A lot of personal finance experts try to stop us from using credit cards—and with good reason. Many of us end up in debt when we use credit cards irresponsibly. Despite popular belief, if you can use plastic responsibly, it’s actually better to use a credit card rather than a debit card and keep cash transactions to a minimum.
You save money by reducing the cost of debt with a low-interest credit card. You can pay back what you have borrowed faster when you pay less interest. You’ll save the most money on interest in the short term if you get a credit card with a 0% introductory interest rate. If you carry a balance most months, you’ll benefit from a card with a low ongoing interest rate.
There are some of our recommendations for 0% and low-interest credit cards that you can apply for through NerdWallet, and some that you cannot. Below you’ll find links for the credit cards from our partners that are available through NerdWallet, followed by our full list of picks.
How does a 0% intro APR credit card work?
They go by different names — 0 percent APR credit cards, zero-interest credit cards, introductory APR credit cards — but all have the same purpose: 0 percent intro APRs allow you to avoid interest charges while you pay off large purchases or balance transfers.
It is possible to find credit cards with two types of intro APRs: purchase intro APRs and balance transfer intro APRs. Each can have different limitations on validity, so check the terms. A card can have one of these types of introductory offers, both, or neither.
Best 0% APR and Low-Interest Credit Cards
# Wells Fargo Reflect Card
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Rewards
None
-
Welcome bonus
None
-
Annual fee
$0
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Intro APR
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, 29.99% variable APR thereafter.
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Regular APR
18.24%, 24.74%, 29.99% variable APR on purchases and balance transfers
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Balance transfer fee
Balance transfers fee of 5%, min $5.
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Foreign transaction fee
3%
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Credit needed
Excellent/Good
This is why you should choose it
For those looking to consolidate debt or pay off large purchases over time, the Wells Fargo Reflect Card is ideal.
Purchases and qualifying balance transfers qualify for a 0% intro APR for 21 months from account opening (18.24%, 24.74%, or 29.99% variable APR afterward). Balance transfers made within 120 days from account opening qualify for the intro rate, BT fee of 5%, min $5.
There are no spending rewards with this card, but it does offer cell phone protection.
# Citi Simplicity Card
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Rewards
None
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Welcome bonus
None
-
Annual fee
$0
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Intro APR
0% Intro APR for 21 months on balance transfers from the date of the first transfer and 0% Intro APR for 12 months on purchases from the date of account opening.
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Regular APR
19.24% – 29.99% variable
-
Balance transfer fee
Introductory fee of 3% ($5 minimum) for transfers completed within the first 4 months of account opening, then up to 5% ($5 minimum).
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Foreign transaction fee
3%
-
Credit needed
Excellent/Good
This is why you should choose it
Citi Simplicity Card’s low introductory APR offers no late fees, penalty rates, or annual fees, and its introductory APR is easy to understand. It also earns no rewards, so it’s best used as part of your debt repayment strategy.
0% intro APR is offered for 21 months on balance transfers from the date of the initial transfer, and 0% intro APR on purchases for 12 months from account opening. After these periods end, a variable APR ranging from 19.24 – 29.99%, depending on your creditworthiness, will apply. An introductory fee of $5 or 3% of the amount of the transfer (whichever is higher) applies to transfers made within 4 months after opening the account; afterward, a $5 or 5% fee (whichever is greater) applies to all balance transfers.
As part of Citi’s Simplicity Card, you can choose your own due date and skip endless hold music by saying “representative.” However, there is not much incentive to use this card beyond the introductory period since it does not earn rewards or offer valuable features.
# Citi Diamond Preferred Card
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Rewards
None
-
Welcome bonus
None
-
Annual fee
$0
-
Intro APR
0% for 21 months on balance transfers; 0% for 12 months on purchases
-
Regular APR
18.24% – 28.99% variable
-
Balance transfer fee
5% of each balance transfer; $5 minimum. Balance transfers must be completed within 4 months of account opening.
-
Foreign transaction fee
3%
-
Credit needed
Excellent/Good
This is why you should choose it
To maximize your Citi Diamond Preferred benefits, be sure to make your balance transfer within the first four months of card membership. Otherwise, you will not be able to take advantage of the intro APR offer. Determine how much you need to set aside each month to repay your debt before the intro APR period expires by using our credit card balance transfer calculator.
