Credit Cards

Discover your perfect 0% APR card: explore the top choices tailored to your needs!

Based on your preferences, we will recommend the perfect 0% APR card for you. Please select one of the options below.

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Curious about the advantages of opting for a 0% APR card?

Unlimited Cash Rewards
Approval with a low score
No annual Fee

Selecting this choice allows you to lower your interest expenses and make headway in clearing your debt. Continue perusing this article to grasp its functioning and determine if it suits your needs!

What exactly is APR?

APR stands for Annual Percentage Rate, which refers to the interest applied to any outstanding balances on a monthly basis, expressed as an annual rate, particularly in the context of credit cards.

To illustrate, suppose your APR is 15%, and by the end of the month, you have a balance of $100. In that case, you will be charged $15 in interest for that month.

There are primarily two types of APR: fixed and variable.

A good APR for a credit card depends on various factors. To learn more about how to qualify for a credit card with a favorable APR, please continue reading.

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Credit Card

OpenSky Card

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Our comprehensive guide will walk you through the process of applying for the OpenSky

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A fixed APR means that the interest rate on your credit card will remain unchanged, regardless of market conditions. Conversely, a variable APR means that the interest rate can fluctuate based on market changes.

Therefore, choosing a credit card with a 0% APR is crucial if you carry a balance on your credit card and wish to avoid any concerns about potential interest rate increases.

What is an introductory APR?

An introductory APR refers to a promotional interest rate offered on credit card purchases, cash advances, and balance transfers for a specific period of time.

To give an example, if your credit card provides an introductory APR of 14 months, you will not be subject to any interest charges during this duration.

How does a 0% APR card function?

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When used wisely, a 0% APR credit card can help you save a substantial amount of money on interest charges.

Typically, most 0% APR cards offer an introductory rate for a specific duration, often ranging from six to 21 months. During this period, you won’t accumulate any interest charges on your balance until you reach the offer limit.

However, once the introductory period concludes, the APR will revert to the regular rate, which is typically around 15% or higher, depending on the specific card.

For example, if you have a $1,000 balance on your credit card and you’re being charged a 20% interest rate, you would end up paying $200 in interest charges over the course of a year.

In contrast, with a 0% APR card, you would pay $0 in interest charges during the introductory period.

This can be highly advantageous if you need to maintain a balance on your card for a few months. Just ensure that you pay off your balance before the introductory period ends; otherwise, you will be charged all the accumulated interest at once.

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Credit Card

Reflex Platinum

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Applying for the Reflex® Platinum Mastercard®: A Step-By-Step Guide

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About the author  /  Ana Machado

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