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Best 0% APR credit cards for July 2021 – CNET [CNET]
A credit card with a 0% introductory rate can be a great way to consolidate credit card debt, finance a big-ticket purchase, or lower your credit utilization. Typically, the best 0% APR credit cards feature a $200 or $250 welcome bonus and a 15-month introductory APR period.
As with any credit card, the best scenario is that you pay off the balance each month. But if you need more time to pay off your debt, a 0% introductory interest period can provide you with a helpful reprieve. And unless you’re planning to carry a credit card balance of $2,500 or more far beyond that period, the bonus should surpass what you’d save in interest with a credit card that has a longer introductory offer but no bonus.
That noted, if your main goal is to consolidate existing credit card debt, check out our list of the best balance transfer credit card and our top picks for personal loans. Once you have a good understanding of how much you can pay back each month, you can compare your options based on the total interest and welcome bonuses. Here are our current top picks as well as answers to frequently asked questions about 0% introductory APR credit cards. We’ll update this list periodically.
0% APR credit cards, compared
| Card | Chase Freedom Unlimited | Capital One Quicksilver Cash | Bank of America Travel Rewards | US Bank Visa Platinum |
|---|---|---|---|---|
| Annual fee | $0 | $0 | $0 | $0 |
| Duration of 0% intro APR | 15 months on purchases | 15 months on purchases | 12 billing cycles on purchases from date of account opening | 20 billing cycles on purchases and balance transfer |
| Standard APR | 14.99% to 23.74% variable | 15.49% to 25.49% variable | 13.99% to 23.99% variable | 14.49% to 24.49% variable |
| Welcome bonus | $200 | $200 | 25,000 online bonus points ($250 statement credit for travel and dining purchases) | none |
| Bonus threshold | $500 in purchases in the first 3 months | $500 in purchases in the first 3 months | $1,000 in purchases in first 90 days | n/a |
What is a 0% APR credit card?
A 0% annual percentage rate (APR) credit card is a simplified term for credit cards with particularly long, introductory 0% APR periods. Most rewards credit cards offer at least 12 months of 0% APR after signing up, but many issuers also have extended offers for select cards. These cards can help you save money in interest payments during that introductory period. But they can also tempt you to carry a balance — which can accumulate into a longstanding debt over time.
When does it make sense to apply for a 0% or low-APR credit card?
Ideally, you’re paying off your credit card balances every month to avoid paying interest. If you’re making a significant purchase that you’ll need to pay for over a period of time, using a 0% APR card could save you serious money.
These cards may also be useful when you’re in a financial pinch — if you’re between jobs or navigating a period of inconsistent cash flow. As long as the intro APR period doesn’t lure you into spending beyond your means, a 0% credit card can be a helpful tool.
What’s a good spending limit for a 0% APR credit card?
These cards are optimal for helping to finance a purchase that’s between $2,000 and $6,000. Anything less and you’ll be better off with a cash rewards credit card or travel rewards credit card. For big ticket items priced above $6,000, you’re better off exploring a personal loan — especially because credit lines on these cards often top out between $5,000 and $6,000 for new customers, according to data from Equifax.
Are 0% interest credit cards good for consolidating credit card debt?
Maybe — but that’s not what they’re designed for. Our picks for the best balance transfer card includes a number of options well-suited for consolidating debts — and it may be worthwhile to explore a personal loan, too.
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- Best credit card welcome bonus for 2021
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