Additionally, Citi Diamond Preferred’s intro APR offer also applies to new purchases, but it is for a shorter period of time. If you want to use your card to fund a vacation, cover a home improvement project, or pay off a medical bill, this may be a good fit — but be sure you have a plan for paying off your large purchase before the regular interest rate kicks in.
You should consider other 0 percent intro APR credit cards with longer intro APR offers on new purchases before choosing the Citi Diamond Preferred.
# U.S. Bank Visa Platinum Card
-
Rewards
None
-
Welcome bonus
None
-
Annual fee
$0
-
Intro APR
0% for the first 18 billing cycles on balance transfers and purchases
-
Regular APR
19.74% – 29.74% (Variable)
-
Balance transfer fee
Either 3% of the amount of each transfer or $5 minimum, whichever is greater
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Foreign transaction fee
2% to 3%
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Credit needed
Excellent/Good
This is why you should choose it
It is easy to see why the U.S. Bank Visa Platinum Card is so popular. For 18 billing cycles, you’ll get a 0% intro APR on balance transfers made within the first 60 days of opening the card. Afterward, the ongoing variable APR is 19.74 percent to 29.74 percent, which is about average, based on current interest rates.
You could end up saving a large amount of money in the long run by using this card to pay down debt over an extended period of time while avoiding expensive interest rates.
For the first 18 billing cycles, you won’t have to pay interest on new purchases made with the card because it offers an introductory APR of 0 percent. Even though this allows you to pay off a large purchase over time, you should still keep your spending limits in check. After the 18 billing cycles, your variable APR will be 19.74 percent to 29.74 percent.
Your U.S. Bank Visa Platinum card can be used to pay your cellphone bill each month and provide you with cellphone protection for phones associated with it. Your phone is protected for up to $600 per eligible incident if it is stolen or damaged. The reimbursement can be claimed twice a year, so you can receive up to $1,200 in annual coverage (minus a $25 deductible).
# Amex EveryDay Credit Card
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Rewards
2X Membership Rewards® points at U.S. supermarkets on up to $6,000 per year in purchases (then 1X), 1X Membership Rewards® points per dollar spent on all other purchases
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Welcome bonus
Earn 10,000 Membership Rewards® points after you make $2,000 in purchases in your first 6 months of card membership
-
Annual fee
$0
-
Intro APR
0% for the first 15 months on purchases and balance transfers from the date of account opening
-
Regular APR
18.24% to 29.24% variable
-
Balance transfer fee
N/A
-
Foreign transaction fee
2.7%
-
Credit needed
Excellent/Good
This is why you should choose it
The Amex EveryDay Credit Card is offering a generous bonus: you can get 10,000 Membership Rewards® Points just for using your new Card to make $2,000 in purchases within the first 6 months of Card Membership. Terms apply. The rewards are decent and certainly better than not getting any incentives. NerdWallet values Membership Rewards points at an average rate of 1 cent each, so this bonus is equivalent to around $100. Additionally, transferring these points to travel partners could offer you an even greater value.
Amex EveryDay Credit Card offers new cardholders an interest-free period on purchases: 0% Intro for 15 months, then 17.99%-28.99% Variable APR thereafter (see rates and fees).
Using the card 20 times or more in one billing period qualifies you for the 20% points bonus, but it’s not automatic. If you get a 1-cent value for each point, the effective rewards rate increases to 1.2% on purchases and 2.4% in bonus categories. However, there are plenty of other cards that offer better rewards.
# Capital One SavorOne
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Rewards
Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024, 8% cash back on Capital One Entertainment purchases, earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel; Terms apply, 3% cash back on dining and at grocery stores (excluding superstores like Walmart® and Target®), 3% cash back on popular streaming services and entertainment, and 1% cash back on all other purchases
-
Welcome bonus
Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening
-
Annual fee
$0
-
Intro APR
0% intro APR on purchases and balance transfers for 15 months
-
Regular APR
19.99% – 29.99% variable
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Balance transfer fee
3% fee on the amounts transferred within the first 15 months
-
Foreign transaction fee
None
-
Credit needed
Excellent/Good
This is why you should choose it
Capital One SavorOne Cash Rewards Credit Card (see rates and fees) is a cash-back credit card that will satisfy your appetite.
Aside from earning rewards on dining out, groceries, and entertainment, cardholders can also qualify for one of the best welcome bonuses. 117 welcome bonuses were analyzed by CNBC Select to determine this ranking. CNBC Select rounded up the best deals that could earn you up to $750 if you met the requirements. We select the best cards based on our methodology.
