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Credit cards with 0% APR charge no interest on certain balances for a period of time, making them a useful option for purchases you plan to pay off before the intro period ends. But the 0% intro APR won’t last forever, so it’s a good idea to choose a card with long-term rates and rewards that work for your goals. Use our table to compare your options and find the right fit.
A 0% APR credit card offers no interest on certain balances for a period of time. This can apply to purchases, balance transfers or both. Of course, the 0% intro APR doesn’t last forever: After it expires, your remaining balance will accrue interest at a higher, standard APR.
You have two main types of 0% APR credit cards to choose from: purchases and balance transfers.
When you buy something with your card during the intro APR period, it won’t accrue interest until your promotional interest rate expires.
A balance transfer card lets you move existing debts over to your new card and then pay off that debt over an interest-free period.
These cards give you a set period of time before your cash advance begins accruing interest. These are exceedingly rare. In fact, only the RBFCU CashBack Rewards Mastercard offers one as of February 2021.
Many people don’t realize how much money they spend on credit card interest. The following table shows the interest you can save on a $2,500 balance with a 0% APR product.
Credit Card A | Credit Card B | Credit Card C | |
---|---|---|---|
Purchase balance | $2,500 | $2,500 | $2,500 |
Purchase APR | 0% | 14.99% | 22.99% |
Repayment period | 15 months | 15 months | 15 months |
Monthly payment | $167 | $184 | $193 |
Interest Paid | $0 | $257 | $401 |
With most cards, your balance transfers only qualify for the intro APR if you make them within a certain time. Transfers you make after that will accrue interest at the normal APR.
You have a few key features to examine when determining which 0% APR credit card is right for you.
If you still have a balance on your card and your intro APR will expire soon, you have a few options. For more information, read about what happens when an intro APR period ends.
Getting a 0% APR credit card can be a smart move for certain purchases, and it can be helpful if you need a lower interest rate on existing debt. However, be careful with it — your card provider is hoping you won’t pay off your balance by the time your 0% intro APR ends.
To avoid this, know precisely what you’ll use your card for. Then make a plan to pay off your debt before your 0% intro APR expires.
If you think you’ll carry a balance for a long time, consider a low-interest rate credit card.
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
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Hi Toni!
Thanks for contacting finder – the leading comparison website & general information service built to give you advice in your buying decision needs.
Yes, you can cancel the card and transfer to a cheaper one after a promotional period. However, you may have to contact your bank how to go about this before your promotional period ends to make sure there is no balance left on the card.
Please note that we’re a product comparison website and we hold no affiliation with any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
Hope this helps!
Best regards,
Nikki