How a 0% APR card can help you

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You’re not alone if the rising costs of everything around you force you to put more of your spending on a credit card.

The last consumer debt data from the Federal Reserve Bank of New York shows that total consumer credit card balances have increased year over year – and are expected to continue to increase.

Today’s runaway inflation is an obvious trigger, causing many Americans to borrow more money just to keep up and make ends meet. But even though a credit card can help you pay for even the essentials by not requiring you to pay out of pocket up front, you can still find yourself falling into debt quickly. This is because credit cards in general have notoriously high interest rates and most of them start charging interest the day you carry over a balance into a new billing cycle.

The good news is that there is a type of credit card that can give you more flexibility in these difficult times, without forgoing high interest.

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Here’s how a 0% APR credit card can help you

A 0% APR credit card offers an introductory period of several months with no interest on new purchases, giving you plenty of time to pay off your expenses. For example, you can charge groceries, gas, and clothing to your card, and instead of paying all at once, you can spread those payments over time.

Obvious now more than ever, this type of credit card can be a smart addition to almost anyone’s wallet if you’re feeling strapped for cash.

Consumers relying on their credit card right now should consider some of the best 0% intro APR credit cards on the market. The U.S. Bank Visa® Platinum Card is a simple option that offers one of the longest interest-free introductory periods on new purchases, within the first 20 billing cycles (after, 15.24% to 25.24% variable APR). The card also has no annual fee.

U.S. Bank Visa® Platinum Card

On the secure site of US Bank

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 20 billing cycles on balance transfers and purchases

  • Regular APR

    15.24% – 25.24% (Variable)

  • Balance Transfer Fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater

  • Foreign transaction fees

  • Credit needed

If you’re looking for a 0% APR card that can do more than offer an interest-free period, the American Express Blue Cash Everyday® Card also comes with a rewards program. Interest-free introductory period is for the first 15 months on purchases from account opening date (after, 14.74% to 24.74% variable APR; see rates and fees).

Cardholders can be rewarded on the next high grocery bill or expensive gas station with 3% cash back at US supermarkets (up to $6,000 per year in purchases, then 1%) , 2% cash back at US gas stations and 1% cash back on all other purchases. Cash back is received in the form of reward dollars that can be easily redeemed for statement credits, which can help lower your credit card bill.

American Express Blue Cash Everyday® Card

On the secure site of American Express

  • Awards

    3% cash back at US supermarkets (up to $6,000 per year in purchases, then 1%), 2% cash back at US gas stations, 1% cash back on others purchases. Cash back is received in the form of reward dollars that can be easily redeemed for statement credits.

  • welcome bonus

    Get a $200 statement credit after spending $2,000 on purchases with your new card in the first 6 months.

  • Annual subscription

  • Introduction AVR

    0% for 15 months on purchases, from the date of account opening; N/A for balance transfers

  • Regular APR

  • Balance Transfer Fee

  • Foreign transaction fees

  • Credit needed

Keep in mind that you can only extend a purchase during the introductory period and any remaining balance after that will incur interest at the normal rate. Since this may counteract any savings you received during the interest-free period, it is essential that you pay off your balance in full before the end of the 0% APR.

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For rates and fees for the Blue Cash Everyday® card from American Express, click on here.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.



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