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<\/p>\n\nGetty Images \/ Narisara Nami<\/p>\n<\/div>\n
Are you thinking about applying for a zero-interest credit card? Credit cards with 0 percent introductory APR offers can help you fund a large purchase, pay off old debt and save money on monthly interest charges. However, many people don\u2019t realize that they need good to excellent credit to be accepted for one of today\u2019s best zero-interest credit cards<\/a>.<\/p>\n What credit score do you need for an 0 percent APR card? In most cases, you\u2019ll need a FICO score of at least 670 or a VantageScore of at least 661. If you\u2019re still working on building good credit<\/a>, don\u2019t worry. You can always improve your credit score before applying, or you can consider other low-interest credit options such as a personal loan.<\/p>\n Here\u2019s what you need to know about 0 percent intro APR cards, including why you need good credit to apply and what to do if your credit isn\u2019t quite there yet.<\/p>\n In most cases, 0 percent APR credit cards require good or excellent credit scores<\/a>. This means you\u2019ll need a FICO credit score<\/a> of at least 670 or a VantageScore credit score<\/a> of at least 661. If you have very good or excellent credit<\/a>, which means a FICO score of at least 799 or a VantageScore of at least 781, you\u2019ll be even more likely to be accepted.<\/p>\n Why do credit card issuers require a high credit score for these types of cards? Lenders want to make sure that you won\u2019t default on your credit card debt<\/a>, especially since they are offering you several months of zero interest on your purchases. If you make purchases and fail to pay them off, the credit card company could take a financial loss \u2014 which is why these lenders want to ensure that the best 0 percent intro APR cards only go to consumers who are likely to pay them back.<\/p>\n The Capital One SavorOne Cash Rewards Credit Card<\/a>, for example, offers 0 percent intro APR for 15 months on purchases and balance transfers (after that, it\u2019s 19.24 percent to 29.24 percent variable APR), and Capital One\u2019s website states that the credit level required for this card is \u201cexcellent.\u201d If you want an even longer introductory APR period, the Wells Fargo Reflect\u00ae Card<\/a> offers up to 21 months of 0 percent intro APR (17.24 percent to 29.24 percent variable APR therafter) on purchases and qualifying balance transfers. And, although Wells Fargo does not clarify what credit score is recommended to apply, our research indicates that people with good or excellent credit are more likely to be approved.<\/p>\n Most credit cards for bad credit don\u2019t include introductory 0 percent APR offers. However, many of the best credit cards for bad credit<\/a> can help you build your credit score while minimizing your monthly interest charges. Credit cards for bad credit tend to offer low credit limits<\/a>, which could make it easier to keep your monthly credit card bill under control. All you need to do is make few small purchases on your card each month and pay your statement balance in full<\/a> when it arrives. If you pay off your balance before your grace period expires, you won\u2019t be charged interest on your purchases.<\/p>\n If you have a fair credit score<\/a> and a large purchase<\/a> coming up, consider applying for a low-interest card. Many of today\u2019s best low-interest credit cards<\/a> are available to people with fair or excellent credit, giving you the option to carry a balance without accruing high interest charges. Keep in mind that your credit card interest will compound over time<\/a> \u2014 which means that even if you have a low-interest card, you\u2019ll still want to get your balance paid off as quickly as possible.<\/p>\n If you have poor credit and a small amount of credit card debt, consider asking your credit card issuer to lower your current interest rate<\/a>. Many credit issuers will lower your interest rate if you ask, especially if you\u2019re dealing with an unexpected financial hardship. If you have a history of on-time payments<\/a>, you have an even better chance of getting your request granted.<\/p>\n If you have poor credit and a large amount of credit card debt, you might want to consider debt relief. While debt relief services<\/a> have their pros and cons, many people successfully use them to consolidate their credit card debt<\/a> and lower their monthly payments. You may also want to consider taking out a personal loan<\/a> \u2014 especially if you can secure a loan that offers lower interest than what you\u2019re paying on your credit cards. You can use the personal loan to pay off your high-interest credit card debt, and then pay off the personal loan at a lower interest rate.<\/p>\n If you\u2019re hoping to use a 0 percent intro APR card to finance a large purchase without paying interest, you may want to wait and build your credit score<\/a> before you apply. That way, you get the benefits of zero interest and the benefits of good credit.<\/p>\n In most cases, you\u2019ll need a good or excellent credit score before you can successfully apply for a 0 percent intro APR card. This means a FICO credit score of at least 670 or a VantageScore of at least 661. If your credit score isn\u2019t quite there yet, you might want to build your credit before applying for a zero-interest credit card. You might also want to consider applying for a low-interest credit card or a low-interest personal loan, both of which could help you save money on interest charges even if you don\u2019t have good or excellent credit.<\/p>\n<\/div>\n\n Getty Images \/ Narisara Nami Are you thinking about applying for a zero-interest credit card? Credit cards with 0 percent introductory APR offers can help you fund a large purchase, pay off old debt and save money on monthly interest charges. However, many people don\u2019t realize that they need good to excellent credit to be …<\/p>\n","protected":false},"author":1,"featured_media":44595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44594"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=44594"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/44595"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=44594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=44594"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=44594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}0% APR cards require good to excellent credit<\/h2>\n
Are there 0% APR cards for bad credit?<\/h2>\n
Alternatives to 0% APR cards<\/h2>\n
Apply for a low-interest credit card<\/h3>\n
Lower your current interest rate<\/h3>\n
Seek debt relief<\/h3>\n
Wait and build your credit score<\/h3>\n
The bottom line<\/h2>\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"