1. Make sure you can qualify for a 0% APR card
You’ll typically need good to excellent credit to qualify for a 0% APR credit card. If your credit score is poor or fair, consider applying for one of the best cards for fair credit or the best credit cards for bad credit. Unfortunately, if your credit score is too low, you may not qualify for a 0% APR offer.
FICO and VantageScore are the two major credit scoring systems that measure your creditworthiness — that is, how responsible you are as a borrower. Financial institutions like banks and credit card issuers look at your credit score to determine whether they’ll offer you a loan, credit card or even a mortgage.
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2. Search for cards with longer introductory offers
You’ll generally want to find a card with a longer intro period to make your payments more manageable. However, the intro period isn’t everything — there is a tradeoff when it comes to other card benefits. A card’s rewards, including the sign-up bonus, can add substantially to your savings with the card. You may get a better overall value by choosing a rewards card with a shorter APR term than a longer one with no rewards.
3. Factor in the value of the sign-up bonus (if you can earn it)
Many credit cards with 0% APR offers also offer sign-up bonuses worth hundreds of dollars that can help pay off your purchase, so it may make sense to seek out cards that offer bonuses. While most cards with no annual fee offer either no sign-up bonus or a sign-up bonus in the range of $150 to $200, some cards do offer higher welcome bonuses.
4. Find rewards that match your spending patterns
While some cards offer a flat rewards rate on all purchases, others offer bonus rewards in certain spending categories, like restaurants, gas and groceries. Match up the type of purchase(s) you’ll be financing with cards that offer bonus rewards on those purchases to help you earn extra rewards. You should also consider bonus categories that match your regular spending categories if you plan to keep the card after the intro offer expires.
Who is a 0% APR credit card best for?
You should only get a 0% APR card if…
- You have a payment plan in place and are disciplined enough to follow it. You won’t come out ahead if you get a 0% APR card and then don’t pay it down before the intro rate ends.
- You need to pay down a large purchase or consolidate debt from a high-interest card. It can give you extra breathing room to pay off the purchases at a slower pace without incurring interest.
- You can afford to make more than the minimum monthly payments. Getting a 0% APR credit card and only paying the minimum could land you in debt for years. In fact, a recent LendingTree study on minimum payments found that it would take 11 years to pay down a $2,000 balance by only making the minimum payment.