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This Interest-Free Credit Resource Can Actually Help You with Your Debt!

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Using credit cards come with both perks and downsides. For example, signing up for the right one can give people the chance to consolidate old debts and finance other purchases. One specific type of card that can offer numerous advantages is a 0% APR credit card.

How 0% APR Credit Cards Work

Unsplash | Make sure that your credit score is up to standards before applying for a no-interest credit card

In contrast with most credit cards, a 0% APR credit card won’t charge users interest for a certain amount of time usually around 12 months up to 21 months.

People can enjoy this perk by using these cards to consolidate their other credit card debts, which would then result in savings as it lowers one’s interest rate as well. Another great thing about it is that it allows people to make purchases without paying back more than their items cost.

It’s important to note though that not everybody can avail this kind of credit card. Those with excellent credit scores (670 to 740 and over) will have the best chance of getting approved. People with scores less than 669 may have difficulties qualifying. The average credit score currently stands at 682.

Making the Most

Unsplash | Note that some 0% interest credit cards would charge users with deferred interest

One can even get better deals using their 0% APR card when they take the time to understand the terms that come with it. Don’t forget to note the balance transfer fees and eventual interest rates attached to the card once the 0% interest period ends. Those using the card to consolidate credit card debt are also advised to come up with a repayment plan.

Lastly, consumers should remember all of their balances in full before their 0% APR intro period is over. Failing to do so will mean that one would have to pay off their purchases with regular purchase APR.

The Best Cards

Unsplash | Make sure to do your research before choosing a specific card

There are plenty of choices available for people looking for a good 0% APR credit card. One of them is the Citi Simplicity® Card – No Late Fees Ever. It has the longest available APR period for balance transfers at 21 months.

It offers the same benefit for new purchases for up to 12 months. Another one worth considering is the Discover it® Balance Transfer. One advantage it has over the former is its cashback rewards program. It does charge for balance transfers though.

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