Many people seek zero interest credit cards in the hopes of saving more because of the lesser monthly charge they would receive. There really are credit cards that offer zero interest rates, but you should understand that such interest only applies for a certain period, usually from 6 to 12 months. The credit card company won’t make that permanent or else, they would risk the fate or their business. Take note however that even for a short term, these zero interest credit cards are good way to save money if used correctly.
What is APR?
To help us understand the concept behind zero interest credit cards, let’s first look into the definition of APR from Wikipedia:
The terms annual percentage rate (APR), nominal APR, and effective APR (EAR) describe the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage, credit card, etc. It is a finance charge expressed as an annual rate.Those terms have formal, legal definitions in some countries or legal jurisdictions, but in general:
* The nominal APR is the simple-interest rate (for a year).
* The effective APR is the fee + compound interest rate (calculated across a year).
Note that APRs are advertised by banks and credit card companies. In most cases, these ads would reflect zero or low interest rates. Be guided however that these lenders are mandated by law to disclose the APR prior to finalizing a loan or credit card application. They are required to state the annual percentage rate clearly before the signing of an agreement.
Where to Look for Zero Interest Credit Cards?
Listed in some sites are some zero interest credit cards, which include the ff:
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- Discover More (SM) Card – 0% Intro APR for 6 months on Purchases, and up to 6 months on Balance Transfers*
- Discover More (SM) Card – American Flag – 0% Intro APR for 6 months on Purchases, and up to 6 months on Balance Transfers*
- Discover More (SM) Card – Monogram – 0% Intro APR for 6 months on Purchases, and up to 6 months on Balance Transfers*
- Citi Platinum Select Card – 0% APR* on Purchases and Balance Transfers for 6 Months*
These are just few of several zero interest credit cards available in the market. It’s also a good way to check with your local bank or lender if they offer any credit card that has zero interest.
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