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Credit cards with an introductory APR offer of 0% can be a useful tool in many situations. For example, you can use a Zero Interest Intro Offer Credit Card to fund large purchases without paying additional interest fees. It can also be used to transfer balances. This will allow you to pay off your old debt and save money with interest.
In most cases, you need a good credit to a good credit to be approved for one of today’s best 0% Intro APR credit cards. However, if you are still working on building good credits, don’t worry. You can take steps to improve your credit score before applying. Alternatively, you could consider other low-interest credit options, such as personal loans.
Here’s what you need to know about the 0% intro APR card: This includes why you need a good credit to apply and what to do if you don’t have a complete credit yet.
Why 0% Intro APR Card Needs Great Credit
In most cases, you need a good or good credit score to qualify for a 0% intro APR credit card. This means you need a FICO credit score of at least 670 or a Vantagescore of at least 661. If you have very good or good credits, the chances of approval are even higher if you mean a FICO score of at least 740 or a VantaseScore of at least 781.
But why do credit card issuers need a high credit score for these types of cards? Well, lenders want to ensure you don’t default on your credit card debt, especially as they provide months of interest on your purchase or balance transfer. Granting you time from scratch means that the credit card company can take financial losses if you do not pay your debts.
For example, the Capital One Savor Savor Cash Rewards credit card offers an Intro APR at 0% for 15 months on purchases and balance transfers (after which 19.24% – 29.24% (variable) APR; balance transfer fees apply). Capital One requires “good” to “good” credits to “good” credits to qualify for a card.
If you require a longer introductory APR period, the Wells FargoReflect® card offers a 21-month intro APR with purchases and eligible balance transfers (balance transfers made within 120 days are eligible for introrate, balance transfers, 5%, minimum $5). Card APRs are subsequently varied by 17.24%, 23.74%, or 28.99%. And, like Capital One cards, people who have “good” credits to “good” credits are most likely to get approved for the card.
0% Intro APR Card Alternative
You may not need a 0% intro APR card to achieve your financial goals. Here are some alternative options to consider:
Apply for a low interest credit card
If you have a fair credit score and large purchases, consider applying for a low interest rate card. Some low-interest credit cards are available to people with excellent credit from fair to fair, giving you the option to carry your balance without acquiring high interest rates.
Please note that credit card interests will harmonize over time. This means that even if you have a low interest rate card, you should still pay back your balance as soon as possible.
Apply for a personal loan
You can also consider taking a personal loan, especially if you can secure a loan that offers lower interest than what you pay with a credit card. You can use your personal loan to pay off your high-profit credit card debt and pay off your personal loan at low interest rates.
Seek low interest rates
If you have insufficient credit and have low credit card debt, consider asking your credit card issuer to lower your current interest rate. Credit issuers can lower interest rates by asking, especially if they are dealing with unexpected financial difficulties. If you have a history of payments on time, you are even more likely to allow requests.
Wait and build your credit score
If you want to use a 0% intro APR card to fund a large purchase without paying interest, we recommend waiting for your credit score before applying to build. This will give you the benefits of zero profit and good credit.
Many of the best credit cards for bad credits can help you build your credit score while minimizing monthly interest rates. These cards tend to offer low credit limits, which makes monthly credit card bills easier to manage. Make a few small purchases with your card each month and pay the full balance of your statement upon arrival. If you repay your purchase before the grace period expires, you will not be charged any interest. It helps you build a positive credit history and improve your credit score.
Should I pursue a 0% intro APR card?
Cards offering an intro APR can be a great help if you need to pay back your balance, but they are not for everyone. They would be suitable only for certain people at certain times.
There are a few questions to consider when deciding whether to pursue a card with a 0% intro offer.
Conclusion
In most cases, you need a good or excellent credit score before successfully applying for a 0% Intro APR card.
If you don’t have a complete credit score yet, we recommend building your credit before applying for a Zero In Test Intro Period Credit Card. You can also consider applying for a low interest rate credit card or a low interest rate personal loan. Both will help you save on interest rates.
