Looking for your 0% APR card? Check out the best options right now!

Credit cards can be powerful financing tools that help customers achieve a better quality of life by enabling them to make more purchases and even contract for more and better services.

This is why wise customers always look for credit cards with lower APRs which means less interest and less debts!

That is why a credit card with 0% APR and virtually no interest is the most desired among the population.

In this article, we will explain all you need to know about APR and assist you in finding a suitable 0% APR card. Stay tuned!

What you should know APR?

APR stands for Annual Percentage Rate. When talking about credit cards, it refers to the amount of interest you will pay over a balance each month, calculated as a yearly rate.

For example, if your APR is 15% and you have a $100 balance at the end of the month, you will owe $15 in interest for that month.

Fixed vs. variable APR

There are two types of APR. With a fixed APR, your Annual Percentage Rate won’t change before your credit card contract. On the other hand, a variable APR can increase or decrease based on market fluctuations.

How does a 0% APR card work?

As its name suggests, a 0% APR credit card virtually doesn’t charge any interest on your balance, saving you a significant amount of money.

Most 0% APR cards offer an introductory rate for a predetermined period, typically ranging from six to 21 months. During this time, you won’t accrue any interest on your balance until you reach the offer limit.

However, after the introductory period ends, the APR will revert to the regular rate, usually around 15% or higher, depending on the card.

What score do I need for a 0% APR credit card?

When looking for a 0% APR credit card, customers will need a good credit score as well as a good credit history with no major debts or delayed payments.

Usually, most credit card operators require a score of 680 or higher, although a few cards may approve applicants with a score as low as 640.

Choosing the best 0% APR

If you want to save money and get one of the best credit card options on the market, you should definitely go with a 0% APR credit card.

Although it might sound harder, in order to choose a 0% APR credit card, you should follow the steps you would follow to choose a regular card.

Within the steps below, you will find the most important factors, rates, and information to consider when choosing a 0% APR credit card.

1: Make sure you have the right credit score

Having a good or excellent credit history provides more opportunities, while having fair or poor credit could lead to higher annual fees. It’s advisable to check your credit report before applying for any cards to avoid any negative impact on your creditworthiness.

2: Choose wisely

Take your time to compare the different 0% APR cards available and select the one that best suits your needs. Do some research to find the ideal card that will help you save on interest.

3: Collect all the information you can get

When searching for your new credit card, it is always wise to collect all the information you can about it. This way, you can compare all of their rates, fees, penalties, and terms.

4: Read the contract

This step is a must when contracting any type of financing service, but especially with credit cards and personal loans.

Always read the credit card’s contract before applying for it, and look out for traps! Different cards come with specific terms and conditions that you should be familiar with before applying.

For example, introductory periods may have time limits, and the credit card operator can apply high fees and penalties for late payments or keeping a balance.

Now that you have a better understanding of the features of 0% APR cards, you can further improve your financial situation by learning about your credit score.

Written by

Alexandre Marcos