We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Buying a home
Refinance your existing loan
Finding the right lender
Resources for all borrowers
Looking for the perfect credit card?
Narrow your search with CardMatch™
Compare accounts
Use calculators
Get advice
Bank reviews
Looking for the perfect credit card?
Narrow your search with CardMatch™
Compare by category
Compare by credit needed
Compare by issuer
Get advice
Looking for the perfect credit card?
Narrow your search with CardMatch™
Personal Loans
Student Loans
Other Loans
Loan calculators
Looking for the perfect credit card?
Narrow your search with CardMatch™
Best of
Brokerages and robo-advisors
Learn the basics
Additional resources
Looking for the perfect credit card?
Narrow your search with CardMatch™
Get the best rates
Lender reviews
Use calculators
Knowledge base
Looking for the perfect credit card?
Narrow your search with CardMatch™
Car insurance
Homeowners insurance
Other insurance
Company reviews
Looking for the perfect credit card?
Narrow your search with CardMatch™
Retirement plans & accounts
Learn the basics
Retirement calculators
Additional resources
Looking for the perfect credit card?
Narrow your search with CardMatch™
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page.
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to:
At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states were it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
As rising inflation and soaring gas prices continue to impact our wallets and lives, a lot of us are searching for ways to save. One way people have been able to get the most value out of their money is by using a 0 percent intro APR credit card.
With responsible use, 0 percent intro APR credit cards may help you strategically save money on any upcoming purchases or past debts—but only if you’re able to avoid interest charges.
If you recently opened a credit card with a 0 percent intro APR, but were surprised to discover you now owe interest on your balances, there are a number of reasons this could have happened.
Credit cards that offer an introductory 0 percent APR let you carry a balance from month to month, interest-free, for a limited time, usually 15 months or longer. And since current credit card interest rates sit a bit over 16 percent, that could save you hundreds of dollars a year or more—as long as you play by the rules found in your credit card agreement.
If you apply for and start using a 0 percent intro APR credit card without paying attention to the offer and the details, you could get stuck with more than you bargained for. The following are five common reasons why you might now owe interest on a 0 percent intro APR credit card.
You may have noticed 0 percent intro APR offers can be for purchases and balance transfers. But that isn’t always the case. For example, American Express credit cards only offer intro APR offers on purchases, and the Citi® Double Cash Card only has an interest-free period for balance transfers.
Transactions that don’t apply to the 0 percent offer won’t qualify for the interest-free introductory period. Make purchases on a credit card that only has an introductory offer for balance transfers, and those purchases will begin accruing interest at the standard rate. The same goes for transferring debt to a credit card that only has an introductory offer on purchases.
Losing track of when your promotional period was set to end or thinking you had more time to pay off your purchases or balance transfers is another reason you could wind up paying interest on a 0 percent intro APR credit card.
Once the promotional period ends, the variable and ongoing APR will apply to any balance remaining and all new purchases.
The length of time you have to make interest-free payments varies. If you’re fortunate enough to qualify for a card with a long introductory period, you could wind up making interest-free payments for up to 20 months. But some cards have far shorter introductory periods, maybe even as low as six months before the standard variable rate applies.
When you open a new credit card, you’ll receive a monthly statement at the end of your billing cycle. This contains a lot of information, including charges you made for the previous month as well as any interest or fees you owe.
It will also have the minimum payment you need to make by the due date each month—even if you are taking advantage of a 0 percent intro APR offer. Failure to pay that amount will count as a late payment, which may void the terms of your introductory offer.
If you thought you didn’t have to make monthly payments during your promotional period, you’re not alone. But if that’s the case, like a lot of other people, you probably got a rude awakening when you saw your next billing statement.
A balance transfer helps you save a lot of money, especially if you transfer your debt from a high-interest credit card to one with an introductory 0 percent APR offer. But depending on the credit card, you may have a limited amount of time to make the balance transfer.
Some credit cards only give you 60 days from account opening to make your balance transfers. If you wait too long and fail to move your debt over to the card before the 60-day deadline, you end up paying the standard rates and fees.
It’s possible to qualify for a credit card but not the promotional offer. This can happen when you respond to a credit card offer you received in the mail. People sometimes assume that it’s the same as the offer they see online, but it may not be.
Depending on your creditworthiness, a card issuer may send you a personalized offer that is different than the general offer found online. If you have great credit, this can work in your favor, and you may receive a higher sign-up bonus or a lower interest rate than what is advertised. But if you don’t have great credit, you may lose out on select features like the 0 percent introductory offer.
If you assumed your new credit card came with a promotional offer and failed to read your credit card agreement, you will most likely end up paying interest on your credit card balances.
If you’re charged interest on a 0 percent intro APR card, the first step is to find out why. You can start by checking your credit card statement as well as your cardholder agreement to make sure you followed the terms and conditions. You can also contact your card issuer and ask.
Once you’ve verified the interest charges are legitimate, it’s a good idea to figure out how to pay off credit card debt. This may be as easy as opening a new 0 percent APR card and transferring the balance over. Then, use a credit card payoff calculator and create a debt payoff plan to help you eliminate your debt.
But this may not work for everyone. If you already carry a lot of debt, you may not qualify for a new credit card. If that’s the case, you may need more help than a calculator and budget can provide. Here are a few strategies that may be available to you:
Credit cards with 0 percent intro APR offers can be an effective tool to avoid losing hundreds of dollars in interest charges and help you better manage your personal finances. If you recently opened one, only to discover you still have to pay interest charges, it can be disappointing. But knowing why this happened is the first step to making sure it doesn’t happen again.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access
BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access
© 2022 Bankrate, LLC. A Red Ventures company. All Rights Reserved.