Credit card users often see advertisements for cards that offer a 0% intro APR on balance transfers. What is less prominent are 0% promotional APRs on purchases. While these promotional rates can offer customers substantial savings, cardholders should carefully understand both their benefits and drawbacks.

How 0% Interest Rate Promotions Work

Credit cards advertise 0% interest rates in large print, while confining the details to a separate page. The page that describes the precise terms and conditions of these promotions is mandated by law. This page is commonly referred to as the Schumer Box, after Charles Schumer, the legislator most responsible for its requirement.

When examining a credit card’s promotional offer, go straight to the link labeled “terms and conditions” to see the Schumer Box. There you will find the duration of the promotional rate, as well as the standard rates that will apply when it expires. When examining these offers, be careful to distinguish between the promotional rate on purchases, and the ones that apply to balance transfers or cash advances.

Presently, a number of 0% APR credit cards offer introductory rates on purchases that last up to 21 months. You can learn more about these offers here. Continue Reading »

While it may seem premature to start thinking about the holiday season, anyone who will be shopping with plastic should take a moment to consider whether or not the credit cards in their wallets are the right cards to use during the spending season. In many instances, the key to minimizing credit card expenses and maximizing credit card rewards requires one to seek out the best credit card for their lifestyle, not necessarily the “best credit” according to a generalized ranking system.

Below are thoughts to consider that can help isolate the type of credit card that offers the greatest benefit.

0% APR Credit Cards Are a Must for Those Who Typically Carry Balances

The credit cards boldly advertised in television commercials appeal to our collective desire to earn rewards. Unfortunately, rewards credit cards aren’t necessarily the right fit for many consumers. These cards tend to carry above average interest rates and, in most instances, lack 0% rates on purchases and balance transfers. This is a non-issue for consumers who always pay their balances in full, but opting for this type of card can be a costly mistake for those who have or may soon have credit card debt. Continue Reading »

Now that Hurricane Irene has passed, many consumers are in unfortunate positions that may require spending on credit. Using credit cards to cover unforeseen expenses that can’t be paid in full is far from an ideal situation, though having a credit card strategy in place can lessen the impact Hurricane Irene will have on long term finances.

For starters, consumers who anticipate significant expenses should consider applying for and using a new 0% APR credit card. The reason for this is quite simple. Consumers who take on one or multiple thousands of dollars of new debt on credit cards with interest rates in the mid teens will incur significant interest expenses over time, particularly if new debt is not repaid quickly. At a 15% interest rate, tacking on and carrying an extra $1,000 of credit card debt at a 15% interest rate for one year can lead to interest expenses of approximately $150. The larger the debt, the higher this expense becomes. Continue Reading »

As summer begins, credit card companies continue to offer the longest 0% APR credit card promotions in recent history. Last summer, most 0% credit card offers lasted 12 months or less. This year, a number of companies are offering 0% interest rates on purchases and balance transfers for as long as 21 months.

Whether or not these superlative offers will survive the summer remains to be seen. Some credit card companies have already begun shortening the length of 0% APR deals and others may follow suit. However, consumers looking for low rate cards today have significantly better options than they’ve had in more than five years.

Here’s a rundown of the top offers:

Longest 0% APR Credit Card Offers

The Citibank Platinum Card leads the pack amongst low rate credit cards with an industry leading 0% APR on balance transfers and purchases that lasts 21 months. Continue Reading »

Consumers looking to take advantage of credit card offers with low introductory rates will find a lot of very strong options this April. In fact, 0% APR credit card offers are likely as strong as they have ever been. On balance transfers, consumers can get a 0% APR for up to 24 months. On purchases, 0% rates are available for up to 21 months.

0% credit card offers like these were unimaginable a year ago. Today, intense competition to bring in new customers is fueling an all out war amongst the major credit card companies, making this a great time for consumers to ditch high rate credit cards and reduce interest expenses with a new 0% APR credit card.

April’s Best 0% APR Credit Card Offers

Consumers currently carrying high interest credit card debt have a lot of extremely long 0% APR balance transfer options this month. Presently, the Discover More Card offers the longest 0% rate on balance transfers with a deal currently lasting 24 months. Discover introduced this offer in January and although it was originally scheduled to end on February 28th, it will be available until the end of April. The offer has been extended as a result of its popularity with consumers, but Discover could pull this credit card from the market next month. Continue Reading »

Credit card companies continue to offer some of the longest and best 0% APR credit card offers in recent history. Consumers seeking credit cards with 0% rates on balance transfers can find a handful of cards with introductory rates lasting up to 24 months, while those seeking a 0% APR on purchases can find deals lasting up to 18 months. These deals offer consumers a unique opportunity to shed high rate cards and avoid interest expenses for more than a year.

Best Overall 0% APR Credit Cards

Consumers looking to consolidate high rate credit card debt onto a  balance transfer credit card have a number of options to choose from. At present, Discover offers the longest 0% introductory period, a 0% APR for 24 months on balance transfers. This offer is six months longer than its closest competitor and double average 0% introductory offers for balance transfers. This deal was introduced in January as a limited time promotion and was slated to end on March 1st. However, due to its popularity, Discover has extended it indefinitely, though the plug could be pulled at any point. Continue Reading »

Updated November 3rd, 2011: In addition to the standard Slate card reviewed below, a Chase Slate no fee balance transfer offer is presently available for a limited time.

Earlier this year, Chase increased the introductory 0% APR on purchases and balance transfers on the Chase Slate credit card to “up to 15 months.”  Presently, the 15 month 0% APR on purchases is one of the longest in this category. The 15 month balance transfer offer is also competitive, but not as long as the 21 month 0 balance transfer offer available with the Citi Platinum MasterCard.

Overview of the Chase Slate Card

Chase Slate is a bare-bones no annual fee credit card that is similar to most platinum cards. While it lacks a rewards program, it does feature Chase Blueprint. Blueprint is a very useful money management tool that allows cardholder’s to track spending and manage payments to reduce interest expenses and get out of debt faster. Continue Reading »