As a general rule, those with credit card debt should not have reward cards, they should be using the cards with the lowest interest rates. But there are some cards on the market that offer both rewards and 0% APR promotional financing rates.
Who should use these cards
A cardholder who has some debt may wish to take advantage of a promotional financing offer. That cardholder could then retire their debt during the promotional financing period, and then enjoy credit card rewards while paying his or her balance in full. And during this entire time, the cardholder is earning rewards on new purchases.
The top cards with rewards and promotional financing
Discover’s new it card offers 1% cash back on all purchases, and 5% cash back on purchases from categories of merchants that change every quarter. This card is offered with either 14 months of interest free financing on both new purchases and balance transfers, or 18 months of 0% APR on balance transfers and six months for new purchases. There is no annual fee for this card, but there is a 3% balance transfer fee.
- 0% intro APR on balance transfers for 18 months—then a variable purchase APR applies, currently 10.99% - 22.99%. A 3% fee applies to each transferred balance.
- 0% intro APR on purchases for 6 months. Then the variable purchase APR applies, currently 10.99% - 22.99%.
- Rated 4.8 out of 5 Stars by over 5,000 cardmembers.*
- No annual fee, no late fee for your first late payment - APR won't go up for paying late, no overlimit fee and no foreign transaction fee.*
- Free FICO® Credit Score online and on monthly statements.*
- 5% cash back at gas stations on up to $1,500 in purchases from July through September 2014 after you sign up*. 1% cash back on all other purchases.
- 100% U.S.- based customer service—anytime, day and night.
- *See rates, rewards, free FICO® Credit Score terms and other info by clicking 'Apply.'
0% for 6 months*
0% for 18 months*
10.99% - 22.99% Variable*
Chase Freedom® Visa
Like Discover it™, Chase Freedom® Visa offers 1% cash back on all transactions, and 5% back on merchant categories that change each month. Freedom offers 0% APR introductory financing for 15 months on both new purchases and balance transfers. There is no annual fee for this card.
- Earn a $100 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
- 0% Intro APR for 15 months on purchases and balance transfers. After the intro period, a variable APR of 13.99%-22.99%
- 5% Cash Back on up to $1,500 in combined purchases between October 1 — December 31, 2014 at Amazon.com, Zappos.com and select department stores
- You'll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It's free and easy to activate your bonus each quarter!
- Unlimited 1% Cash Back on all other purchases
- No annual fee and rewards never expire
0% for 15 months*
0% for 15 months*
Capital One® VentureOne(SM) Rewards Credit Card
This card offers one year of interest free financing on new purchases, but does not have a promotional balance transfer offer. Cardholders earn 1.25 miles per dollar spent, and each mile is worth one cent each as statement credits towards any travel expense. In addition, new cardholders receive a sign up bonus of 10,000 points, worth $100 in travel, after spending $1,000 within three months of opening their account. There is no annual fee for this card.
Learn more about the Capital One® VentureOne(SM) Rewards Credit Card
Capital One® Cash Rewards
This card offers 1% cash back on all purchases, plus an additional .5% at the end of the year. Additionally, this card offers one year of interest free financing on both new purchases and balance transfers. Also, new cardholders earn a $100 cash back bonus after spending $500 on purchases within the first three months. There is no annual fee for this card, but there is a 3% balance transfer fee.
Learn more about the Capital One® Cash Rewards
Reward cards may not offer the longest or best promotional financing terms, but they still make sense for cardholders who have short term debt, and a long term desire to earn rewards.