Chase Freedom’s 0% APR lasts for the first 15 months the account is open. New cardholders will pay no interest on purchases during this introductory period. After the 0% rate expires, the card’s 14.99% - 23.74% (V) regular APR goes into effect.
Even though you’re not paying interest during Chase Freedom’s 0% introductory period, you still have to make timely payments each month. If you’re late in making at least the minimum payment required, you’ll risk having the 0% APR period ended early. The regular APR would take effect in that case.
You should also manage your purchases and balance transfers so that you’ll be able to pay off the entire balance within the 15-month introductory window. Once the 0% rate expires, you will be charged the regular APR on any outstanding balance, and interest will compound over time. This means interest is added to both the principal and all previously accumulated interest that you haven’t paid off yet. This occurs daily until you pay the balance in full.
Chase Freedom’s 0% APR offer is better than what you’ll find on most credit cards, but there are some better deals for certain situations.
The Chase Sapphire Preferred APR is 15.99% - 22.99% (V). Newly approved applicants are assigned a rate from Chase Sapphire Preferred’s APR range based on their credit standing and ability to pay the bills. The Sapphire Preferred Card does not offer a lower introductory APR to new cardholders.
Chase Sapphire Preferred’s high interest rates are pretty much par for the course for a rewards card, since they’re not meant to be used for financing. Also, rewards cards tend to come with annual fees and are more suited for customers who pay their balance in full each month. And that’s exactly what you should do with Sapphire Preferred. By always paying your bill on time and in full, you’ll save yourself a lot of money. There’s no penalty APR for paying late. But there is a late payment fee of up to $39 if you don’t make at least the minimum payment.… read full answer
It’s also useful to note that there’s one more major type of Chase Sapphire Preferred APR: the cash advance APR. Essentially, you can use your credit card like a debit card to withdraw money from ATMs. But you’ll be hit with an even-higher-than-normal APR on whatever you borrow, with no grace period. And on top of that you’ll have to pay a fee of $10 or 5%, whichever is greater. You should only do a cash advance if you’re in an emergency situation and have no other options.
Chase credit card interest rates can be as low as 0% for as long as 15 months. The best Chase credit cards with 0% interest rates are Chase Freedom and Chase Freedom Unlimited, offering 0% for 15 months on purchases. None of them have an annual fee, either.
Regular, ongoing Chase credit card interest rates can be as low as 13.24% (V) or as high as 23.99% (V), depending on the card and the applicant’s credit standing.… read full answer
Chase Credit Card Interest Rates:
Chase Freedom: 0% for 15 months on purchases; 14.99% - 23.74% (V) regular APR
Chase Freedom Unlimited: 0% for 15 months on purchases; 14.99% - 23.74% (V) regular APR
Chase Ink Business Unlimited: 0% for 12 months on purchases; Not Offered on balance transfers; 13.24% - 19.24% (V) regular APR
Chase Ink Business Cash: 0% for 12 months on purchases; Not Offered on balance transfers; 13.24% - 19.24% (V) regular APR
Chase Ink Business Preferred: 15.99% - 20.99% (V) regular APR
Chase has a whole load of credit cards co-branded with various companies as well, too many to list. But the Chase credit card interest rates for the co-branded cards don’t differ too wildly from the other cards. The lowest rate among them is 14.24% - 22.24% (V) on the Amazon Rewards Visa Signature and the highest is 24.99% (V) on a number of cards.
When shopping for a Chase credit card, don’t just look at the regular APR and intro APR. Make sure you know the other rates, like those for cash advances or late payments, too.
A 0% APR means that you pay no interest on new purchases and/or balance transfers for a certain period of time. The best 0% APR credit cards give 15-18 months without interest. But the average 0% APR intro period is about 10.5 months for cards offering 0% purchases. And it’s around 12 months for the average card with 0% on transfers.… read full answer
A 0% APR does not keep you away from monthly payments, nor does it completely remove interest out of the equation. You still have to make monthly minimum payments to keep your 0% APR. And if you don’t pay off your balance by the end of the 0% intro period, you’ll have to pay interest on whatever balance remains. The penalty is even worse with many retailers’ 0% financing offers. If you don’t pay off your full balance in time, interest will retroactively apply to your entire original balance – as if the 0% APR was never there.
There are a few other things you should keep in mind when thinking about 0% APRs, too.
0% APR Key Takeaways:
You pay no interest on your purchases and/or balance transfers for 2 to 21 months, depending on the card.
0% APRs make debt cheaper to pay off, which helps you get out of debt faster.
A 0% APR does not free you from the responsibility of making monthly payments. You must pay at least your monthly minimum to avoid being classified as late. Late payments damage your credit score.
Zero percent credit cards tend to have fairly high regular APRs. So you should strive to bring your balance to zero by the end of the 0% APR period, when regular rates take effect.
It’s also important to note that you won’t only find 0% APRs on credit cards. You may see auto loans with them, for example. Just be sure to always read the terms in detail before signing. You don’t want to end up with deferred interest instead of a true 0% APR.
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