About 0% Intro APR Credit Cards
Why choose a 0% Intro APR credit card?
When purchasing expensive items with credit, if you carry a balance, the monthly finance charges can have a large impact on your overall balance, sometimes even increasing it beyond your ability to pay. With a 0% Introductory APR on purchases, you can say goodbye to those interest charges for a while and get the products and services you want without breaking the bank. Take the time to determine if you can pay off your eligible purchases before the introductory period ends.
What is a 0% Intro APR credit card?
With this kind of credit card, you’ll mostly likely have an introductory rate lasting from 6 to 21 months, depending on your credit profile and the card issuer. Based on the card offer you select this 0% introductory APR benefit may be applied to new purchases, balances transfers, or even both. These cards are beneficial for buying expensive items at the lowest possible interest rate or for transferring a balance from a card with a higher interest rate.
What kind of card can I get?
Most 0% Intro APR credit cards require either a good credit score (estimated range 640-719), or excellent credit score (estimated range 720 and higher) and other related factors. That doesn’t mean you shouldn’t apply if you are below that, but your approval odds increase if you are in a higher range. Keep in mind that credit card issuers look at a variety of factors including your credit score when determining if you are eligible for one of their credit cards.
What are the pros and cons?
The benefit of a 0% Introductory APR on purchases is the ability to make costly purchases and pay no interest on those purchases for a specified period of time. Some cards also offer a 0% Introductory APR on balance transfers for a specified period of time, rewards, a rewards bonus offer if you qualify and if you meet the spend requirements or a variety of other perks. On the flip side, some of these cards do not offer bonus rewards, they may have an annual fee, or the card issuer typically only considers individuals with good or excellent credit (keep in mind that your credit score as well as other factors are involved in determining if you qualify for a credit card).