Firstly, what is commonly known as a free APR credit card is actually a card that offers you 0% interest for balance transfer. More and more people are learning to use balance transfers to help them save money on their high interest credit card debts. However, these are only introductory rates and you should never assume you can get zero APR for a long time. The typical term is for your first 6 to 12 months of account opening.
Thereafter, you need to watch for the normal APR on these 0% balance transfer credit card offers once the intro period is over. For example, it may be 20% APR, which is higher than the previous card’s rates. For smaller balances, this is still not so bad, since the above interest rate is levied on your remaining balance or debt for the whole year and not 20% per month.
Usually, only the bigger banks can offer such benefits on credit cards. So if you want a long introductory 0% APR credit card, check out the offers from Discover, Citi Bank, Chase Bank etc. A reminder here, if you want a longer free APR introductory period, forget about card offers with cash back rewards. These are not suitable for people who need a card to reduce debts because you will need to spend more to benefit more on those best rewards cards.
It is more difficult to try and find zero percent APR balance transfer for bad credit cards, even though these people are the ones who can really benefit the most from such card benefits. The best way to get 0% balance transfer cards for bad credit is to quickly reduce your open balances on you existing cards first, before you even stand a chance. At the moment, do not keep trying just to test your luck. You will only cause your FICO score to drop further from all the credit queries done on your name.
Meanwhile, you do not have to waste your time looking for secured credit cards with free balance transfer fees since they do not work that way. Prepaid credit cards are designed for those with high borrowing risk, so you will not be getting any real credit from the banks.
So when you may have some high interest debts and personal loans to pay off, the best 0 percentage APR cards will be able to help you manage these debts in a cheaper manner. While you will not be able to get 0% interest loans, it is nearly equivalent when you simply transfer these to a new Mastercard or Visa card with 0% APR for 12 months. You do not have to pay any loan interest for the whole year, and these money can be used to pay off more of the debt principal.
When you are truly trying to get out of debt quickly, fixing your bad credit and get the best cards with free APR balance transfer will really work for you. Note that some banks will not allow you to transfer over balances from other cards that are also issued by that bank. So you will need to move them from another bank, which is their competitor in order to qualify for 0 APR balance transfers and fees.
For example, when your normal card APR is 15% and you have a unpaid $5000 balance. You can thus save up to $750 each year. Even if you do not have any extra money to pay off this $5000 debt, it remains as it is instead of becoming approximately $5750.
Of course, it is still recommended you try and pay these balances off as fast as possible since they do not a negative effect on your personal credit records. Remember to compare the various benefits and fees on zero APR credit cards and maximize their allowable transfers. Check out these best credit cards to build FICO scores.