To help you decide if it’s the right card for you, we’ve broken down the rewards, benefits, and fees of the Capital One SavorOne Cash Rewards Credit Card.
Rewards from the Capital One SavorOne Cash Rewards Credit Card
Whether you’re a foodie who enjoys dining out with your family or you often order take-out with friends, using a Capital One SavorOne Cash Rewards Credit Card is a wise choice that can help you save money. Using this card, the average American could earn $110 in dining rewards per year, according to Select.
Members earn 3% cash back on dining and entertainment purchases, 3% cash back at grocery stores (excluding superstores like Walmart® and Target®), and 1% cash back elsewhere.
With the Capital One SavorOne card, you can maximize the number of rewards you earn by attending movies, sporting events, concerts, theater performances, and even tourist attractions. We crunched the numbers and found the average American can earn an estimated $98 cash back on qualifying entertainment purchases.
The best cash-back credit cards have some of the easiest welcome bonuses, offering great rewards with minimum spending requirements — and this card is no exception. In the first three months after opening a Capital One SavorOne Cash Rewards Credit Card account, new cardholders can receive a $200 cash bonus if they spend $500 on purchases. This bonus is quite generous for such a low spending requirement.
Based on Esri’s sample annual spending budget of $22,126, Select calculated how many rewards the average American can earn with their Capital One SavorOne Cash Rewards Credit Card.
There are six main categories in the budget: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862), and general purchases ($3,953).
# Chase Freedom Flex
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Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through the Chase Ultimate Rewards®, 3% on drugstore purchases and on dining (including takeout and eligible delivery services), 1% cash back on all other purchases
-
Welcome bonus
$200 cash back after you spend $500 on purchases in your first three months from account opening
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Annual fee
$0
-
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
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Regular APR
20.24% – 28.99% variable
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Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
3%
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Credit needed
Excellent/Good
This is why you should choose it
— Spend $500 on purchases within 3 months of account opening and receive a $200 bonus.
— You can earn 5% cash back on purchases in bonus categories each quarter up to $1,500.
— With Chase Ultimate Rewards, you can redeem rewards for cash back, travel, gift cards, and more.
— There is 3% cash back at drugstores and restaurants, including takeout and eligible delivery services, and unlimited 1% cash back on all other purchases.
— With a cash back, you can choose to receive a statement credit or a direct deposit into most U.S. bank accounts.
— Purchases and balance transfers will have a 0% intro APR for 15 months from account opening, then a variable APR of 20.24%-28.99% will apply.
— With Freedom Flex, you won’t have to pay an annual fee for all the great features it offers
— Chase Credit Journey helps you monitor your credit health with free access to your latest score, real-time alerts, and more.
# Chase Freedom Unlimited
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Rewards
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards, and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
-
Welcome bonus
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cashback. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
-
Annual fee
$0
-
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
-
Regular APR
20.24% – 28.99% variable
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Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
3% of each transaction in U.S. dollars
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Credit needed
Excellent/Good
This is why you should choose it
— A first-year earning rate that is exceptional
The Chase Freedom Unlimited is currently not offering a traditional sign-up bonus. Instead, new cardholders get an additional 1.5% cash back on up to $20,000 spent on your card during the first year you have the card. As a result, you can earn up to $300 in extra cash back during your first year with your card, in addition to your regular cash-back earning rate.
The Chase Freedom Unlimited card offers amazing earning potential with its first-year bonus. Cardholders can earn 5% cash back on travel bought through Chase, 3% on dining and drugstore spending, and 1.5% on all other purchases. This bonus increases the rates to 6.5%, 4.5%, and 3%, respectively, for up to $20,000 in spending within the first year of having the card.
— Skip 15 months of interest payments
New Freedom Unlimited cardholders also get a 15-month 0% introductory APR on purchases and balance transfers when they open a new account.
However, it’s important to pay off your debt in full before the end of that introductory period, because the APR increases to a variable APR of 20.24% to 28.99% thereafter. If, however, you need to make a large purchase and pay it off over time, this card can still earn rewards and make payments for over a year without paying any interest.
— For even better redemptions, combine with a premium Chase travel card
Chase Freedom Unlimited makes sense if you already have a premium Chase travel credit card, such as the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®.
