The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: puglogic on September 15, 2014, 09:50:37 AM

Title: Zero percent credit card?
Post by: puglogic on September 15, 2014, 09:50:37 AM
This summer I suffered a huge medical setback (fine now, thank heavens) and ran up about $5000.00.  While I'd like to pay it off, for various personal reasons I'd like to take about 3-4 months to do it. 

Are there still zero-percent intro rates out there for credit cards?  Ideally it would have no negative strings attached, such as an annual fee and/or needing to keep the card for a year, etc etc.  Currently this amount is being charged 10-12% APR and that just rankles me to the core.   Any suggestions on specific cards or methods to kill this off asap?

Thanks so much!
Title: Re: Zero percent credit card?
Post by: Eurotexan on September 15, 2014, 10:10:57 AM
I applied for the Barclaycard Arrivals card earlier this year and I got 0% APR for 12 months and a $400 sign on bonus (I believe I had to spend $3K in the first 3 months). It's a great card!
Title: Re: Zero percent credit card?
Post by: seattlecyclone on September 15, 2014, 10:48:21 AM
There are lots of credit cards that have a 0% promotional rate on purchases. If you already have this debt on a different credit card, the Chase Slate card offered a $0 balance transfer fee and 0% promotional interest last time I checked.
Title: Re: Zero percent credit card?
Post by: kendallf on September 15, 2014, 01:54:08 PM
If you're planning to transfer the balance, the best deal right now would be the Chase Slate, which offers 15 months of 0% APR on balance transfers, along with $0 transfer fee.  A large number of cards have 0% APR on transfers but charge up-front fees ranging from 2-5%.

Edit: doh, that's also the one seattlecyclone recommended above.  I have another card (Citi Simplicity) that offered 18 months of 0% APR, but had a balance transfer fee.  I don't bother to transfer balances (in fact I only keep a balance on one 0% card so I can show some credit utilization and park the money in an interest bearing account).

I just switch cards for my daily purchases to the "next one in line".
Title: Re: Zero percent credit card?
Post by: clarkm04 on September 15, 2014, 02:17:19 PM
Mentioned earlier, but I just signed up for it this weekend is the Chase Slate.

0% APR for 15 months

0% balance transfers for first 60 days.

We got a new furnace and A/C.  Was going to use our HELOC, but with this card it'll be a easy to not pay any charges at all.

Slate has no rewards, but it's perfect to move large amounts of money or use as your primary while you pay down other debts.

Title: Re: Zero percent credit card?
Post by: thepokercab on September 15, 2014, 02:23:29 PM
Chase Freedom is another one.  0% APR for 15 month, plus its a reward card.  You get $100 after the first $1,000 in spend, and then revolving rewards categories after that.  I just moved the last bit of my student loan onto it.  Although if its a balance transfer, i would go with the Slate card. 
Title: Re: Zero percent credit card?
Post by: seattlecyclone on September 15, 2014, 02:26:19 PM
The Chase Freedom card is nice for the 5% cash back categories, but it has a 3% balance transfer fee which makes it less optimal than the Chase Slate card for quickly paying down existing debt.
Title: Re: Zero percent credit card?
Post by: puglogic on September 15, 2014, 03:46:33 PM
Thanks, all.  The Chase Slate is in the works now.   Gotta love this community....