The best credit card with a 0% APR for 15 months is the Wells Fargo Active Cash® Card. It offers an introductory rate of 0% for 15 months from account opening on new purchases and 0% for 15 months from account opening on qualifying balance transfers. Plus, Wells Fargo Active Cash gives you 2% cash rewards on all purchases and has a $0 annual fee. There’s also an initial bonus of $200 cash rewards after spending $1,000 in the first 3 months.
Just bear in mind that Wells Fargo Active Cash has a regular APR of 18.74% - 28.74% Variable and a balance transfer fee of 3% intro for 120 days, then up to 5% (min $5). It’s still the best option, but you need to account for these costs.
It’s important to remember that even the best 0% APR credit cards come with very high regular APRs. So if you opt for a credit card with a 0% APR for 15 months, be sure to pay off the entire balance before the intro offer expires in order to avoid costly interest charges. WalletHub’s credit card payoff calculator can help.
A 0% APR for 15 months means you will pay no interest on new purchases or balance transfers for 15 consecutive billing periods, as long as you make at least the minimum monthly payments along the way. When the interest-free introductory period ends, the credit card’s regular interest rate will apply to any remaining balance.… read full answer
Credit Cards That Offer 0% Intro APR for 15 months
If you’re looking to save money on either new purchases or balance transfers, you should also consider credit cards that have 0% APR periods longer than 15 months. You can check out our editors’ picks for the best 0% APR credit cards and the best balance transfer credit cards to see more options.
*All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.
The longest 0% APR credit card is the Wells Fargo Reflect® Card as it offers an introductory purchase APR of 0% for up to 21 months from account opening. That rate is coupled with a balance transfer intro APR of 0% for up to 21 months from account opening on qualifying balance transfers – subject to a balance transfer fee: 3% intro for 120 days, then up to 5% (min $5). Once the introductory periods are over, remaining balances are subject to a regular APR of 16.74% - 28.74% Variable. Given its $0 annual fee, the Wells Fargo Reflect card makes for a great option both for financing larger purchases and transferring pre-existing debt. There are several other options with long 0% intro APRs that are worth your consideration.… read full answer
0% for 21 months – subject to a balance transfer fee: 5% (min $5)
16.74% - 27.49% (V)
These cards benefit from $0 annual fees and require good credit or better (a credit score of 700+) for good odds of approval. None of these cards offer rewards, but they’re meant for financing rather than regular spending. You can always adopt the island approach and use a different rewards card for purchases you’ll pay in full each month. All of these cards also require good or excellent credit.
It’s important to note that some store cards may offer 0% interest for longer than 21 months, but they use deferred interest. That is, you earn interest on your balance during the 0% period but don’t have to pay that interest if and only if you bring your balance to $0 before the 0% period ends. The JCPenney Credit Card is one example, offering 18 - 24 months of deferred interest. But those cards are best avoided, because not paying your balance in full by the end of the intro period allows for a high APR to retroactively apply to your entire original purchase amount – as if the low intro rate never existed.
A 0% APR is good for your credit if you take advantage of the introductory period to pay off your debt in full. While credit card APRs don't directly affect your credit scores, you can bring down a large balance faster if you don't have to pay interest, which will ultimately help your credit score. Using a 0% APR credit card irresponsibly, however, can have the opposite effect.… read full answer
With a 0% APR credit card, you don't pay any interest on new purchases and/or balance transfers for a certain amount of time. The average length of 0% interest is 12 months on purchases and 12 months on balance transfers. A 0% APR credit card can have a positive effect on your credit, but it all comes down to how you use it.
Things to Consider When Building Credit with a 0% APR Credit Card
Choose a 0% APR credit card that suits your financial needs. It is usually best to apply for a card with a long 0% APR offer, because it will give you more time to pay off your balance. And if you keep your account in good standing, it will eventually help you build credit.
A new credit card might affect your score. Keep in mind that regardless of the card’s APR, a new credit card application will result in a hard pull of your credit report. This inquiry may create a short term drop of your credit score.
Avoid the urge to overspend. It goes without saying that you'll still have to repay everything you charge to your card. Rather than buying on impulse, come up with a reasonable spending plan that takes full advantage of the 0% APR on purchases.
Bring your balance down to zero by the end of the 0% APR period. Cards with 0% intro APRs tend to have high regular interest rates. Regular APRs go into effect as soon as the promotional period expires, and they usually apply to any balance remaining at that time. Some retailers offer deferred-interest financing, which means you will retroactively owe interest on the entire original purchase amount.
Remember to make monthly payments. Regardless of whether your balance is accruing interest, you still owe minimum monthly payments. Missing payments can considerably damage your credit score, and it also puts you at risk of losing the 0% APR period altogether.
Keep your credit utilization rate low. It's generally a good idea to charge large purchases to a 0% APR credit card so you can pay back the debt over time while avoiding interest. However, a credit utilization rate over 30% will temporarily impact your credit score in a negative way.
How 0% Loans Affect Your Credit
Installment loans, such as car loans, also offer 0% deals, but they don't affect your credit score in the exact same way. Installment loans are not factored into your credit utilization score, as credit utilization only measures your use of credit cards and other revolving lines of credit. That said, a loan - and your payment record on a loan - will impact your credit score overall, so make timely monthly payments.
To keep track of your credit score while repaying a debt with a 0% interest deal, you can sign up for a free WalletHub account.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.