- Bank Finance Rates

Selecting a 0% Introductory-Rate Credit Card

Although improving substantially since 2008, the United States economy still has its struggles. Due to this, combined with a more competitive employment market, more college-degree graduates, and a rising level of overspending amongst individuals; people commonly find themselves in debt on a regular to annual basis - both via the IRS, government debt, student loans, and even lines of credit or credit card debt.

Before deciding on pursuing and researching a credit card, including one with a 0% introductory rate, it's significant to consider a few very important variables such as the following:

  • Do you intend to pay debt off with this credit card, or another credit card with this one?

  • How much money do you make now, or project that you'll make beyond the typical 12-15 month period in which there's a 0% introductory fee? (As eventually, you're going to have to 'pay the piper'.)

  • Will you be making enough to support or recover this new debt now or beyond the introductory period?

  • Do you have low, 'average', or a high credit score? If it's not satisfactory, then the likelihood is you'll get stuck with less-quality plans, less flexibility, and higher interest rates following the introductory period that can easily reach and exceed 22-25%!

  • While some people might 'fantasize' about the luxury of having a 0% introductory fee and interest credit card, or spending heavily or unnecessarily; it's worthwhile to come back to reality and ensure you aren't setting yourself up for future problems, increased debt, or an otherwise unmanageable financial dilemma.

    What's Popular?

    In efforts to remain transparent, due to popularity, we still winded up selecting two different Chase credit cards with 0% introductory rates.

    In efforts to remain objective, let's review why and what the Chase Slate and Chase Freedom credit cards are, and compare one to the other.

    Although each have 0% introductory rates, the Chase Slate is hands down an optimal choice for balance (debt) transfers from another account, as they do not charge you a 'transfer rate' (3-5% ouch!) if you do so within the first 60 days. Chase Slate doesn't require an annual fee, which is very desirable and beneficial - as well as uncommon. If your credit score and situations allow it, this might be an optimal 'solution' to your current credit debt or line of credit.

    Chase Freedom on the other hand is more-so designed with those seeking rewards for spending, cash, and looking to optimize the likelihood that they will receive a lower credit rate after the introductory period. The Chase Freedom also has other bonuses for adding users, as well as spending patterns in which are outlined in the product details page found on Chase's website.

    Evaluating both of these options, it's unfortunately evident that both average an interest rate between 14-25% after the introductory period - which is generously designated as 15 months as opposed to the typical 12.

    Our last 0% Top-Rated pick is the Discover it Double Cash Credit Card, as it provides an outlet to doubling the money you spend - not the solution for someone looking to 'consolidate their credit' and also starts off with a lower interest rate - at just over 11%.

    However, the interest rate for this credit card, as well as the others could easy reach and surpass 25%, so it's worthwhile to conduct research into, and build if necessary your credit score in advance of applying to these outlets and products or services for the sake of 'liquidating', adding to, or otherwise spending additional credit.
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