Q:

Are there legitimate credit cards that offer 0 percent APR?

A:

Quick Answer

There are credit cards that have an annual percentage rate, or APR, of 0 percent, but this rate is only in effect for a limited period of time and goes up thereafter, notes Bankrate. This introductory APR usually applies to both balance transfers and purchases, and it might last for a period, such as 15 months, Examples of cars that offer this percentage rate, as of April 2015, include the Slate and Freedom Cards available through Chase. An annual fee may apply with some cards with a 0 percent APR.

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Full Answer

Card users who transfer balances from cards with high interest rates can benefit from cards with the 0 percent APR since these will save them several months of interest, notes CreditKarma. However, the user should check if there are any balance transfer fees involved in the process as this can cost an additional fee of 3 percent, warns Bankrate.

Someone interested in applying for one of these cards has to meet credit score requirements, so even a pre-approved offer doesn't necessarily mean the applicant will be approved for the card, states Bankrate. In addition, it is important to ask the credit card company what the interest rate will be after the introductory period ends, especially if the balance transfer will take longer than the introductory period to pay off.

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