Which 0% Interest Credit Cards should you consider?

There’s no shortage of points, rewards, and miles credit cards in the market today. While miles and points are great, sometimes you just need a little bit longer to pay off a large purchase or perhaps a year or two to get caught up. There are tons of 0% balance transfer cards out there, most of them with much easier approval odds.

My first credit card was a 0% card. Not only was there a lengthy 0% balance transfer period, there was also a long 0% period on purchases. It was a fantastic way for me to start my credit and to help me during a rough patch in my finances.

Too many cards?

Here’s our picks for the best 0% balance transfer cards in the market today:

Longest Time Frame on Purchases

Looking to make a big purchase and need some time to pay for it? Citibank leads the charge here. Both their Simplicity card and the Diamond Preferred cards offer a ridiculous 21 month time frame for your purchases AND balance transfers. If you want to do a balance transfer, you’ll pay 3% for doing so, but that is a small price to pay for almost 2 years no interest. That 3% doesn’t apply if you make a purchase however.

The other cool part is that you can transfer almost any kind of debt that you’ve got (including student loans and auto loans). You won’t earn rewards but that’s OK. Isn’t 21 months reward enough?

Keep Calm! You got this!

The Simplicity card doesn’t charge late fees or penalty APRs but paying your bills on time is a no brainer, if you don’t want you credit to go in the toilet.

Lowest Fees

Don’t want to pay an annual fee OR a balance transfer fee? Bank of America’s got you covered. Their BankAmericard Credit Card gives you a little over a year for free. 15 months no interest on purchases and $0 fee if you make the balance transfer in the first 60 days after card opening.

Remember that this is 60 days after card OPENING not after card arrival. It may take up to 2 weeks for your card to arrive in the mail so keep that in mind.

Best Card Long Term

If you want a card that you can keep for long term benefits AND get a 0% intro, the Discover is your card. We wrote a post a while back on how we enjoyed our Discover card, but it didn’t get much traction. I’m not sure why, considering it’s one of the sexiest offers in the market right now.

  • 0% on purchases for 6 months
  • 0% on balance transfers for 18 months
  • Up to 5% cash back every quarter
  • 1st year gets you double cash back on everything you buy

One important caveat to note is that after the 6 months the purchase rate will go up. When it does, you could rack up nasty interest on your purchases if you’re still carrying a balance transfer on the card.

Discover 2017 Bonus

Year over year I find that Discover offers me a 0% balance transfer offer as part of their general offering. I’ve never had a time when there was not a balance transfer or purchase offer available for me, just for the asking.

Other Random Banks

It seems like all the offers are from the top 3-4 banks in the market, but is a lot of value to be had with trying different issuers. Spreading the love around to many banks not only offers you a better chance of being approved (not too many with one specific bank) but it also gives the opportunity for you to have multiple banks pull from multiple credit agencies.

A couple of note are:

HSBC Gold Mastercard® credit card

This card offers you up to $600 in protection for your cell phone if it gets lost or stolen so long as you’re paying your bill with your card. You’ll get 18 months of 0% on payments and balance transfers, but beware the hefty 4% transfer fee if you go that route. Also, you’ll get no foreign transaction fees, truly rare for a no annual fee 0% card!

PenFed Promise Visa® Card

This card touts no fees period. No annual fee. No late fee. No cash advance fee. No foreign transaction fees, and even has a $100 bonus if you spend $1500 in the first three months. 12 months is a good chunk of time to have 0% as well, so if you’re looking to diversify your wallet, here’s a good bet.

Now, go forth and conquer your debt!

Author: Jon Nickel-D'Andrea

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2 Comments

  1. None of them. Churning will lower you credit score just a few points, but get one of these cards and borrow the free money to the max and you’ll see a 100-point drop. I did it, so I know. I didn’t need the cash, so I paid it back to get my 800 score back. It was an interesting experiment.

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    • I definitely would not recommend borrowing it to the max, that’s just poor planning. You upped your credit utilization to a super high amount, it’s not wonder that happened!

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