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Best 0% APR Credit Cards of September 2020

By David Carlson / Last updated: September 8, 2020 / COVID, Credit Cards, Debt, Save Money

We may receive compensation from companies mentioned within this post via affiliate links. Read our full advertiser disclosure. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
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If you are working to pay down credit card debt, a card with a 0% APR period can save you money. These credit cards can also help you save money if you have a large expense that you can't afford, as they often have 0% APR periods for new purchases as well.One reason why people struggle to get out of credit card debt is because of the high interest rate that the cards typically come with.

Double-digit interest rates on credit cards is standard, and 20%+ is not uncommon.

Credit cards with a 0% APR period allow you to pay no interest for a limited time on purchases, balance transfers, or both.

A card with 0% APR can give some breathing room for those working to pay off debt. It can also be beneficial for a large expense that will take a few months to pay off, since the 0% APR period typically applies to new purchases as well.

Here is our recommendation for a 0% APR transfer credit card:

Chase Freedom Unlimited®

 
Chase Freedom Unlimited Credit Card 2020Chase Freedom Unlimited® is our favorite balance transfer credit card. It offers a 0% introductory APR for 15 months from account opening on both balance transfers and purchases.

There is a 5% intro balance transfer fee when you transfer a balance during the first 60 days your account is open. The minimum balance transfer fee is $5.

You can earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Ongoing rewards include 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 in the first year. You also get 1.5% cash back on every purchase, and no minimum required to redeem cash back.

Balance transfer Intro APR: 0%

Balance transfer Intro APR period: 15 months on both purchases and balance transfers

Balance transfer fee 5% of each balance transfer with a minimum of $5

Annual fee: $0

Learn how to apply for the Chase Freedom Unlimited®.

 

Browse all 0% APR options here


 

What is a 0% APR Credit Card Offer?

 
A credit card with a 0% APR period gives you a period of time where you are not charged interest on your credit card balance. 15 months is a common 0% APR period that credit card issuers offer.

This 0% APR period typically is for both balance transfers and purchases. If you find yourself in one of these two situations you could potentially save a lot of money by opening a 0% APR credit card:

  • You have been carrying a balance on your credit card – It’s common for credit card interest rates to be double digits, sometimes as much as 20%+. The longer you carry a balance, the more you will end up paying in interest. And then you’ll pay interest on interest. Moving your credit card balance to a 0% APR credit card can give you some breathing room and allow you to make progress on paying down the balance.
  • You need to make a large purchase – According to a January 2020 Bankrate survey, nearly 4 in 10 Americans would borrow money if they had a $1,000 bill for something such as the emergency room or a car repair. If these expenses were put on a common credit card the bill could end up costing hundreds of dollars in interest. A 0% APR credit card, on the other hand, offers you months to pay back the unexpected expense, all with no interest.

If you are opening a 0% APR credit card to make progress on your debt, it’s important that you stick with your plan. It’s very easy to move the balance over and then forget about it. After all, 15 months is a relatively long period of time. If you don’t make progress on your debt, though, you may end up in a worse situation than when you started.

 

How Do You Choose a 0% APR Credit Card?

 
When you choose a 0% APR credit card, you should focus on a few aspects of the card:

  • Length of 0% APR Period – You should look for cards with at minimum 15 months of 0% APR.
  • No Annual Fee – The card you chose should have no annual fee. This is the case with many 0% APR balance transfer credit cards, but there are some that come with a fee.
  • Other Benefits – A signup cash back bonus is always nice, and the cards we highlighted all have a cash back signup bonus. The card should also have attractive cash back benefits. The cards we shared have either 1% or 1.5% cash back on every purchase, and some had additional higher cash back percentages for certain categories .

A quick warning on deferred interest offers. I will use a furniture store as an example. Many furniture stores offer 0% interest financing for a given period of time, say 12 months. The store may word the offer like this “no interest if paid back in full within 12 months.” This is an example of deferred interest.

With deferred interest, if you don’t pay off the purchase in full within 12 months, you will be charged interest dating all the way back to when you first made the purchase. Then you’ll owe the original amount plus the deferred interest. Make sure the credit card you get actually has 0% interest and you aren’t signing up for a deferred interest offer.

Learn how to apply for the Chase Freedom Unlimited®.

Browse all 0% APR options here

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David Carlson

David Carlson is the founder of Young Adult Money. He is a nationally recognized speaker and the author of Student Loan Solution (2019) and Hustle Away Debt (2016). His opinions have been featured on such media outlets as The New York Times, The Washington Post, Cheddar, NBC's KARE11, and more.
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  1. GIULIA says

    Credit cars offers you the opportunity to pay and/or have cash befor your salary but is always good choose best card for your exigencies!!!

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