How to Get 0% Interest on an Existing Credit Card (2024)

FAQs

How to Get 0% Interest on an Existing Credit Card? ›

Sometimes, though, an issuer will offer you a 0% period for a card you're already carrying, in an attempt to get you using the card more often. To qualify for a 0% offer, you'll typically need good credit or better (generally defined as a score of at least 690).

You can get 0% interest on an existing credit card only if your credit card company makes you a special offer. Some lenders occasionally offer 0% APRs to existing credit card customers who have been with the company for a long time and have a good payment history.

A lower interest rate can ensure you pay less in interest over time, so it's worth asking for. You may also be able to qualify for a 0 percent APR on a credit card for a limited time, although you'll typically need good credit or excellent credit to qualify for that type of offer.

Not everyone can qualify for an interest-free loan. In fact, lenders or dealerships might review several requirements, including: Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan.

Late payments can foil your plans

First, understand that making a late payment on a 0 percent intro APR credit card can cause a forfeiture of the card's introductory APR period. This is because late payments are normally a violation of the introductory offer terms.

Credit card interest rates can make it harder to pay off your debt, but you may be able to negotiate a better rate or a limited-time offer by simply calling your credit card issuer. While it can some time and effort and your request may be denied, it doesn't hurt to ask.

If you'd like to avoid paying interest on your credit card, you have two options. You can pay off your balance before your grace period ends, or you can apply for a credit card that offers a 0 percent intro APR on purchases for a time.

Can you get 0% interest on an existing credit card? ›

Promotional 0% APR periods, when they're offered, are usually limited to new card accounts. Sometimes, though, an issuer will offer you a 0% period for a card you're already carrying, in an attempt to get you using the card more often.

Factors that increase your APR may include federal rate increases or a drop in your credit score. By identifying changes to your APR and understanding the actions that led to your increased rate, you can take steps that may help reduce your interest charges in the future.

Carrying high balances on a 0 percent intro APR card might cause short-term damage to your credit score — but carrying those balances after the introductory APR expires creates a long-term problem. Once your zero-interest period ends, any unpaid balances will begin to accrue interest at the regular interest rate.

Pay your credit card bill in full every month

If you pay off every bill completely, you won't carry a balance into the next month, meaning you won't owe any credit card interest at all.

Paying off your statement balance (the amount from your last statement cycle) each month. Paying off the current balance (the amount of all up to date transactions) will also help you to avoid paying interest. Reviewing your statement a few times a month to make sure you're staying within your monthly budget.

Cons of a Balance Transfer

You will typically pay a fee of 3% to 5% of the amount transferred. In most cases, there is a minimum amount for the balance transfer fee, and the lower percentage usually applies only to balance transfers made shortly after you open the credit card.

Credit card interest rates can make it harder to pay off your debt, but you may be able to negotiate a better rate or a limited-time offer by simply calling your credit card issuer. While it can some time and effort and your request may be denied, it doesn't hurt to ask.

0% APR cards require good to excellent credit

This means you'll need a FICO credit score of at least 670 or a VantageScore credit score of at least 661. If you have very good or excellent credit, which means a FICO score of at least 740 or a VantageScore of at least 781, your chances of approval are even higher.

A 0% APR credit card offers no interest for a period of time, typically six to 21 months. During the introductory no interest period, you won't incur interest on new purchases, balance transfers or both (it all depends on the card).

0% credit cards can let you borrow without paying interest

With a 0% interest rate offer, you use your credit card without paying interest on your balance for a set period of time.