Best 0% APR Credit Cards of February 2020. While credit cards are known for charging higher interest rates than many other financial products, one type of card can actually help you save money on interest. Balance transfer credit cards, which are also called 0% APR credit cards, typically let you avoid interest altogether for anywhere from 9 to 21 months. This can help you reduce interest costs on long-term debt and potentially even score an “interest-free loan” on a large purchase you hope to make.
Citi Simplicity® Card – No Late Fees Ever
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Rewards
None
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Welcome bonus
None
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Annual fee
$0
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Intro APR
0% for the first 21 months on balance transfers and 0% for the first 12 months on purchases
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Regular APR
16.24% to 26.24% variable
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Balance transfer fee
5%, minimum $5
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Foreign transaction fee
3%
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Credit needed
Excellent/Good
Pros
- 21 months of no interest on balance transfers
- No annual fee
- Balances can be transferred within 4 months from account opening
- 12 months of no interest on purchases
Cons
- 3% foreign transaction fee
- No rewards program
- Transfer timeline: Balances must be transferred within 4 months from account opening
- Estimated total fees and interest on debt repayment: $480
Discover it® Balance Transfer
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Rewards
5% cash back at different places each quarter after you activate bonus categories (on up to $1,500 in purchases, then 1%). Plus, unlimited 1% cash back on all other purchases.
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Welcome bonus
At the end of your first year, Discover automatically matches all the cash back you earned
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Annual fee
$0
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Intro APR
0% APR for the first 6 months on purchases; 0% APR for the first 18 months on balance transfers
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Regular APR
13.49% to 24.49% variable
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Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
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Foreign transaction fee
None
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Credit needed
Excellent/Good
Pros
- 18 months of no interest on balance transfers
- Cash-back program
- No annual fee
- No fee charged on purchases made outside the U.S.
Cons
- Bonus categories must be activated each quarter
- Cash-back program limits 5% cash-back earnings to $1,500 a quarter
- Fee charged on balance transfers
- Transfer timeline: Balances must be transferred by a specific date, refer to your cardmember agreement for the exact date
- Estimated total fees and interest on debt repayment: $478
Citi® Double Cash Card – Best 0% APR Credit Cards 2020
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Rewards
2% cash back: 1% on all purchases and an additional 1% after you pay your credit card bill
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Welcome bonus
No current offer
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Annual fee
$0
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Intro APR
0% for the first 18 months on balance transfers; N/A for purchases
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Regular APR
15.49% to 25.49% variable on purchases and balance transfers
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Balance transfer fee
3%, minimum $5
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Foreign transaction fee
3%
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Credit needed
Excellent/Good
Pros
- 2% cash back on all purchases
- Simple cash-back program that doesn’t require activation or spending caps
- One of the longest intro periods for balance transfers at 18 months
Cons
- No welcome bonus, so you can’t maximize rewards during the first few months of card opening
- Minimum cash-back redemption of $25
- 3% fee charged on purchases made outside the U.S.
- Estimated rewards earned after 1 year: $437
- Estimated rewards earned after 5 years: $2,185
BankAmericard® credit card
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Rewards
This card doesn’t offer cash back, miles or points.
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Welcome bonus
No current offer
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Annual fee
$0
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Intro APR
0% for the first 18 billing cycles on purchases and balance transfers made within 60 days of opening your account
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Regular APR
14.49% to 24.49% variable APR on purchases and balance transfers
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Balance transfer fee
Either $10 or 3% of the amount of each transaction, whichever is greater.
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Foreign transaction fee
3%
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Credit needed
Excellent/Good
Pros
- No annual fee
- One of the longest intro periods
Cons
- 3% foreign transaction fee
- No rewards program
- Transfer timeline: Balances must be transferred within 60 days from account opening
- Estimated total fees and interest on debt repayment: $404
Amex EveryDay® Credit Card
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Rewards
2X Membership Rewards® points at U.S. supermarkets on up to $6,000 per year in purchases (then 1X), 1X Membership Rewards® points per dollar spent on all other purchases
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Welcome bonus
Earn 10,000 Membership Rewards® points after you make $1,000 in purchases in your first 3 months
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Annual fee
$0
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Intro APR
0% for the first 15 months on purchases and balance transfers
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Regular APR
14.49% to 25.49% variable APR
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Balance transfer fee
$0
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Foreign transaction fee
2.7%
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Credit needed
Excellent/Good
Pros
- 15 months of no interest on balance transfers
- No balance transfer fee
- No annual fee
- Rewards program and welcome bonus, which is rare among no-fee balance transfer cards
- 20% extra point bonus when you make 20 or more purchases in a billing period
Cons
- 2.7% foreign transaction fee
- Balances must be transferred within 60 days from account opening
- Transfer timeline: Balances must be transferred within 60 days from account opening
- Estimated total fees and interest on debt repayment: $452
Chase Slate®
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Rewards
None
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Welcome bonus
None
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Annual fee
$0
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Intro APR
0% for the first 15 months on purchases and balance transfers
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Regular APR
16.49% to 25.24% variable
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Balance transfer fee
$0 on transfers made within 60 days of account opening. After that, 5% ($5 minimum).
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Foreign transaction fee
3%
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Credit needed
Excellent/Good
Pros
- No annual fee
- One of the longest intro periods for a no-fee balance transfer card
Cons
- 3% foreign transaction fee
- No rewards program
- Transfer timeline: Balances must be transferred within 60 days from account opening
- Estimated total fees and interest on debt repayment: $452
Wells Fargo Cash Wise Visa® card
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Rewards
1.5% cash rewards on every purchase
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Welcome bonus
$150 cash rewards bonus after you spend $500 on purchases in your first 3 months from account opening
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Annual fee
$0
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Intro APR
0% for the first 15 months on purchases and qualifying balance transfers
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Regular APR
15.49% to 27.49% variable on purchases and balance transfers
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Balance transfer fee
Introductory fee of 3% ($5 minimum) for 120 days, then 5% ($5 minimum)
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Foreign transaction fee
3%
Pros
- No annual fee
- Use your Wells Fargo Debit or ATM card to redeem rewards for cash at Wells Fargo ATMs ($20 increments)
- Long intro 0% APR period for purchases and balance transfers
- Generous welcome bonus
Cons
- Below average 1.5% cash back
- 3% fee charged on foreign transactions
- Estimated rewards earned after 1 year: $482
- Estimated rewards earned after 5 years: $1,809
Rewards totals incorporate the cash back earned from the welcome bonus and assumes you use eligible mobile wallets for 75% of purchases your first year.
Capital One® SavorOne® Cash Rewards Credit Card
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Rewards
3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
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Welcome bonus
Earn a one-time $150 cash bonus once you spend $500 on purchases within the first 3 months from account opening
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Annual fee
$0
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Intro APR
0% introductory APR for the first 15 months that your account is open
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Regular APR
15.74% to 25.74% variable
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Balance transfer fee
3% for promotional APR offers; none for balances transferred at regular APR
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Foreign transaction fee
None
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Credit needed
Excellent/Good
Pros
- 3% cash back on dining and entertainment purchases and 2% at grocery stores
- Ability to redeem rewards at any amount, unlike some other cards with $25 minimums
- Competitive special financing offer on both new purchases and balance transfers
- No fee charged on purchases made outside the U.S.
Cons
- 3% fee for promotional balance transfer offers
- Only consumers with good to excellent credit typically qualify
- Estimated cash back earned after 1 year: $562
- Estimated cash back earned after 5 years: $2,209
Rewards totals incorporate the points earned from the welcome bonus