A no interest credit card is a credit card that does not charge any interest on purchases made with the card for a certain period of time. This period is known as the “intro period” or “promotional period.” No interest credit cards can be a good option for consumers who need to make a large purchase and want to pay it off over time, but do not want to be charged interest on that purchase.
During the intro period, no interest is charged on new purchases made with the card. However, it is important to note that some no interest credit cards may charge interest on balance transfers, cash advances, and other types of transactions. Additionally, after the intro period ends, the card will typically start charging interest on any unpaid balances.
No interest credit cards may have other fees, such as an annual fee, balance transfer fee, or cash advance fee. It is important to carefully review the terms and conditions of a no interest credit card to understand all of the fees that may apply.
No interest credit cards can be a good option for consumers who are able to pay off their balances in full before the intro period ends. This allows them to take advantage of the no interest offer without incurring any interest charges. However, if a consumer is unable to pay off the balance in full before the intro period ends, it is important to consider whether the interest rate on the card after the intro period is competitive with other credit cards.
In order to qualify for a no interest credit card, consumers typically need to have good to excellent credit. This means that they have a history of making on-time payments and managing their credit responsibly. Consumers with lower credit scores may not qualify for a no interest credit card, or may only qualify for one with a higher interest rate.
In summary, a no interest credit card is a credit card that does not charge any interest on purchases made with the card for a certain period of time. No interest credit cards can be a good option for consumers who need to make a large purchase and want to pay it off over time, but it is important to carefully review the terms and conditions of the card to understand all fees that may apply, and to consider the interest rate after the intro period ends.
Best Credit Cards
Chase Freedom Unlimited: This card offers a 0% intro APR on purchases for the first 15 months, and a variable APR of 14.99% – 23.74% after that. There is no annual fee, and cardholders can earn unlimited 1.5% cash back on every purchase.
Discover it Cash Back: This card offers a 0% intro APR on purchases and balance transfers for the first 14 months, and a variable APR of 11.99% – 22.99% after that. There is no annual fee, and cardholders can earn 5% cash back in rotating categories (on up to $1,500 in purchases per quarter) and 1% cash back on all other purchases.
Citi Simplicity Card: This card offers a 0% intro APR on purchases and balance transfers for the first 21 months, and a variable APR of 15.49% – 25.49% after that. There is no annual fee, and the card does not have any late fees or penalty APR.
It is important to carefully review the terms and conditions of any no interest credit card before applying to ensure that it is the right fit for your financial needs.
How to get a No Interest Credit Card
To get a no interest credit card, you will need to apply for one through a credit card issuer. Here are some steps to follow:
Research and compare different no interest credit cards: There are many no interest credit cards available, so it is important to do your research and compare different options to find the one that best meets your needs. Consider factors such as the length of the intro period, the interest rate after the intro period, fees, and rewards.
Check your credit score: No interest credit cards typically require good to excellent credit, so it is a good idea to check your credit score before applying. You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once per year at AnnualCreditReport.com.
Gather the necessary information: To apply for a no interest credit card, you will need to provide some personal and financial information. This may include your name, address, social security number, employment status, and income.
Complete the application: Once you have found a no interest credit card that you are interested in and have gathered the necessary information, you can complete the application online or by mail. The credit card issuer will review your application and, if approved, will send you a credit card along with the terms and conditions of the card.
It is important to carefully review the terms and conditions of any no interest credit card before applying to ensure that it is the right fit for your financial needs. If you are not approved for the no interest credit card that you applied for, you may be able to improve your chances of approval by working on improving your credit score and financial situation.
No Interest Credit Card Companies
There are many credit card issuers that offer no interest credit cards. Some examples include:
Chase
Discover
Citi
Capital One
Wells Fargo
American Express
It is important to research and compare different no interest credit cards from different issuers to find the one that best meets your needs. Consider factors such as the length of the intro period, the interest rate after the intro period, fees, and rewards. You can visit the websites of different credit card issuers or use a comparison website to compare different no interest credit cards.
No Interest Credit Card Benefits
Different no interest credit card companies may offer different benefits and features with their credit cards. Here are some examples of benefits that may be offered by no interest credit card companies:
Length of the intro period: Some no interest credit cards may have a longer intro period than others, which may be beneficial if you need more time to pay off your balance.
Interest rate after the intro period: The interest rate after the intro period can vary between different no interest credit cards. A lower interest rate may be more beneficial if you are unable to pay off your balance in full before the intro period ends.
Fees: Different no interest credit cards may have different fees, such as an annual fee, balance transfer fee, or cash advance fee. It is important to carefully review the terms and conditions of the card to understand all fees that may apply.
Rewards: Some no interest credit cards offer rewards for using the card, such as cash back, points, or miles. If you are interested in earning rewards, you may want to consider a no interest credit card that offers a rewards program.
Customer service: Credit card issuers may offer different levels of customer service. It may be helpful to consider the customer service options that are available with different no interest credit cards, such as phone support, online chat, or email.
It is important to carefully review the terms and conditions of any no interest credit card before applying to ensure that it is the right fit for your financial needs. You may also want to consider the reputation of the credit card issuer and whether they have a history of providing good customer service.