The easiest way to save with a 0% APR credit card is to use it for balance transfers.  With a 0% balance transfer, the average person with a 16% interest rate can save close to $100 for every $1,000 they transfer over the course of a 12 month 0% period.  If that period is 15 months or 18 months, the savings can rise to $120 to $140 for every $1,000 transferred, depending on how quickly you repay your card.

People who make the minimum payments on a 0% APR credit card during the introductory period will reap the most savings with a balance transfer, while those who pay it off faster won’t save quite as much.  Nevertheless, the savings can easily creep towards $500 or more based on the U.S. average credit card debt of about $4500.

The amount you can save with a 0% APR credit card for purchases varies widely. If, for example, you use a 0% credit card to make a big purchase in the first month or two that you have the card, you can reap the most savings.  For example, if you spend $4,000 on a vacation with a new 0% credit card, you can likely save close to $500 over the course of a 0% for 12 month deal compared to a card with an interest rate in the very low teens.

However, the amount of savings does diminish the later purchases are made, as you will have less months with a 0% rate to increase your savings.  This doesn’t make 0% credit card offers any less useful.  Even if you only end up saving $100 over the course of a year, you still save $100.  While this won’t pay for a vacation in France, it is still money that would have been otherwise wasted on interest.

The key to saving the most with a 0% APR credit card is to find one that best suits your needs.  If you have a few thousand dollars in credit card debt, seek out a 0% balance transfer credit card so you can start saving money on interest immediately.  If you are planning a trip, be sure to apply for a credit card at least ten days before you need to book the trip to insure your new credit card arrives in time.

Of course, it is very important to review all credit card applications before you apply to make sure you get the longest 0% interest rate available.  Presently, this is 1 year for purchases and 15 to 18 months on balance transfers.

For more information and to compare credit card offers, please see the 0% APR credit card section of this website.

Until very recently, credit card companies made finding a low APR credit card confusing. In advertisements, card companies listed a credit card’s lowest APR using language like “Get an APR as low as 10.99%.”  Unless applicants took a close look at the fine print, they might not learn that the low APR credit card they are applying for could have an interest rate of twice the lowest advertised rate.

Due to advertising regulations that accompanied the CARD Act, credit card companies are now required to more clearly disclose all long term interest rate information.  Thus, instead of a card being advertised with an APR as low as 11.99%, you will now see interest rates advertised as a range, i.e. 11.99%-20.99%.

However, even with these new restrictions, finding a credit card that gives you the best opportunity to secure a low long term APR is still a bit confusing.  The issue now has to do with how many interest rates are offered. The best credit card applications either offer a single low APR or a full range.  For example, on a credit card application that states your APR can be anywhere between 11.99% and 19.99%, if you fail to qualify for the 11.99% APR, you could get a 12.24% APR.

Unfortunately, these offers are not the most commonly used. Instead, many credit card companies will offer just three rates that can be separated by three or even five percentage points.  One credit card that currently advertises a low APR of 11.99% to 19.99% provides the lowest APR to applicants with the best credit scores and credit profiles. However, if you fail to meet the requirements, even if its a matter of single credit score point, you could get an APR of 15.99%.  If you don’t qualify for that interest rate, the APR jumps to 19.99%.

Clearly, finding a truly low APR credit card can be difficult and confusing. However, to give yourself the best chance at getting a low rate, check the fine print for cards that offer a full range of rates, not just two or three.  And, if getting a low long term APR is your chief concern, consider applying for two credit cards and activating the offer that has the best rate.  You can also cushion the blow by applying for a 0% APR credit card and using it until the rate increases, then switching to a new card that also has a 0% APR.  By using 0% APR credit cards, you know you’re getting the lowest interest rate possible.

Generally, there are two types of 0% APR credit card offers.  The best kind are straightforward: you apply, you get approved, you get the advertised 0% rate.  Unfortunately, credit card companies like to dangle the best offers in front of potential customers, and one of the ways they do this is by offering the longest 0% interest rates. 

If you see a credit card that offers a 0% APR for 15 months or a 0% APR for 18 months, you’ll need to check out the terms and conditions on the credit card application page.  There, you will probably find out that applicants with the best credit card get approved for the longest 0% interest rate.  Those who don’t meet the highest credit qualifications may qualify for a shorter rate.  Sometimes, its a 0% for 12 months.  However, most of the time its a 0% for as little as 7 months.

Ultimately, if you have excellent credit, you are going to get the best deal.  However, if you have very good, but not excellent credit, you may be better off applying for a credit card that advertises and delivers on a 0% for 12 months to prevent getting stuck with a 0% rate that only lasts for six or seven months.

