Is there a credit card with no interest?

Question

You can get 0% interest on an existing credit card only if your credit card company makes you a special offer. Some lenders occasionally offer 0% APRs to existing credit card customers who have been with the company for a long time and have a good payment history. You can see if you’re eligible for any such offers by calling your credit card’s issuer or checking for deals in your online account. … read full answer

How to Get a 0% APR on an Existing Credit Card

Ask if your account is eligible for any 0% APR promotions. Customer service can inform you if there are any active 0% APR promotions for existing cardholders. There is no exact science to asking for a 0% interest offer, though members on online forums have claimed this method to be successful from time to time. You can also check your online account for offers.

Keep your credit card balance low. If you have debt to pay off, the credit card issuer is unlikely to lower your interest rate, since it means losing profit. You are more likely to receive a 0% APR offer on a credit card with no balance, since the issuer stands to earn revenue from interchange fees on the purchases you would be motivated to make.

Ask for a retention offer. You can try contacting customer service to express your intention to close the account. A retention officer might offer you a 0% interest period as an incentive to keep the account open. Do not attempt this method unless you are actually willing to terminate your account, though, since the issuer might actually follow through with your request right away.

That being said, there are many credit card offers that guarantee 0% APR periods for new cardholders. You can compare the latest offers for 0% interest credit cards on WalletHub.

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Answer 1 · 2022-05-06 17:09:31

John S Kiernan, Managing Editor

@John • 05/06/22 This answer was first published on 05/06/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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There are credit cards with no interest in the short term, but there is no credit card with no interest forever. A number of credit cards do have introductory 0% APR offers, giving an average of 12 months with no interest on purchases and 13 months with no interest on balance transfers. However, once the introductory rate expires, the card’s regular interest rate goes into effect.

Plus, even credit cards offering a promotional 0% APR will still charge a separate, and usually higher, interest rate on cash advances. Others will also impose a penalty APR for late payments.

The good news is that you can avoid paying interest altogether, regardless of the interest rates a credit card may charge. As long as you pay your credit card balance in full by the payment due date every month, the issuer won’t charge interest. Consider setting up automatic monthly payments for the entire balance so you don’t forget.

Also, don’t use the card for cash advances, or for balance transfers not subject to an introductory 0% APR. Interest accumulates daily on both cash advances and balance transfers, starting on the transaction date, and will be added to your statement balance at the end of the billing period.

Is there a credit card with no interest?

John S Kiernan, Managing Editor

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