Which credit card should you apply for if you want to temporarily avoid interest? Here are some of the best options and some reasons why you should apply today.
Wells Fargo Reflect® Card: Long introductory offer on APR for purchases
The Wells Fargo Reflect® Card offers one of the longest introductory APR offers on purchases and balance transfers, and you pay no annual fee.
Rewards: You will not receive any rewards with this card.
Welcome Bonus: This card does not offer a welcome bonus.
Introductory offer for the effective annual interest rate: 0% introductory interest rate for 21 months from account opening on purchases and qualified balance transfers. Thereafter, a variable annual interest rate of 18.24%, 24.74% or 29.99% applies. Balance transfers within 120 days qualify for the introductory interest rate and are subject to a 5% balance transfer fee, minimum $5.
Annual fee: $0
Advantages and disadvantages: Assuming you qualify for the maximum introductory APR extension, this card offers up to 21 months of no interest. That’s one of the longest introductory APR offers you’ll find. You won’t earn any rewards, but the Reflect offers up to $600 in cell phone protection (subject to a $25 deductible) when you pay your phone bill with this card.
Chase Freedom Unlimited®: Best for category-free earning
With Chase Freedom Unlimited®, you’ll earn a base rate of 1.5% cash back on all your eligible purchases and enjoy an introductory APR for 15 months. You can also access Chase Ultimate Rewards® and earn 5% cash back on all travel purchases you make through Chase Travel℠. Rewards never expire.
Rewards: Earn 5% cash back on travel booked through Chase Travel℠, 3% cash back at select restaurants and drugstores, and 1.5% on all other purchases, plus an additional 1.5% cash back on your first $20,000 in purchases in the first year.
Welcome Bonus: Get an additional 1.5% cash back on up to $20,000 you spend in the first year, worth up to $300 cash back.
Introductory offer for the effective annual interest rate: 0% introductory interest rate for 15 months from account opening on purchases and balance transfers, then a variable interest rate of 20.49% – 29.24% applies. An introductory transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies for the first 60 days from account opening. Thereafter, a fee of either $5 or 5% of the amount of each transfer applies.
Annual fee: $0
Advantages and disadvantages: If you’d rather get a solid base rate on all purchases and don’t want to worry about signing up for bonus categories, consider the Chase Freedom Unlimited®. As far as introductory APR offers go, 15 months isn’t a bad deal, but if you really need to stretch your interest-free payments, you might want to consider a card with an even longer introductory APR offer instead.
Blue Cash Preferred® Card from American Express: Best for cash back on groceries and gas
With the Blue Cash Preferred® Card from American Express (terms apply, see rates and fees), you can enjoy an introductory APR on purchases and balance transfers while earning significant rewards. Try this credit card and earn exceptional rewards on purchases at U.S. supermarkets and public transit.
Rewards: Earn 6% cash back at U.S. supermarkets on purchases up to $6,000 per year (1% thereafter), 6% cash back on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations and public transit (including taxis/rideshares, parking, tolls, trains, buses, and more), and 1% cash back on other eligible purchases. Cash back is paid in the form of Reward Dollars, which can be redeemed as an account statement credit or at checkout on Amazon.com.
Welcome Bonus: Get a $250 statement credit after you spend $3,000 on eligible purchases within the first 6 months.
Introductory offer for the effective annual interest rate: 0% introductory interest rate for 12 months on purchases and balance transfers requested within the first 60 days of account opening, followed by a variable interest rate ranging from 19.24% to 29.99%. A balance transfer fee of $5 or 3%, whichever is greater, applies.
Annual fee: $0 introductory annual fee for the first year, then $95
Advantages and disadvantages: In terms of interest savings, new cardholders are eligible for a solid introductory APR period. While the card does have an annual fee, you should weigh this against your rewards potential.
The Blue Business® Plus credit card from American Express: Best business card for flexible rewards
If you want to save money with an introductory APR and earn flexible rewards despite it being a business card, the Blue Business® Plus Credit Card from American Express (terms apply, see rates and fees) may also be an attractive card for you.
Rewards: Earn 2 Membership Rewards points per dollar on everyday business purchases like office supplies or dinners with clients up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases.
Welcome Bonus: Earn 15,000 Membership Rewards points after you spend $3,000 on purchases in the first 3 months of account opening
Introductory offer for the effective annual interest rate: 0% introductory APR on purchases for 12 months from the date of account opening, then a variable interest rate of 18.49% – 26.49% applies
Annual fee: No annual fee
Advantages and disadvantages: The Blue Business® Plus credit card from American Express has a lot going for it. It has no annual fee and you’ll earn 2 Membership Rewards points per dollar on everyday business purchases like office supplies or dinners with clients up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases. American Express Membership Rewards is very flexible, offering redemption options like transferring points to travel partners, booking travel through the Amex portal and covering fees on your card.
Plus, you get what you’ve been looking for: 0% introductory APR on purchases for 12 months from the date of account opening, after which a variable interest rate of 18.49% – 26.49% applies. If you’re looking for a business credit card to finance an expensive item and receive flexible rewards, the Blue Business Plus is worth serious consideration.
