Credit cards with introductory periods of 0% interest allow consumers to finance large purchases or pay down debt via a balance transfer without paying any additional interest. However, not all 0% interest credit cards are created equal.
Table of contents
- The 5 Best 0% Interest Credit Cards
- U.S. Bank Visa Platinum Card — 20 Months of 0% Interest
- Citi Simplicity Card — No Late Fees
- Chase Freedom Unlimited — 5% Cash Back on Grocery Store Purchases
- American Express Cash Magnet Card — Unlimited 1.5% Cash Back on Your Purchases
- Discover It Student Chrome Card — Ideal for Students With No Credit History
- The Bottom Line
- Quick Questions
The 5 Best 0% Interest Credit Cards
- U.S. Bank Visa Platinum Card: Longest introductory 0% APR credit cards.
- Citi Simplicity Card: No late fees.
- Chase Freedom Unlimited: 5% cash back on grocery store purchases.
- American Express Cash Magnet Card: Unlimited 1.5% cashback on your purchases.
- Discover It Student Chrome Card: Ideal for students without a credit history.
U.S. Bank Visa Platinum Card — 20 Months of 0% Interest
The U.S. Bank Visa Platinum Card stands head and shoulders above its peers. With 20 months of 0% interest, you’ll be hard-pressed to find another card that matches this introductory period.
Though there is a balance transfer fee of 3%, you should still see plenty of savings by paying down your debt without paying additional interest on your balance. Additionally, while many cards charge an annual fee, you won’t have to pay one with this card, which further adds to your savings. Even after the introductory period is over, your APR will range from 13.99% to 23.99%, depending on your creditworthiness.
Citi Simplicity Card — No Late Fees
This card from Citi doesn’t quite match the introductory period of the U.S. Bank Visa Platinum card. However, Citi still offers 18 months of 0% interest with no annual fee.
The real advantage of the Citi Simplicity Card is the lack of late fees. There are neither late fees nor late payment interest rate penalties. While you should still make on-time payments for the benefit of your credit score, the lack of late fees provides some flexibility should something arise that makes it difficult to pay before the due date.
After the introductory period, this credit card carries an APR between 14.74% and 24.74%. However, this compares favorably to its competitors.
Chase Freedom Unlimited — 5% Cash Back on Grocery Store Purchases
A popular card for those with good or excellent credit, the Chase Freedom offers plenty of benefits beyond its 15-month introductory period of 0% interest. Perhaps the greatest example is its cashback rewards, which can give you 5% back from grocery store purchases and 1.5% cashback on all other purchases.
These rewards won’t expire if your account remains open. This means you shouldn’t feel anxiety about making sure you cash in on your rewards before losing them forever. You can also earn 5% on travel when it’s purchased through Chase’s website.
It should be noted that this card doesn’t offer the no-interest introductory period on balance transfers. So, those looking to reduce their debt on another card may be better served by the Citi Simplicity Card.
American Express Cash Magnet Card — Unlimited 1.5% Cash Back on Your Purchases
The American Express Cash Magnet Card offers 15 months of 0% interest. You can also receive a $150 statement credit after spending $1,000 in your first three months after opening the card.
With this card, you can also earn 1.5% cashback on all purchases. You’ll also pay no annual fee to receive these benefits.
This American Express card is not just one of the best 0% interest credit cards available; it’s one of the best overall credit cards for consumers. You also don’t need an exceedingly high credit score to apply, as their minimum requirement is a score of 700.
Discover It Student Chrome Card — Ideal for Students With No Credit History
This card from Discover may not match the extended introductory period of 0% interest as the cards listed above, but it’s an excellent card for college students new to the world of credit cards. While this 0% interest credit card only offers no interest for the first six months, you don’t need a credit history to apply.
If you have this card, you’ll also receive a 2% cashback on the first $1,000 you spend at gas stations and restaurants each quarter. This means there’s a cap of $80 in cashback rewards each year, which can be advantageous to commuting students or those who like to eat out.
The Bottom Line
Each of these 0% interest credit cards provides a ton of benefits to consumers. To decide which one is best for you, make sure to examine your financial goals.
To receive a credit card with the most benefits or longest introductory period, you likely will need at least good, if not excellent credit.
Some cards offer 0% interest on both, but many only offer no interest on purchases.
It depends on how long you need to pay off any large purchase or balance transfer.
Picking the right credit card for you isn’t always easy. If you’re not going to qualify for a 0% interest card then check out the best 5 low interest credit cards.