This article was written by Logan Abbott. Logan is a personal finance and credit card expert with over 10 years of experience. He is also the editor of MyRatePlan.com, a leading credit card comparison website.
It’s tax season and that means you’ve probably been taking a good look at your finances as of late. While tax season is almost over, it might also be a good chance to take a look at your credit cards. As a rule of thumb, you want to pay your credit card balance in full every month, but sometimes unexpected expenses arise such as car problems or medical bills that have the potential to break the bank if you don’t have a line of credit in the form of a credit card to pay for those expenses. If you find yourself in a situation where you need to use a credit card to pay for a large and unexpected expense, it’s a good idea to use a credit card that offers a long introductory period with no interest. By using 0% introductory APR credit cards, you can pay off that expense, and then have over a year of time in which you can pay down that credit card balance without incurring any interest. Since it can be tough to determine the best credit card amongst the hundreds of offers you see every month, I have analyzed them for you and explained them in this post.
Here are the best no interest credit cards currently available:
1) Discover it Card – The Discover it Card is currently my favorite no interest credit card on the market. With the Discover it Card, cardholders receive a 0% Intro APR on both purchases and balance transfers for 14 months. In addition, the card requires no annual fee, no overlimit fee, no foreign transaction fees, and no pay-by-phone fees. Discover will also not charge you a late fee for your first late payment, nor will they increase your APR for paying late. In addition, the Discover it Card offers 5% cash back on purchases in rotating categories throughout the year, as well as 1% cash back on all other purchases at all times. The card also comes with a Cashback Concierge to help you get the most out of your rewards, and a $0 Fraud Liability Guarantee to ensure that you never pay for unauthorized purchases on your card.
2) Capital One Cash Rewards Card – The Capital One Cash Rewards Card is another one of my picks for the best no interest credit cards currently available. With the Capital One Cash Rewards Card, cardholders receive a 0% APR intro period until April of 2014 on both balance transfers and purchases. In addition, the card offers a $100 bonus after you spend $500 on purchases in the first 3 months that you have the card. Cardholders also receive 1% cash back on all purchases, as well as a 50% cash back bonus on the cash back they earn throughout the year. This brings the effective cash back rate to 1.5%. The card also requires no annual fee.
3) Citi Simplicity Card – The Citi Simplicity Card is another great no interest credit card. While the Citi Simplicity Card does not offer a rewards program, it does offer one of the longest intro periods with a 0% APR on both purchases and balance transfers at 18 months. The card also requires no annual fee.