The perfect 0% interest credit card is one that offers users a long introductory period for purchases and balance transfers, gives out rewards for purchases, charges no annual fee and has many other added benefits. When these factors are considered, here are the top five 0% APR credit cards:
1. Blue Cash Everyday® Card from American Express
The Blue Cash card has a 15-months interest-free period for both purchases and balance transfers (ongoing - 18.24%-29.24%). Cardholders can also earn up to $250 back; earn $100 back as statement credit after spending $2,000 on purchases in the first 6 months, and up to $150 when shopping using PayPal (20% back as statement credit when using your card to check out with PayPal at merchants in the first 6 months). There is 3% cash back reward for purchases at U.S. supermarkets (purchases capped at $6,000 per year), then 1% cash back. There's also 3% cash back at U.S. gas stations, up to $6,000 per year, then 1%. You can also earn 1% for other purchases (with no limits). There are also no annual fees. Terms apply.
2. Capital One Quicksilver Cash Rewards Credit Card
This Capital One card offers 15-months interest-free for purchases and balance transfers (ongoing APR - 19.24%-29.24% variable) along with one-time $200 cash bonus after spending $500 within 3-months of opening the account. Furthermore, cardholders earn unlimited 1.5% cash back on all purchases, and no annual fee or foreign transaction fee is charged.
3. Chase Freedom Unlimited®
An interest-free period of 15-months for purchases and balance transfers (ongoing APR - 18.74-27.49% variable), 3% cash back reward on all purchases made in the first year (purchases capped at $20,000), 1.5% cash back on all other purchases after that, and no annual fees - not bad at all. The Chase Freedom Unlimited card is a great option.
4. U.S. Bank Visa® Platinum Card
The US Bank Visa Platinum Card doesn’t offer much in terms of rewards, but customers get to enjoy 18 billing cycles interest-free. During this period, no APR will accrue on both purchases and balance transfers (ongoing APR - 18.745-28.74% variable). Additionally, there’s no annual fee and cardholders enjoy up to $600 cellphone protection against damage or theft (subject to a $25 deductible).
5. Wells Fargo Platinum Visa Card
Zero percent introductory APR for 18-months (for both purchases and balance transfers). Cardholders of the Wells Fargo Platinum Visa Card also get up to $600 for cellphone protection (subject to a $25 deductible), easy access to their FICO scores via Wells Fargo Online, and no annual fees. This card is great for people that want to make a big and unexpected purchase or a balance transfer.
Some credit cards give customers a limited period of time to make their balance transfers and transfers made after this period miss out on the 0% Intro APR. For example, the BankAmericard credit card has an 18-month interest-free period for balance transfers, but only for transfers made within 60-days of opening the account.
This emphasizes the need to pay close attention to the fine print before applying for any credit card. Also, do not overspend in the bid to earn rewards. As far as a 0% APR card is concerned, the real reward is making big purchases interest-free and paying off the balance during the introductory period.