Chase Freedom’s 0% APR lasts for the first 15 months the account is open. New cardholders will pay no interest on purchases and balance transfers during this introductory period. After the 0% rate expires, the card’s 16.49% - 25.24% (V) regular APR goes into effect. There’s also a 3% ($5 minimum) transfer fee on all balances transferred within the first 60 days of account opening. After that, the transfer fee jumps to 5% or $5, whichever is greater.
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 Slate card offers a lower balance transfer fee, for example.