The bank allows its customers to combine their Chase Ultimate Rewards points into one account, in order to gain more and better redemptions. The Chase Freedom Unlimited credit card advertises cash-back but actually awards the cashback in the form of these points. Normally, people use them to get 1 cent per point, however, those who have a premium Chase credit card can accumulate their points and access higher redemption rates.
The points in a Sapphire Preferred account can be redeemed for 25% more value when redeemed for travel with Chase, and points in a Sapphire Reserve account are redeemed at 50% more value. If you combine Chase Freedom Unlimited rewards with Chase Sapphire Reserve, you could earn 1.5 cents per point.
In addition to having the Chase Sapphire Preferred or Reserve, you can transfer points to Chase’s 14 airline and hotel partners, including United, Southwest, British Airways, and more. Hotels like Marriott, Hilton, and Hyatt are also part of this network. This way of redeeming points requires some extra flexibility, but can be even more rewarding if you’re booking a first-class or business-class ticket.
# American Express Cash Magnet Card
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Rewards
Unlimited 1.5% cash back on all purchases
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Welcome bonus
Earn a $200 statement credit after spending $2,000 in purchases within your first 6 months of card membership.
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Annual fee
None
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Intro APR
0% for the first 15 months on purchases from the date of account opening, N/A for balance transfers
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Regular APR
19.24% – 29.99% variable
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Balance transfer fee
N/A
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Foreign transaction fee
2.7%
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Credit needed
Excellent/Good
This is why you should choose it
After spending $1,000 on the Amex Cash Magnet Card within the first three months, you will receive a $150 cash-back statement credit as a welcome bonus. Approximately $333 is a reasonable amount of spending for most cardholders each month, which is about the average monthly spend.
In comparison with similar cash-back cards’ welcome offers, the Capital One Quicksilver Cash Rewards Credit Card offers a $200 cash bonus after only spending $500 in the first three months.
— A cash-back program
There’s no need to track your spending or enroll in bonus categories with the Amex Cash Magnet Card because you can earn cash back at a flat rate no matter where, when, or what you buy. This makes it an ideal choice for cardholders looking for a no-hassle way to earn cash back, without having to track spending or enroll in bonus categories.
Amex Cash Magnet earns “Blue Cash Reward Dollars,” which are equivalent to cash back when used toward rewards.
Make purchases on your Amex Cash Magnet card to earn cash back. Adding family members as authorized users or participating in Amex Offers are the only ways to earn an unlimited 1.5 percent back on every purchase. Unfortunately, there aren’t many other ways to accumulate extra cash back.
It doesn’t earn American Express Membership Rewards. Instead, you can redeem your rewards as statement credits, merchandise, or gift cards. Your cashback never expires, and you can earn as much as you want.
While some cards allow you to redeem cash back starting at any amount and can deposit it directly into your bank account, you’ll have to wait until you’ve earned at least $25 in cash back before you can redeem it.
— Fees and rates
No annual fee is charged on the Amex Cash Magnet Card. The card offers a relatively standard 0% intro APR period on purchases for 15 months, after which the ongoing APR of 19.24 percent to 29.99 percent depends on your creditworthiness. Its ongoing APR will be slightly lower than the current average after the intro APR period ends.
Foreign transaction fees of 2.7 percent make this a less-than-ideal option if you are planning to travel abroad. Late payment and returned payment penalties are up to $40.
# Blue Cash Everyday Card from American Express
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Rewards
3% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%), 3% cash back at U.S. gas stations, (up to $6,000 per year, then 1%), 3% cash back on U.S. online retail purchases, on up to $6,000 per year, then 1%. Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits.
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Welcome bonus
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
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Annual fee
$0
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Intro APR
0% intro APR for 15 months on purchases and balance transfers, from the date of account opening
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Regular APR
19.24% – 29.99% variable
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Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
2.7%
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Credit needed
Excellent/Good
This is why you should choose it
You may be interested in the Blue Cash Everyday Card from American Express if you spend a lot at the grocery store, the gas pump, and online – without paying an annual fee.
In exchange for no annual fee, you get 3% cash back at U.S. supermarkets, gas stations, and online retailers. In each of those three categories, you’ll earn 3% cash back, while all other purchases (including those above the $6,000 cap) will earn 1% cashback. Terms apply.
The card is often compared with its sibling, the Blue Cash Preferred Card from American Express, which is perhaps the ultimate gas and groceries card. A $0 annual fee is charged for the first year, followed by $95. In exchange, it offers one of the highest cash-back rates in the industry.
