What happens when my 0% Intro APR credit card Runs Out?

What happens when my 0% Intro APR credit card Runs Out? -

Regarding credit cards, there are many misconceptions and rumors about how they operate, and credit cards that offer 0 % intro APRs are no exception to this rule. To help you get a better idea of ​​what you sign up for when you apply for an intro APR credit card 0%, we debunk the myths and explain what actually happens when your introductory APR is exhausted.

common misconceptions

Before explaining what happens when your 0% introductory runs out, we must first answer two misconceptions.

1. You will be billed back-interests. Many consumers think that if you still have a balance on the card after the 0% interest allocated months have passed, you will be required to pay interest for all previous months. Although this is the case with some store credit cards, as detailed by the Bureau of Consumer Financial Protection, this is not the case with most credit cards, such as those under consideration. Instead, these cards allow you to get the indicated amount of months no interest, then when the intro period of 0% APR expires, you will be charged interest on every month going forward. This means that if you sign up for a card with a 12 months 0% Intro APR, you will start to pay interest for the month and 13.

2. There are always hidden costs. Another common misconception many people have about 0% Intro APR credit cards is that you load a bunch of hidden fees, because they believe that the credit card provider needs to find a way to compensate interest it is charging you. While there may be charges such as balance transfer fee or an annual fee, you can easily spot these charges under the terms and conditions of the card. And if you are unsure where to look, you can always check our credit card comments, as we make sure to report these costs.

What actually happens when my 0% Intro APR is exhausted?

As the above section describes some, nothing too dramatic occurs when your 0% intro April time period. Even if you have to pay interest for each month from that date, you should not pay interest on any outstanding balance or something like that. Ideally, you have already paid off the balance of the time the 0% Introductory APR is gone, but if you do not have it, there are options for you. Note that before you take a look at all the options, you want to assess your current situation. Make sure you look at how much you have yet to determine if you can realistically have paid to the next month. Alternatively, you can transfer the balance to a card with a 0% Intro APR on balance transfers. While most cards charge a balance transfer fee, which is usually 3% to 5% of the total transferred, it can be worth it because you will not pay anything in interest. And our senior balance transfer card, Chase Slate has an intro fee $ 0 of transfers made within 60 days of opening the account. That said, if you have a large amount that you do not feel you can be paid before the intro 0% period expires in April, you can consider a personal loan. While you will not be able to avoid interest charges as with a transfer credit card balance, the interest rate you will pay on a personal loan will likely be lower than the rate you pay on a credit card once the introductory period of 0% ends.

all the cards 0% APR introductions are the same?

Although it does not seem that way, all the 0% Intro APR credit cards are not created equal, as they are designed to give the cardholder various benefits for various purposes. For example, if you make a purchase or plan to fund a major event like a wedding, a card with a 0% Intro APR on purchases is the best option for you because you will have a long period of time to pay off the purchases you make totally uninteresting. On the other hand, if you are carrying a balance on a high interest credit card, you'll want to opt for a card that offers an introductory APR of 0% on balance transfers because you can transfer the balance of the high interest card to the new card without paying interest for a longer period of time. Those who want to transfer a balance and make loads the card without having to pay interest on each transaction will want to choose a card with both a 0% introductory APR on purchases and balance transfers. With so many cards on the market, it can be difficult to know which cards match each of these criteria, which is why we have detailed the above options.

Chase Slate

When it comes to balance transfer credit cards, no card is similar to Chase Slate. Indeed, this card not only offers 0% Intro APR on purchases for 15 months , but it also offers a 0% Intro APR on balance transfers for 15 month and a tax intro 0 $ on transfers made within 60 days of opening the account - you can save a balance transfer fee of $ 5 or 5% of the amount of each transfer, according The highest. While Chase Slate does not offer any sort of cash back rewards, the card $ 0 annual fee and it needs a minimum credit rating for approval of a large, unlike most other cards in this list that require excellent.

Chase Freedom Unlimited

Do you want a card that offers a little more than a 0% Intro APR on purchases balance transfers? If so, the freedom of unlimited Chase may be the card for you because you earn cash back on all purchases you make. To start, this relatively new credit card gives you 15 months 0% Intro APR on purchases and balance transfers (with a balance transfer fee of 5%). Then you will have an unlimited number of 1.5% cash back on every purchase - is automatic, so no need to worry about signing up for rewards or rotating categories. And if you spend $ 500 on purchases within the first 3 months, you will receive a $ 150 bonus. As if that were not enough, this card has no annual fee and you can redeem your rewards any time for any amount.

See what Cashback game

Another great option for those looking to get a 0% Introductory APR with cash back is the Discover Cashback Match it, which can essentially you earn 10% cash back on rotating categories for your first year of membership card from Discover is the set of cash back you have earned in the first year - which means, if you earn $ 400, Discover will turn it into $ 800. This card offers 12 months 0% Intro APR on purchases and balance transfers (with 3% balance transfer fee), as well as some high-end cash back rewards. The Discover it Cashback game, you earn 5% cash back bonus in new categories of up to $ 1,500 per quarter you turn. These categories are the home improvement and Amazon.com Amazon.com to September and from October to December, which means you earn 10% cash back on Amazon.com for 6 months! Note that you must register in the categories of 5% each quarter, but this can easily be done through the online portal of Discover. Rounding out the card is 1% cash back on all purchases, which is 2% for the first year out matches your rewards, no annual fee and is available to those excellent, good or average credit.

Citi Card Simplicity - No late fees Ever

If you need extra time to pay the balance, the card Simplicity Citi - No Ever late fees (an advertiser NextAdvisor) is the card for you because it offers 21 months 0% intro APR on purchases and balance transfers . Although you have to pay a 3% balance transfer fee for each balance transferred, you will never have to pay annual fees, late fees or penalty rates, making it a good option if you tend to forget when your payment is due.

Citi favorite Diamond

Citi preferred Diamant (a NextAdvisor seller) is another excellent choice if you have a heavy balance due, as it offers 21 months 0% intro APR on purchases and balance transfers . Similar to the Citi Simplicity card, you will pay a fee balance transfer 3% of each transfer, but one thing that is unique to Citi Diamond Preferred is its 24/7 concierge service that helps you in booking travel plans, like your hotel rooms, flights and more. To sweeten the deal, Citi Diamond Preferred also no annual fee.

discover - 18 months balance transfer offers

If you are looking for an introductory 0% card in April to complete a balance transfer, Discover - 18 months balance transfer offer may be the card for you. Indeed, this card gives you 18 months 0% Intro APR on balance transfers (with 3% balance transfer fee) and a 6 months 0% Intro APR on purchases . Similar to discover what Cashback game (detailed above), Discover - 18 month balance transfer offer also earns cash back rewards - 5% cash back on up to $ 1,500 on purchases in certain categories that rotate quarterly and an unlimited number of 1% on all other purchases. And at the end of your first year, Discover will match any cash back you won. For example, if you earned $ 100 cash back, it will be $ 200. No annual fee and a required credit rating excellent, good or average Discover it brand - 18 month balance transfer offer a great option for almost everyone

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See our reviews of credit cards to learn more about the detailed maps in that position and see how they compare to other big names on the market.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and has not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but the terms and conditions of card can change at any time. This site may be compensated by the sending credit card affiliate program.