0% Credit Cards: No Interest on Purchases for up to 12 Months (Updated!)

Written by Nickel - 5 Comments

With the holidays just around the corner, I thought I’d put together a list of credit cards that are offering 0% APR on purchases for six to twelve months. Like 0% balance transfer offers, these sorts of promos can be a great deal for savvy consumers.

Assuming that you buy only what you can afford, you can pay off your purchases with a 0% credit card, stash the money in a high yield savings account, and then collect interest for the better part of a year. Just keep making your minimum payments, and be sure to pay off your balance before the 0% promo period ends.

With that said, here’s a list of ten great options list… Note that all of these cards offer 0% APR on purchases and some also offer 0% balance transfers.

Published on November 10th, 2008 - 5 Comments
Filed under: Credit Cards
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

Comments (scroll down to add your own):

I have bought many items like SONY COMPONENTS, ACER LAPTOP, and a SONY CAR STEREO using the 0% interest option of my credit cards. Just be sure to pay the minimum amount due every month so that there will be no interest charges.
Comment by Yvon Thea — Nov 10th 2008 @ 8:05 am
I have a Chase card at 0% promotion till Aug 2009 right now. I used it to transfer a balance that was getting charged an interest rate as I furiously try to pay it off.

Any truth to the rumors that these kind of 0% offers might dry up in 2Q or 3Q 2009 (aside from requiring a higher credit score to offer them)?
Comment by Danielle — Nov 13th 2008 @ 5:23 pm
Also the Cap1 card I have reduced its minimum payment amount in the last few months, if that is true of these Cap1 cards then it might make a more lucrative deal to make interest off a high yield savings account using money from the 0% offer.
Comment by Danielle — Nov 13th 2008 @ 5:39 pm
But all 0% credit cards are not created equal….

Is the 0% APR offer on balance transfers only, or on both new purchases and balance transfers?
Are there balance transfer fees?
Are minimum purchases required to maintain the 0% APR?
What else may trigger a higher interest rate during the intro 0% APR period?
Comment by 0% Credit Cards — Nov 14th 2008 @ 6:14 pm
For years my husband and I have had 0% APR cards. When the term ended we transferred over to another card. Our latest card has been with Advanta and we still had about 9 mos remaining at 0% APR. Was notified by mail today that our current balance of $2K was now going to be having a 27% APR. So much for our very high FICO score (in the high 700’s) giving us much of an advantage. The banks are taking away these cards now — not 2nd or 3rd Quarter ‘09. Just signed up for a 0%/0 bal. transfer fee with US Bank and wonder how long it will take for them to run this one up.
Comment by Jean — Nov 18th 2008 @ 6:08 pm