People are very interested in 0% APR Balance Transfer credit cards because they can help them save a lot of money. You don't have to be an MIT graduate to figure out that if you owe $10,000 on a high-interest credit card, you're paying $2,000 in interest. If your credit card interest rate was 0% APR, that $2,000 would stay in your pocket. But it turns out that not all credit cards with 0% APR are the same. There is a lot of fierce competition between major credit card companies right now. These companies use a variety of programmes that combine the idea of 0% APR Balance Transfers with other bonuses. Take a look at what three of the largest credit card companies have to offer and how they are similar in some ways but different in others:
The Platinum Credit Card from Chase
Chase bank has been offering credit cards for a long time, and this is the card they usually give out. It doesn't charge an annual fee and has a 0% APR on all purchases and balance transfers. You can also access your account online for free. The only thing you need to know about this card is how long the 0% APR lasts, and that depends on your credit score. Chase will give you 0% APR on purchases and balance transfers for a full year if you have great credit. If your credit is good enough to get the card but not quite good enough to meet the higher standards, that period of 0% APR goes away. Still, Chase is a good choice because you can transfer balances and buy things with 0% APR.
The Discover Miles Card
Discover, another big name in the industry, offers credit cards with 0% APR for purchases and balance transfers. The Miles Card, on the other hand, lets people earn airline miles, which makes them more likely to choose Discover over other cards. The company is proud of its 0% APR credit card because it can be used for a year and allows balance transfers with no interest. The real draw, though, is the sign-up bonus of 12,000 miles and the one-mile-for-one-dollar point award. To make the deal even better, you can fly any airline at any time and there are no blackout dates for these miles. You need good credit to get one, but the Miles Card from Discover could be a good way to save on interest on purchases and balance transfers while building up miles for your next trip.
Citi Preferred Diamond Reward Card
This 0% APR credit card from Citi gives you 12 months of interest-free money and doesn't charge you for transferring a balance. It also has a points reward system that lets you get points based on what you buy, which you can then use to buy things. The programme works by giving five reward points for every dollar spent at grocery stores, pharmacies, and gas stations, but only one point for every dollar spent anywhere else. When you get your card, you get 5,000 bonus points. After your first purchase, you can use those points to get a $50 gift card. This 0% APR card is similar to the Discover card in that you need to have good credit to get it. However, the bonus points you get at the start and the speed with which you can earn reward points by buying everyday things could make this the right card for you.
Today, the question isn't whether you can find a credit card with a 0% APR or a 0% Balance Transfer rate. Instead, the question is how you would like that card to work for you: with extra months of interest-free money, airline miles, or other rewards like incentive point programmes? People who have balances on credit cards with high interest rates should look online for 0% APR and 0% Balance Transfer credit cards from Chase, Discover, Citi, and other companies. You might find just the right card.
