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Simply put, a credit card with a 0% APR does not charge interest. You read it right, no interest. Credit card companies generally offer a 0% introductory APR for purchases or balance transfers, or even both, allowing you to transfer a debt from a high-interest card or make a major purchase and pay it off over a set period of time without paying interest. This can help you pay off debt without facing further interest charges.
Typically, a 0% APR represents an introductory rate. This means you don’t have to pay interest on purchases or balance transfers for a set number of months after opening the account. Some cards limit the offer to purchases or balance transfers alone, but others allow 0% APR on both. Some providers will even provide a few months on one and an additional few months on the other, so it is important to read the card details carefully.
But, there may be limitations to 0% APR credit cards. For example, a card could offer 12 months of no interest, but only on balance transfers performed during the first 60 days. Additionally, even if you are not being charged interest, you may be required to pay a balance transfer fee. Before transferring money, read the fine print because the terms associated with each card may differ.
Also, keep in mind that if you miss a payment or are late, there may be a penalty, such as a higher APR, so make sure you complete your payments on time. Also, if you have a balance on your account when the promotional 0% APR term expires, you will be charged the normal APR rate on that amount, so make sure you pay off or at least reduce your balance before the introductory period ends.