Credit cards are some of the best payment tools for your day-to-day transactions. The cards allow you to borrow finances from your issuer when the need arises. Sometimes you may lack money to shop for your day-to-day transactions, and the only place you can get it is from your credit card. Getting a credit card can be challenging. We shall see if you can get a no interest credit cards for 12 months.
Interest rate refers to the extra amount of money you pay on top of your borrowed amount. It is what the financial companies earn after giving you credit card services. Financial companies also make money through other charges such as monthly fees, annual fees, foreign transaction fees, etc. It is difficult to get a credit card with no interest, but sometimes it happens.
The cards that allow you to have no interest for a particular period are the balance transfer credit cards. They are usually necessary when repaying your debt. To get the card, you only need to apply for it, and the issuer transfers the balance from your current card to the new card after repaying your issuer. The balance transfer cards do not specifically offer a free interest period of 12 months. Still, they can vary from several months to around two years.
How do balance transfer credit cards work?
These credit cards usually help you repay your debt at a cheaper rate. Some can allow you to repay your debt with 0% APR for a given period. That way, you can find it easy to clear your debt.
You should comply with the given time to benefit from the 0% interest rate. If the given period ends and you have not repaid your loan, your debt becomes subject to the current interest rate. Once you clear your debt, you can then revert to your previous credit card or stick around and continue with the current one. Usually, you get the balance transfer credit card. The rates of the current one are incredibly high in that you find it challenging to repay your debt.
What to check when getting a no-interest credit card?
There are various factors to check on a credit card to ensure that you get the best. The fact that a credit card does not have interest does not mean that the card is good. There are various issues you should make sure that they are okay. The following are the factors to consider when applying for a credit card.
i) Fees
The card may not have an interest rate but may have other cash advance fees, monthly fees, annual fees, etc. Therefore, you should check on them so that you do not pay a lot of money. Remember, the aim of getting the card is to save as much money as possible.
ii) Borrowing limit
Every credit card has a borrowing limit whereby you cannot borrow beyond that. You should not borrow money with the card during the debt repayment period. However, after repaying your debt, you may need to use the card for your transaction activities. Therefore, it is essential to check a card with high limits so that you can have a large amount to borrow.
iii) Balance transfer fees
A time may come when you want to transfer your balance to another card once you see another card with better offers. It is essential to check the one with fewer balance transfer fees to ensure that you will not pay that much. By doing so, you save a lot of money.
What Is the best no-interest credit card for 12 Months?
One can get numerous credit cards and pay no interest for 12 months. You will be repaying your debt transferred from another card during that period. The following are some of the cards you can get that charge no interest.
1) Citi® Diamond Preferred® Card
The credit card is best for a long 0% period for transfers. It gives you 0% Intro APR for 21 months on Balance Transfers plus 12 months on purchases. The regular APR is 14.49%-24.49% Variable and is one of the best offers you can get currently. You can apply for the card online and receive it at your place. There are no annual fees to part with when using the card.
2) Wells Fargo Reflect℠ Card
The card has no annual fees whatsoever and can help you save a lot of money in the long run. It is among the best cards with the most prolonged 0% period for transfers and purchases. It gives you a 13.74%-25.74% Variable APR after repaying your balance. You can apply online at Wells Fargo’s website, and you are good to go.
3) BankAmericard® credit card
If you want a card with no annual fees, you can get the BankAmericard® credit card to start using it for various transactions. The card is suitable for a long 0% period for transfers plus purchases and gives you a 0% intro APR for 18 billing cycles on your purchases for any balance transfers within 60 days of account opening. The card has an APR of 13.24%-23.24% Variable. You can apply for the card on Bank of America’s website. Alternatively, you can call 800-322-7707 and get your card.
4) Discover it® Balance Transfer
Discover it® Balance Transfer gives you a 0% intro APR on Purchases for 6 months plus a 0% intro APR on the balance transfers for 18 months. It, therefore, gives you a long 0% period for your transfers plus bonus cashback. You can expect an APR of between 12.24%-23.24% Variable with the card. It charges no annual fees. You can make your application on Chase’s website, and you are good to go.
5) U.S. Bank Visa® Platinum Card
Another great card with a longer 0% period for transfers and purchases is the U.S. Bank Visa® Platinum Card. It charges no annual fees and gives you a 0% intro APR for 20 billing cycles on your purchases and balance transfers. With the card, you can expect a 15.24%-25.24% Variable APR. You can apply for the card on the U.S. Bank’s website.
6) Citi Simplicity® Card
The card is among the cards which do not charge annual fees. You can part with a 0% Intro APR for 21 months on Balance Transfers plus 12 months on Purchases. You can expect to get a 15.49%-25.49% Variable APR once you start using the card. You can apply for the card on Citibank’s website using your smartphone or tablet.
7) Citi® Double Cash Card
The card gives you an 18 monthly balance transfer offer. Again, you get a 0% intro APR on balance transfers for 18 months. Furthermore, the card gives you an APR of 14.74%-24.74% Variable. It charges no annual fees whatsoever. You should apply for it on Citibank’s website to get the card.
8) Wells Fargo Active Cash® Card
Another card that can expect a 0% interest rate is the Wells Fargo Active Cash® Card. Wells Fargo provides amazing products to its customers, and credit cards are among them. It has no annual fees, and you can enjoy a 0% intro APR on Purchases for 15 months plus 0% intro APR on balance transfers 15 months after the account opening once you qualify. It charges 15.74%, 20.74%, or 25.74% Variable APR
Do we have secured credit cards that offer zero interest?
Various secured credit card issuers issue secured credit cards with no interest. Even though they are not easy to find, you can get some from various financial companies. Usually, you get a secured credit card for rebuilding credit, whereby you have to pay a security deposit when applying for the card.
Once you attain good scores, you can apply for an unsecured credit card. Your deposit then appears on your account for use. Secured credit cards usually charge lower interest rates than unsecured credit cards for bad credit. The limit you get depends on your credit on your security deposit. The more your deposit, the more your credit limit.
Can I get an unsecured credit card for bad credit with zero interest?
It is impossible to get an unsecured credit card for bad credit with zero interest rate because financial institutions cannot allow that. First of all, you already pose a high-security risk meaning that you defaulted on your previous loans or lines of credit.
Instead of giving you a card with no interest rate, the rates are usually very high due to the risks involved. Despite that, you can get instant credit card approval for bad credit with no deposit from some financial companies.
Bottom line
credit cards allow you to borrow finances from issuers such as banks, credit unions, or mobile technology companies. Various credit cards allow you to pay no interest rate at all. When you get them, most of them are usually balance transfer cards in that they allow you to transfer your balances from other cards to enjoy low-interest rates. That way, you can repay your debt with ease.
