When you use a credit card, you are not spending your own money, but rather borrowing from a financial institution a sum which you have to repay within a stipulated time frame. This debt does not always come with without strings as a percentage of your transactions may be charged whenever you purchase something or leave a balance due from one month to another. This charge is referred to as annual percentage rate or APR.
However, not every credit card requires you to pay a part of your borrowings, at least for a fixed period of time, known as the introductory period. Here are some credit cards with 0 APR that can save you a hefty amount of money.
#1. Citi Simplicity Card
Citi Simplicity Card has the longest interest-free period ever seen for any credit card which currently stands at 21 months. What this means is that you do not need to pay any percentage of the purchases or balance transfers for the first 1 year and 9 months after you the card has been issued to you. After the zero-interest period is over, then a variable APR ranging between 14.49 percent and 24.49 percent is charged to the customers. One drawback that you will have to face here is that it comes with no sign-up bonuses or rewards.
(Image Courtesy: Rewards Credit Cards)
#2. Discover it
If you are looking to make a large purchase in the next few months and seeking an apt credit card for it, then Discover it can be a great option with its 0 percent APR for purchases for the first 6 months and 0 percent APR for balance transfers for the first 1.5 years. With this card, you can even earn 5 percent cash back each quarter if you spend money at gas stations, Amazon.com, wholesale clubs, restaurants and more. The regular APR charged on this card after the introductory period varies from 11.99 percent to 23.99 percent.
(Image Courtesy: MyBankTracker)
#3. Chase Freedom
When it comes to the list of the best credit cards with 0 APR for balance transfers and no fees for purchases, you have to mention Chase Freedom. Besides for absolutely 0 percent APR for the first 15 months, it also offers you a plethora of other benefits such as 5 percent cash back every quarter on up to USD 1500 in purchases on rotating bonus categories. Apart from that, you also earn 1 percent of your all other purchases. Add to that the bonus of USD 150 that you get on spending USD 500 in the first 3 months of getting the card and you have enough reasons to consider it.
(Image Courtesy: MyBankTracker)
#4. Wells Fargo Platinum Visa Card
Wells Fargo Platinum Visa credit cards with 0 APR for balance transfers and purchases for the first 18 months is a viable option for you to consider. Additionally, when you pay your monthly mobile bills through this card, you also get a USD 600 protection against theft or damage with a charge of USD 25. The only problem is that after the introductory period is over, the regular APR charged, ranging between 16.15 percent and 25.99 percent, is a little higher than what other cards charge.
(Image Courtesy: The Points Guy)
#5. Bank of America Cash Rewards Credit Card
With the Bank of America Cash Rewards Credit Card, you not only get 0 percent APR on purchase for the first 12 billing cycles but also the same on balance transfers for purchases made in the first 60 days. What you also get is a chance to earn 3 percent cash back on gas expenses and 2 percent on wholesale clubs and grocery stores.
(Image Courtesy: Bank of America Newsroom)
If you are stuck between whether to get a credit card or debit card, here is some information that can help.
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(Featured Image Courtesy: The Telegraph)