This guest post was written by Jason Bushey . Jason is a personal finance blogger and the Editor of Creditnet.com.
Now that we’re a full month into the new year, we feel comfortable declaring which 0% APR credit cards stand out as the very best in 2013.
But first, here’s a quick refresher on what a 0% APR credit card is and how they can save you money…
0% APR credit cards include no interest fees for anywhere from 6-to-18 months on purchases, balance transfers or both. These 0 interest periods are promoted as an incentive to attract new customers, and can be particularly useful for the shopper that carries a balance and would like to start paying down their credit debt directly, interest-free.
While each 0 interest card has its own stipulations, the general idea is always the same: pay on time to remain eligible for the full intro period, and pay down as much debt as you can at no interest to take full advantage of your new card.
Alright, now that you know how interest-free intro periods can benefit you, here’s our list of the best 0% APR credit cards of 2013.
Discover it® card – 18 Month Balance Transfer
Discover’s new cash back card sets the bar for 0% APR credit cards in 2014. First, it’s tied for the longest 0% introductory period today, clocking in at a full 18 months. Plus, that intro period applies to both balance transfers and purchases alike, so your old debt and your new purchases are both covered.
What sets this 0% interest card apart from others, however, is its lucrative cash back rewards program. The Discover it® card – 18 Month Balance Transfer offers a 5% Cashback Bonus® on rotating categories that change each quarter when they enroll for free for up to $1,500 in purchases; generous 5% cash back on up to $1,500 in Restaurant and Movie purchases from January through March 2014 with free and easy sign-up. And 1% cash back on all other purchases..
All other purchases made with this zero APR card include 1% cash back and, combined with the savings available through the ShopDiscover® online marketplace, there’s a lot of money to be saved when you sign up for the Discover it® card – 18 Month Balance Transfer.
Citi Simplicity® Card
The Simplicity® Card from Citibank is a 0% APR card for consumers most interested in consolidating their debt. There’s no fancy rewards program attached to this card; instead, the Simplicity® Card builds itself as just that: a credit card that makes spending and consolidating “simple.”
This card is regarded for its 18 month 0% interest intro period applied to both balance transfers and purchases, and it charges ZERO late payment fees – not that you should be paying late, anyways.
If you’re considering moving your old credit debt that’s collecting interest and becoming harder and harder to pay down, the Citi Simplicity® Card is an excellent choice for 2013.
Chase Freedom® MasterCard
Finally, the Chase Freedom® MasterCard makes up for a slightly shorter 0% APR interest period with one of the better credit card sign-up bonuses on the market today.
Cardholders can earn a $100 cash back bonus after spending $500 in the first three months as a cardholder. Like the aforementioned Discover Card, the Chase Freedom® MasterCard includes 5% cash back on up to $1,500 in purchases made in rotating categories – through March 31st, this includes purchases made at gas stations, drugstores and Starbucks® stores. Cardholders will also earn an unlimited 1% cash back on all other purchases.
The 15 month intro period attached to this 0% APR credit card applies to both purchases and balance transfers, and like the cards mentioned above there is no annual fee to contend with.
Each of the three 0% interest credit cards listed can save you money on interest when you transfer your current credit card balance. And even if you have no debt to transfer, their 0% intro periods applied to new purchases, as well as the lucrative rewards programs attached to the Discover and Chase cards, mean interest-free shopping with some serious perks in 2013.
Category: Credit Card