Best 0% APR Credit Cards Of August 2024 – Forbes Advisor – Technologist

Cards with 0% introductory APR offers typically require good or excellent credit. If lenders are going to forego the opportunity to charge you interest on carried balances for a period of time, they want to ensure you’re capable of making regular, on-time minimum payments and are unlikely to default on the balance. So the better your income and credit score, the more likely you’ll receive approval for a card with a 0% introductory APR.

Check your credit before applying for any credit card to catch any mistakes or unexpected negative marks. If your credit is lower, it’s a good idea to take steps to improve your credit before applying for new cards.

How To Make the Most of Your 0% Interest Credit Card

Whether you use a 0% APR credit card for a large purchase, emergency expenses or a balance transfer, here are some tips to help you maximize your savings:

• Create a payment plan. If you’re making one big purchase or transferring a balance, figure out how much you’ll have to pay each month to eliminate the debt before the promotion ends. Then, make it a priority to stick to that plan. If you’re planning to use the promotion for multiple purchases, evaluate your situation each month to determine how much to pay to avoid carrying over any debt.
• Set up automatic payments. The last thing you want is to lose your promotion. To avoid the possibility of missing a payment, set up autopay on your account. It may also be a good idea to maintain a buffer in your checking accounts in case the payment overdraws your balance.
• Read the fine print. For the most part, 0% APR terms are standard, but make sure you read the fine print for a card before you apply. For example, if a card only offers a 0% APR on balance transfers, you may not get a grace period on any new purchases you make.
• Take steps to improve your financial management. Depending on your reasons for using a 0% APR, evaluate your financial situation and determine how you can manage debt and expenses in the future. You may consider building an emergency fund, limiting spending to avoid carrying a balance or saving up for larger purchases.