Best 0% APR Balance Transfer Credit Card Deals: July 2020

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2020 has been a very difficult year. Millions of Americans are unemployed. Those who have not lost their jobs may have seen their working hours reduced, or seen a drop in their business or related income. Meanwhile, some coronaviruses relief programs should end, and the bills keep coming in.

That’s why, perhaps more than ever in recent history, many Americans could use a credit card with 0% APR so that they could eliminate interest payments on credit cards while they reimburse their balances.

Unfortunately, many of the major card issuers have withdrawn their promotional financing offers as the coronavirus crisis has spread. But don’t give up hope. There are still several credit cards left with valuable 0% APR offers for new purchases, balance transfers, or both.

How to best use a balance transfer card

Before you apply for a new balance transfer card, a word of warning: first and foremost, you should only use a credit card with a 0% APR balance transfer offer to help you pay off your credit card debt. Don’t buy one of these cards if all you want to do is postpone paying off your debt. The best way to use a 0% annual interest rate offer is to set a goal of paying off all of your debt before the offer expires and the standard interest rate applies, and s ‘stick to your plan.

As valuable as these offers are, there is almost always a 3% balance transfer fee charged on the transfer amount and added to your balance. Some cards even charge a 5% higher fee, and the rare no-transfer-fee offers once found are no longer available at this time.

Plus, if you have past due credit card debt, you should focus on paying it off rather than earning rewards with a card. When you think of the rewards, you may be tempted to overspend.

Citi® Diamond Preferred® Credit Card

Key words

Promotional financing offer: 0% APR for 18 months on new purchases and balance transfers, with a 3% balance transfer fee.

Standard APR: 13.99% – 23.99% Variable, depending on your creditworthiness.

Annual subscription : $ 0

Citi Diamond Preferred now has the best promotional finance offer. You will receive 18 months of interest-free financing on new purchases and balance transfers, with a 3% balance transfer fee. This means that you won’t incur any interest charges until the year 2022. Otherwise, it’s a fairly straightforward card that doesn’t offer any rewards, but also doesn’t have an annual fee.

The inconvenients: Like most Citi cards, this one offers few benefits to cardholders, such as extended warranty coverage or rental car insurance.

Citi® Double Cash Credit Card

Key words

Promotional financing offer: 0% APR for 18 months on new purchases and balance transfers, with a 3% balance transfer fee.

Standard APR: 14.74% – 24.74%, depending on your creditworthiness.

Annual subscription : $ 0

Citi Double Cash combines competitive rewards with a strong promotional fundraising offering. This card offers 18 months of 0% APR financing on balance transfers, with a 3% balance transfer fee.

This card also offers 1% cash back at the time of purchase, as well as an additional 1% cash back when you pay for your purchases, for a total of up to 2% cash back on all purchases, without limit. You can even transfer your rewards into Citi ThankYou points, which can be transferred to miles with 16 different loyalty programs.

The inconvenients: Again, the downside to this card is that Citi no longer offers as many benefits to cardholders as other card issuers.

Key words

Promotional financing offer: 0% APR financing on new purchases for 12 months.

Standard APR: APR from 13.99% to 23.99%, depending on your creditworthiness.

Annual subscription : $ 95

American Express Blue Cash Preferred includes 12 months of 0% APR financing on new purchases which can be extremely valuable. In today’s travel reduction environment, Blue Cash Preferred is one of the top reward cards due to its superior cash back offering. It offers 6% cash back on your first $ 6,000 spent each year in US supermarkets, as well as unlimited 6% cash back on purchases of select streaming services including Apple Music, Audible, Disney +, HBO Max, Hulu, Netflix, Spotify and YouTube TV.

You also receive 3% cash back at U.S. gas stations and on transit purchases such as rideshare, parking, tolls, and transit. There is also a good signup bonus offer: New cardholders can earn $ 250 in cash after spending $ 1,000 on their card within three months of opening the account.

The inconvenients: This card has an annual fee of $ 95 which isn’t too bad considering the initial bonus and all the cash back rewards you can earn. But if you have modest spending needs, it might not be worth paying an annual fee.

Key words

Promotional financing offer: 0% APR financing on balance transfers for 12 months, with a 3% balance transfer fee.

Standard APR: 7.49% to 17.99%

Annual subscription : $ 0

The PenFed Gold Visa® credit card gives you both an interest-free promotional financing offer and a surprisingly low standard interest rate. You will receive 12 months of 0% APR financing on balance transfers, but once it expires the standard rate is 17.99% APR. The most qualified applicants with excellent credit will receive one of the lowest standard interest rates available on any credit card in the United States. Other applicants will likely still receive a lower standard interest rate than competing credit cards.

New applicants can still receive a $ 100 credit after using your card to spend at least $ 1,500 within 90 days of opening an account.

The inconvenients: Although this card offers a welcome bonus of $ 100, it is not a rewards card. This shouldn’t be surprising since cards with the lowest possible standard interest rate would generally not be able to offer cash back or other rewards.

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A credit repair business could improve your chances of getting approved.

Credit repair companies, like Credit Saint, specialize in finding and fixing errors on your report to help you improve your credit.

TO START

More money :

No one is really traveling at the moment. Should you still consider a Travel Rewards credit card?

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