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The information on this site does not modify any insurance policy terms in any way. But what does it really mean? The benefit of a card with a 0 percent intro APR is that you can borrow money for a limited amount of time — usually between 12 and 21 months — without accruing any interest on your credit card balance. What is a zero percent apr - what is a zero percent apr still have to pay back the money you oercent, but there is no added interest until the intro APR period ends.

If you pay off your balance before the intro APR ends, you avoid interest entirely. Is a 0 percent APR card right for you? APR stands for annual percentage rate. APR takes the loan interest rate and combines it with any additional loan-processing fees such as the origination fee associated with a mortgage to give you a complete and accurate cost of borrowing.

Zero-interest credit cards, or 0 percent intro APR credit cards, allow cardholders to make payments with no interest on purchases, balance transfers or both for a predetermined period of time. In most cases, a 0 percent APR is a promotional interest rate that lets you borrow money at no cost for a fixed period, often between 12 and 21 months. The two most common 0 percent APR offers are for new purchases and balance transfers.

Credit cards will often offer both to new cardholders. A balance transfer is when a credit card company allows you to use its card to pay off a credit card balance with another company. What is a zero percent apr - what is a zero percent apr best balance transfer credit cards include a 0 percent intro APR offer to help you save money on interest and give you over a year to pay off your debt. After the 0 percent APR period ends, any remaining balance on the card will start accruing interest.

By transferring a balance from a high-interest credit card to a card /17199.txt a 0 percent intro APR, you can ensure your entire monthly payment amount goes toward your original balance and not to added interest at least while the intro APR lasts. Some issuers offer a 0 percent APR on new purchases as an incentive to sign up for a credit card. For example, a credit card may come with a 0 percent APR on new purchases for the first 15 months.

During the first year and three months after opening the account, you will only have to make payments on the principal balance on the card the actual amount you charged — not on additional interest. This is a great way to fund a large purchase or pay for an unexpected medical expenseas long as you have a plan to pay off your qpr before the 0 percent APR offer expires.

An important distinction to be aware of is the difference between a 0 percent intro APR and a deferred interest what is a zero percent apr - what is a zero percent apr. With a 0 percent intro APR, there are no interest charges for the introductory period — ever. The regular interest whah only kicks in on whatever balance remains outstanding at the end of the intro APR period. There is no secret clock running in the background adding up charges.

Deferred interest, on the other hand, pushes off the interest payments to the end of the introductory period. Plus, interest will continue to accrue on your unpaid balance as you pegcent to pay it off.

When your 0 percent APR offer endsyour account converts to the terms outlined in your card agreement. The best zero-interest credit cards offer 0 percent intro APR rates that last for at least a year, giving you plenty of time to catch up on old debt or pay off a new purchase.

When choosing a 0 percent intro APR card, make sure you check not only the length of the intro interest rate but percsnt the APR that will be applied after the promotional period ends. Here are a few pros and cons to decide if a 0 percent intro APR is right for you:. Save money on interest charges: The average credit card interest rate is currently hovering over 17 percent, so a 0 percent APR period can help you save a considerable amount of money on interest. Catch up on debt with balance transfers: When you consolidate debt with qhat balance transfer credit card, paying down the balance is so much simpler because every penny you pay goes directly toward the principal balance.

Buy now and pay later without additional costs: If you know you have a large expense coming up, a 0 percent intro APR can make it all the more possible because you can os your time paying it off. However, make sure you can pay off the balance before perecnt regular APR kicks in. Offers likely require good to excellent credit: Options in this category may seem limiting for individuals with poor credit histories, and it may be for the best.

New credit cards ding your credit score: Applying for a new credit card results in a hard inquiry on your credit xero. This dings your credit score, but only temporarily. Take the time to research credit cards, and only apply for the one credit card you think will work best for you and your financial situation. If you transfer a balance to a credit card with a 0 percent APR offer, avoid adding new debt to your balance transfer credit card.

Remember: When you transfer the balance of your credit apt to a 0 percent APR offer, your initial credit card gets paid off. This can make it tempting to start carrying a balance on that card, but that might keep you in debt longer. Secondly, have a plan to zfro full advantage of your zero-interest period. Use the time to get ahead on payments and maximize your savings. Once the introductory period ends, your balance starts accruing interest at the regular APR.

When you use a 0 percent APR offer to your advantage, you can fund a large purchase, catch up on old debt or simply borrow money without paying interest. When used properly, 0 percent APR offers can provide convenience, relief and an avenue to get ahead on your finances.

Credit Cards. Learn how to consolidate debt and pay down large purchases by using zero pe Learn about what key factors to consider before choosing a zero percent APR Learn more.

Eligibility and benefit level varies by card. Terms, conditions and limitat How We Make Grammarly for windows 10 - grammarly for windows 10. Nicole Dieker. Written by. Nicole Dieker has been a full-time freelance writer since —and a personal finance enthusiast sincewhen she graduated from college and, looking for financial guidance, apt.

Edited by Liliana Hall. Edited by. Liliana Hall. Liliana is an editor and journalist with a background in feature writing on the Bankrate Credit Cards team. Share this page. Bankrate Logo Why you can trust Bankrate.

With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options.

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