Yes! Many credit card companies offer zero percent credit card interest rates to new customers. Banks are eager to lure the best customers away from their competitors and are willing to carry existing credit balances as well as new purchases for a number of months, with no credit card interest charges!
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As with most credit products, the best deals are most often reserved for the best customers. Creditworthiness counts! Those customers with excellent credit ratings and the highest credit scores will benefit, with cards featuring the lowest interest rates and highest credit lines.
Credit card company advertisements often feature plush surroundings and expensive merchandise. The newest credit cards on the market have names like, “Motiva, Diamond Preferred, Escape, and Venture One.” These names, like the ads from the companies they represent, suggest cardholders will use them for big ticket, luxury items.
What are some of the best zero percent deals?
On a quick survey of Creditcardchaser.com, the card offering the best credit card introductory rate at the moment is Citi. They have several cards, the Platinum Select Visa and MasterCard and the Simplicity Card, which all offer a zero percent interest rate on both purchases and balance transfers for 21 months.
Following the introductory period, rates can vary between 11.99 and 21.99%, depending on the cardholder’s credit score. Online magazines such as Consumer Reports, can help in sorting out credit card offers and provide information on what to look for when applying for new credit.
The Discover More Card offers zero percent interest on balance transfers for the first 18 months but only offers this introductory rate for six months on new purchases.
The Slate card by Chase, and Motiva by Discover, feature zero percent rates on both purchases and balance transfers for 15 months. Slate also includes a $75 cash bonus, just for signing up for this prestige credit card!
What are the benefits of zero percent credit cards?
Forbes Magazine, in a recently published article, suggests that zero percent interest credit cards can be used to help pay off debt, including balances on higher interest credit cards.
Low introductory rates allow consumers to attack the balance of their obligations without incurring more interest. Interest on revolving credit accounts compounds, and if you carry a balance from month to month, this can increase the amount you owe by 20to 30% a year!
Can I get zero percent interest on a regular credit card?
Yes! Most anyone can get a new credit card with this low introductory rate, but the terms will differ. Most won’t offer zero percent on balance transfers; this rate will expire in three to 12 months and then will jump to 16 or 17%!
Are there any credit cards with fixed rates?
Fixed rate credit cards are pretty much a thing of the past. Most card issuers use the U.S. Bank Prime Lending Rate as the index tied to their variable interest rate cards. This index value has remained at 3.25% for several years.
Banks add a mark-up or margin to the prime rate for credit cards when computing the rate they will charge their credit card customers. This mark-up amount can range between 6.74% for the best cards and 26.74% for higher risk accounts!
It’s interesting to note that consumer interest rates now end in “.99” rather than rounding up to the next whole number, another merchandising ploy by banking concerns.
Are there any credit cards with no interest at all?
There are no actual credit cards that do not charge interest. However, if you’re looking to eliminate interest and reduce your debt, while still having the convenience of a credit card, then you should consider a prepaid credit card.
Prepaid cards allow you to set your own spending limit because you load the card with cash, in whatever amount you choose, from your own funds. There are no interest charges and many companies offer these cards free of any fees or other monthly charges.
Prepaid cards are now issued by all major banks and card companies and feature the Visa, MasterCard, Discover and American Express logos. They are accepted worldwide and work just like credit cards.
Prepaid cards, with set spending limits, can be given to younger family members to help teach them about credit. These cards are also perfect for college students who cannot qualify for a credit card on their own!
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