incentives that are customized to their love of simple pleasures like food, movies, and music. With activation on varying categories every three months (up to $1,500 in purchases, then 1%), the Discover it Cash Back features a reduced APR rate while still giving you 5 per cent on popular categories.
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5. BankAmericard credit card: Best for a balance transfer with low ongoing interest
- Advantages Of BankAmericard credit card: The ongoing APR on this card is lower than average and there’s also no annual fee, so this card is a competitive contender in terms of affordability.
- Who this card is good for: Bank of America loyalists who are interested in some of the unique perks that come with Bank of America credit cards like BankAmeriDeals and Museums on Us.
- Alternatives: The BankAmericard may not be as enticing if you’re interested in rewards due to the absence of a rewards structure. The Bank of America® Unlimited Cash Rewards credit card offers an unlimited, flat rewards rate, an intro APR on both purchases and balance transfers (after which the card’s regular APR applies), and a sizable welcome offer if you want to stick with a Bank of America card and don’t mind a slightly shorter intro APR period.
6. Citi Custom Cash Card: Best for customizable rewards
- Advantages Of Citi Custom Cash Card: Each billing cycle, the automatic bonus category adapts to the top qualified expenditure category, not the other way around. This low-maintenance method of additional cash back is intriguing.
- Who this card is good for: People who want to earn generous cashback rates without having to enroll in bonus categories or plan out a spending strategy in advance.
- Alternatives: The Wells Fargo Reflect Card is a better option if you’re only interested in receiving the lengthier introductory APR offer because the cash back program outperforms the introductory APR offers.
7. Capital One Quicksilver Cash Rewards Credit Card: Best for instant cash back
- Advantage Of Capital One Quicksilver Cash Rewards Credit Card: Within the first three months of creating your account, you can get a $200 sign-up bonus after spending just $500. This represents a reasonable proportion between the bonus and the amount of spending required to earn it.
- This card is good for: People wanting a simple way to earn unlimited cash back while they enjoy a temporary break from interest with an introductory APR offer on purchases.
- Alternatives: Quicksilver is usually a smart choice because of the introductory offer and the opportunity to temporarily avoid interest on new purchases. There are cards, like the Chase Freedom Unlimited, with longer introductory APR periods and a bonus offer to look out for.
8. Wells Fargo Active Cash Card: Best for flat-rate cash rewards
- Advantage Of Wells Fargo Active Cash Card: Very few zero-interest cards earn unlimited cash rewards on purchases at this rate, making the Active Cash unique in this sense.
- Who this card is good for: People who want a card that earns unlimited cash rewards at an outstanding rate.
- Alternatives: This card charges a 3 percent foreign transaction fee, which can chip away at its overall value and usefulness for frequent travelers. If you travel a lot and don’t mind a slightly lower rewards rate, the Capital One Quicksilver Cash Rewards card will probably be better in the long term.
9. Citi Diamond Preferred Card: Best for excellent credit
- Advantage Of Citi Diamond Preferred Card: One of the longest offers on the market right now is the 0 percent introductory APR on balance transfers finished within the first four months of account opening for 21 months (after 15.99 percent to 25.99 percent variable APR).
- Who this card is good for: Anyone who values function over flash. This card’s main selling point is the length of the introductory offers.
- Alternatives: The intro APR provided on this card can help you temporarily avoid credit card interest even though it lacks a rewards program. However, the U.S. Bank Visa Platinum Card can be worth considering if you want to avoid interest for both introductory purchases and balance transfers for a considerable amount of time.
14 Best Credit Cards With 0% Interest Rate & 0% APR (2022-2023)
10. Blue Cash Everyday Card from American Express: Best for cash back on everyday purchases
- Advantage Of Blue Cash Everyday Card from American Express: The American Express name is frequently connected to high-end travel and business, but the Blue Cash Everyday card has no annual fee and rewards spending on things for the family.
- Who this card is good for: Heads of households who spend a lot of money buying groceries and getting gas, but are also in the market for an introductory APR offer.
- Alternatives: This card is a deserving addition to your financial family because of the rewards rates, the introductory APR offer, and the absence of an annual charge. The Blue Cash Preferred Card from American Express, however, might really up your rewards game if you’re looking for something that rewards you at a greater rate for similar types of spending.
11. Chase Freedom Unlimited: Best overall rewards
- Advantage Of Chase Freedom Unlimited: Benefits that come along with this card include a first-year 1.5 per cent reward rate boost to all cashback and trip cancellation/interruption insurance on top of 15 months introductory APR on balance transfer and purchases (then 16.49 to 25.24 per cent variable).
- Who this card is good for: Fans of Chase cards who also potentially hold a premium Ultimate Rewards card to combine and boost rewards.
- Alternatives: The Chase Freedom Unlimited is a rewards card that offers cash back on a variety of transactions, including those made at restaurants, on trips, and at pharmacies. It is one of Bankrate’s highest-rated cards. The prospects for cash back are hampered by the cheap airfares for travel outside of the Chase Unlimited Rewards portal. Because it automatically rewards 5 per cent of your highest qualified spending category each billing cycle (up to the first $500 spent, then 1 per cent cash back), the Citi Custom Cash Card might be a better option for you.
12. Blue Cash Preferred Card from American Express: Best for families
- Advantage Of Blue Cash Preferred Card from American Express: With an industry-leading 6 per cent cash back on purchases made at American supermarkets (up to $6,000 in purchases per year, then 1 per cent), the rewards program is the finest in its class.
- Who this card is good for: Families who need some time to pay off a large purchase but want to ultimately earn rewards with their credit card.
- Alternatives: The rewards program for this card is excellent as long as you make your transaction during each billing cycle. However, this card has a $95 yearly fee and a low introductory APR for debt transfers. The Discover it Balances Transfer card offers incentives and a zero per cent introductory rate for 18 months if that is your primary goal (13.49 per cent – 24.49 per cent variable APR thereafter)
13. Citi Simplicity Card: Best for no late fees
- Advantages Of Citi Simplicity Card: If you transfer the balance within four months of account establishment, the promotional APR on balance transfers is one of the longest on the market. It is 0% intro interest for 21 months, then 16.99% to 26.99% variable APR.
- Who this card is good for: Someone who wants to transfer a balance to a card with a lengthy promotional APR that also offers a break from late fees and annual fees.
- Alternatives: If you can adhere to the conditions, this card is worthwhile. The card offers a long-ish promotional APR on purchases in addition to an extra-long promotional APR for balance transfers. Your greatest option for long-term value is definitely the American Express Blue Cash Everyday Card because it doesn’t have a rewards program. It provides strong long-term value with a cash back category of 3 percent in American supermarkets (on purchases up to $6,000 every year, then 1 percent).
14 Best Credit Cards With 0% Interest Rate & 0% APR (2022-2023)
14. Discover it Balance Transfer: Best balance transfer card with rewards
- Advantages Of Discover it Balance Transfer: It’s a little unusual for balance transfer cards, but you can benefit from a long introductory APR on purchases and balance transfers in addition to earning a respectable rewards rate.
- Who this card is good for: Anyone scouting a card that will have long-term value, even after the intro APR offers have ended.
- Alternatives: This card is valuable on its own thanks to Discover’s Cashback Match program, which doubles all of the cash back you earn at the conclusion of your first year. However, after the first year, the value decreases. A card like the Citi Custom Cash would be preferable for ongoing value.
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