Credit cards can become one of your greatest assets if you are looking forward to purchasing a new item or consolidating an old loan. However, these financial cards are well known for having some of the highest interest rates compared to other financial products. It is worth noting that some of the best credit cards charge no interest on balance transfers, new purchases, or both for very long periods, with some up to 24 months.
What We'll Cover
- How 0% APR Credit Cards Work
- Wells Fargo Reflect Card
- U.S. Bank Visa Platinum Card
- Citi Diamond Preferred Card
- Chase Freedom Unlimited Credit Card
- Citi Simplicity Card
- Citi Double Cash Card
- How to Extend Your No Interest Offer on Your Credit Card
- Final Thoughts on No Interest Credit Cards for 24 Months
Currently, there are no 0% APR credit cards for up to 24 months. The closest offer you will find is a 0% interest credit card for up to 23 months on both billing transfers and purchases. It is, however, noteworthy that some credit cards, such as the Amazon.com Store Card, charge no interest for 24 months or even longer.
However, this is not true interest, but deferred interest. With deferred interest, if you fail to pay off your full balance by the end of your promotional period, you will be required to pay the accrued interest over the 24 months at the regular interest rate of the credit card. Read along to discover the best credit cards with the longest 0% introductory APR periods.
How 0% APR Credit Cards Work
A 0% APR credit card charges no interest for a predetermined amount of time, usually 12-24 months. During this introductory period, you will carry out balance transfers and new purchases at no charge. You can use these cards to consolidate your credit card debt. Furthermore, to qualify for most 0% APR credit cards, you will need to have a good or excellent credit score. If you have fair or poor credit, you will have a very hard time qualifying for a credit card interest-free period.
The following are some viable alternatives to 0% introductory APR credit cards for 24 months:
Wells Fargo Reflect Card
The Wells Fargo Reflect Card is ideal for individuals interested in simplicity and a good zero-APR offer. If you are looking for a card with a long introductory APR offer, this is the right card for you. New cardholders will be entitled to more than a year and a half of 0% introductory APR on qualifying balance transfers and purchases. What’s more, if you use this card to pay your monthly cell phone bill, you will receive up to $600 phone protection upon paying a $25 deductible. Cardholders are allowed to make a maximum of two claims per year.
As mentioned, the Wells Fargo Reflect card offers 0% introductory interest on purchases and qualifying balance transfers for up to 21 months. This card charges an introductory fee of 3% for the first 120 days after opening your account and then 5%. Wells Fargo Reflect Card further charges 12.99% to 24.99% variable APR on balance transfers and purchases.
- The card charges no annual fees
- The card has a long introductory APR period for up to 21 months on qualifying balance and purchases
- Using this card, you will have access to Visa Signature Concierge
- This card also offers access to Wells Fargo deals, with a cashback program when dining and shopping
- The card offers no rewards
- There is no welcome bonus
- You will be charged a 3% fee on foreign transactions
U.S. Bank Visa Platinum Card
The U.S. Bank Visa Platinum Card offers a very long introductory APR period of up to 20 billing cycles. After the fact, you will be charged a variable APR, which now stands at 14.49%-24.49%. Cardholders are also entitled to up to $600 phone protection coverage against damage or phone theft when they use their U.S. Visa Platinum Credit Card to pay monthly phone bills (terms and conditions apply). The card also allows you to select a payment due date that is compatible with your schedule.
- The card has no annual fees
- The card offers a no penalty APR
- The card has a long introductory APR period
- You will be entitled to cell phone protection
- The card has no reward programs
- The card has no welcome bonus
- The card charges a foreign transaction fee
Citi Diamond Preferred Card
If you are looking to consolidate your debt and make payments over time, you will enjoy Citi Diamond Preferred Card's long introductory period on bank transfers. This card has a 0% APR on balance transfers from the first date of transfer and 0% introductory APR on all purchases for 12 months from the date the account was opened. The cardholder will also charge you a $5 balance transfer fee or 5% of the total amount of every transfer, which is even more.
You can also use the Citi Diamond Preferred card to shop with confidence because you will be entitled to dependable protection benefits, which will be inclusive of 0% liability on unauthorized purchases. What’s more, the Citi Flex Plan offers a standard variable APR of 13.74%-23.74%, according to your creditworthiness.