In a head-to-head comparison of the Blue Cash cards, the Preferred will come out on top for many households, but the every day can still keep up with its fellow AmEx or the cash-back competition.
American Express provides more details
— Spend $2,000 on your new Card within 6 months to receive a $200 statement credit.
— There is no annual fee.
— Enjoy 0% intro APR on purchases and balance transfers for 15 months after account opening. After that, variable APRs range from 19.24% to 29.99%.
— 3% Cash Back at U.S. supermarkets on purchases up to $6,000 per year, then 1%.
— Gas stations in the U.S. offer 3% Cash Back on purchases up to $6,000 per year, then 1%.
— There are terms and conditions.
How does credit card interest work?
Essentially, interest is the cost of borrowing money. It’s a small percentage of your unpaid balance that is charged to you. The higher the balance, the higher the fee, though it can be the same percentage. If you pay off your credit card balance in full every month, you won’t have to pay interest. If you still owe an outstanding balance, interest will accrue.
The APR or annual percentage rate of your card will determine the amount of interest you must pay. During the application process, the issuer will set your credit limit and post-introductory period interest rate. This interest rate is often a variable one that can differ depending on several factors, such as your credit score, payment history and open accounts and other related credit information. In other words, having a high credit score and low credit usage increases the likelihood of getting a lower interest rate.
This won’t affect transactors very much since they will avoid interest altogether. However, revolvers – cardholders who have a balance on their cards – will have to be aware of this very important factor.
In addition to government regulators and bank lending standards, several other external factors also affect credit card APR. As a result of recent interest hikes by the Federal Reserve, rates on most cards have increased. If you miss a payment by more than 60 days, you might incur a penalty APR. Your APR for purchases may differ from your APR for balance transfers, but the lower the APR, the better.
During the introductory period of a credit card, you can avoid interest charges temporarily by taking advantage of the 0 percent intro APR offer.
Is there a difference between interest and annual percentage rates?
Interest rate and APR are interchangeable terms when it comes to credit cards. Both refer to your credit card’s interest rate.
When you open an account with a credit card issuer, they may offer you a 0 percent introductory (APR) period or no-interest financing on purchases made during that time. It is common for credit card companies to offer this type of interest-free intro period of 12 to 21 months.
You should be aware that this type of promotion doesn’t last forever, and there are usually no upfront fees or penalties associated with it. Any remaining balance will begin to accrue interest at 16 to 29 percent after your 0 percent intro APR offer ends, plus all applicable fees and charges (such as late payments).
Frequently Asked Questions (FAQs)
When does the 0% intro APR end?
Despite being a great perk, 0% introductory APR offers come with a time limit. When your 0% introductory APR offer expires, the card’s regular, ongoing interest rate will apply to any future balance you carry. The next statement you receive will show you owe $200 plus any additional interest you have accrued if your intro APR period has ended and you still owe $200.
It’s not a quick fix to use your 0 percent intro APR credit card for purchases or balance transfers. To reap full benefits of the offer, you’ll still need to make regular monthly payments and pay off your debt before the offer expires. You can find your credit card’s ongoing APR in the fine print, so you know how much interest you’ll have to pay after the intro period ends.
What are the longest 0% APR credit card offers?
Currently, all intro APR offers are around 21 months long.
- There is a 0% intro APR on both purchases and balance transfers on the BankAmericard Credit Card for 21 billing cycles (transfers must be made within 60 days), followed by a comparatively low 16.24% to 26.24% variable APR.
- Wells Fargo Reflect offers 0% interest on purchases and balance transfers for 21 months after account opening. APRs are 18.24%, 24.74%, and 29.99% thereafter; balance transfers made within 120 days qualify for the intro APR rate (a 5 percent transfer fee, minimum $5).
- There is also a lengthy 0% intro APR for 21 months on balance transfers, followed by 19.24% to 29.99% variable APR on balance transfers made within four months of account opening. However, the 0% intro APR is also limited to 12 months on purchases.
Can I qualify for a 0% credit card offer?
It is best to apply for a new credit card that advertises a 0% introductory offer, as it is used by credit card issuers to attract new customers. You’ll need good to excellent credit to qualify for a card with a 0% interest rate. You’ll also need to be able to prove income and meet other requirements, as well as a credit score of 690 or better to qualify for any credit card.
Credit card companies occasionally offer 0% APR to existing customers to encourage them to use their cards (especially if they haven’t done so recently), but you can’t rely on it.
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