- You will be charged $0 annual fees
- You will enjoy the long 0% APR introductory period
- You can use the card to access your FICO account online at no charge at all
- You can use Citi Entertainment to get preferential access to buy tickets to thousands of events, which include, but are not limited to, sports, concerts, and dining experiences
- You will be charged a 3% foreign transactional fee
- This card has no bonus or reward program
Chase Freedom Unlimited Credit Card
Chase Freedom Unlimited is a great spending card. The card allows you to hold a balance on new purchases with a fairly low introductory APR. As part of the introductory offer, you will receive 1.5% cash back on all items you purchase. This is applicable to up to $20,000 you spend in the first year after account opening. You will also be entitled to a 6.5% cash back on all travel bought through Chase Ultimate Rewards. This is Chase Bank's premier rewards program that allows you to redeem your rewards for cash or gift cards, and a whole lot more. The Chase card charges no interest for 15 months after account opening on balance transfers and purchases, then a variable APR of 14.99%-23.74%.
- You will receive a generous welcome offer
- You will enjoy an unlimited 1,5% minimum earning rate for your cashback rewards
- You will not pay an annual fee
- There is no minimum to redeem cash back
- You can use Chase Credit Journey to track your credit health
- You will enjoy real-time alerts and access to your latest score free of charge
- You will be charged a 3% foreign transaction fee
- The card charges a high cash advance fee of $10
Citi Simplicity Card
Citi Simplicity Credit Card offers a 21-month 0% introductory APR period on balance transfers and a 12-month 0% introductory period on purchases from the first day of account opening. After this period, a variable APR will be charged at 14.74% - 24.74%, according to your creditworthiness. You should complete your balance transfers within four months of account opening. You can also protect yourself with Citi Quick Lock and enjoy $0 on unauthorized charges.
- You will not be charged late fees
- There is no penalty APR
- This card has no annual fees
- The card offers purchase protection
- Citi Simplicity Card does not have a reward program
- Compared to other credit cards, this card has a higher APR
Citi Double Cash Card
Citi Double Cash Card offers a 0% introductory APR rate for the first 18 months on balance transfers. This offer is not applicable for purchases. After this, you will be charged a regular APR of 13.99%-23.99% variable on balance transfers and purchases.
- You will not be charged an annual fee
- You will receive 2% cash back rewards: 1% on all qualified purchases and 1% upon paying your credit card bill
- The card has a very simple cash back program that does not need spending caps or activation
- There is no welcome bonus; this means that you will not be able to maximize rewards in the first few months of your account opening
- You will be charged a minimum cash back redemption of $25
- You will be charged a 3% foreign transaction fee
- To qualify for the card, you need to have excellent/good credit
How to Extend Your No Interest Offer on Your Credit Card
Paying the full amount of your credit card debt before the end of your 0% introductory APR offer is the ideal case scenario. Yet, we all know that this does not often happen. If you still have a balance at the end of your promotional period, you can use these strategies to extend the no interest offer on your credit card:
1. Contact your issuer
It will be very unlikely for your issuer to extend the 0% introductory APR if you have not paid your debt in full because card issuers use variable interest to make money. However, if you have had no trouble paying off your debt and have no balances, your card issuer may consider extending your introductory period.
2. Apply for a new credit card with a different issuer
When your credit card interest-free APR period expires and you still haven't finished paying off your debt, you can apply for a new 0% introductory APR with a different card issuer. However, before you proceed with your application process, make sure that your card comes with the same 0% introductory APR. Also, make sure that you can transfer your existing balance to your new card.
Final Thoughts on No Interest Credit Cards for 24 Months
No interest introductory APR credit cards for 24 months or close to it are a good way to build your credit score. When selecting the 0% APR credit card for yourself, look for the card with the longest APR offer, remember to check for fees, evaluate the perks you want, take into account your spending style, and get to understand the ongoing variable APR. It is also worth noting that while 0% interest credit cards for up to 24 months on purchases can be an efficient way to finance, you need to be very cautious when using one to avoid building up debt that you cannot pay.