Of course, you can always apply for two cards and accept the one with the best terms.  However, this may cause your other credit card companies to get worried and slash your other credit limits.  Additionally, if you are planning to get a mortgage in the next six months, it is best to limit credit card applications unless absolutely necessary.

Getting a long term 0% interest rate is a great thing, especially if you are going to transfer high interest balances.  However, please do read the fine print so you know exactly what you’re applying for.

The practice of offering 0% interest rates for up to 12 or 15 months, but only granting that rate to a small portion of applicants remains rampant.  If you are looking for a 0% credit card, be sure to check the application carefully and avoid “up to” rates unless you have a 780 or higher credit score.

Credit card applications still contain a great deal of trickery when it comes to long term interest rates.  Many offer rates as low as 11.99%, but may grant you an interest rate that is twice as high.  Some companies are very straightforward about this, while others bury this information in the fine print.  The key is to review the application closely before applying, as some as low as offers are much better than others.

Credit card rewards haven’t taken as big of a hit as many predicted they would after the Card Act, but it is still early to tell if changes will be on the way.  Some companies could impose annual fees on their current customers, while new fees may start popping up on credit card applications later this year.  For now, most credit card applications still show no annual fees, so just make sure the card you apply for is a no fee card.

Lastly, credit card companies are getting more strict when it comes to granting credit.  If you are unsure of your credit, you may want to check your credit score before filling out an online credit card application.  This can prevent you from getting denied and help you get a card that fits your credit profile.

Do you have credit card debt?  If yes, then you need to seek out balance transfer offers with 0% interest.  Credit card companies offer 0% interest on balance transfers from 6 months up to 15 months.  The typical credit card provides one year without interest.  These cards can save you more than $150 in one year depending on the balance transfer fee and how much you have been paying in interest. 

If you do not have credit card debt but will be using a credit card for purchases you do not intend to pay off right away there is another option.  Credit card companies offer 0% purchase deals on their cards.  With these credit card offers, you have 0% interest up to 6 months with most cards.  Even though it is rare these days, there are some companies willing to offer 1 year of 0% on purchases.  These cards work well if you pay off the credit card debt before the introductory deal is over.  It also gives you a little longer to pay the debt off instead of having to pay it off each month.

For individuals who have no credit card debt and pay their debt each month there are other deals.  Credit cards with cash back rewards allow you to earn rewards on travel, hotels, groceries, and other rewards.  You do have to pay the card off each month to make it worth it.  By paying the card off each month you are not paying any interest.  If you get 5% cash back for purchases you will also be working towards rewards that mean something to you. 

Everyone needs a credit card; but it is up to you to make sure it is the correct card for you.  By earning rewards, paying less interest, or just managing your debts life can be a little easier.   

For more information on current credit card applications, please see the main section of Credit Card Depot.

Credit card applicants with good and excellent credit will likely see their credit cards arrive in the mail first.  Many companies review and make decisions on credit card applications in 24-48 hours.  Once the decision is made, however, the card must still travel via regular mail.  This adds anywhere from three to five days to the process, which means it can take anywhere from five to seven days to get access to a new credit card.  And this is for easy to process approvals.  Applicants whose applications need more intense review can take significantly longer to be processed.

Because it will take at least five days to get a credit card through the mail, people looking to use a new credit card for holiday gifts should apply no later than the 14th of December if they want to allow any time to shop before Christmas.  Waiting to the 14th may, in fact, be cutting it very close and you might end up without a credit card in time to shop if something delays your application.  However, there are a few things you can do after applying for a credit card that will give you a better sense of when your card will arrive.

First, many credit card companies provide you with a way to check your application status online, often through a confirmation number.  Use this tool to check on your credit card application status.  If your status is approved, you can safely assume your card will arrive in five seven postal days, which would give you access to your credit card by 21st or 22nd-a bit too late to shop online, but still enough time to hit the stores.

If you are not approved in 48-72 hours, you may want to call the company to see if there is any additional information needed to complete your application.  By this time, however, there is a significant risk that you may not get your card in time for Christmas.  Some companies may be able to expdite shipment, but this is not particularly common.

Hopefully, this article will find you before it is too late to get a credit card.  Happy Holidays.

Today, anyone applying for a credit card is likely to wait a minimum of five business days from the time they apply to the time their card arrives in the mail, though ten business days is probably a safer window.  The reasons for this are manifold and stem from the movement away from purely computer generated analysis to human reviews of applications.  This slows the application process down, often by a few days and is intensified by the busy mail system this time of year.

Given these factors, anyone seeking an instant approval credit card to pay for holiday gifts would likely need to apply by the 10th of December at the latest if they wanted to spend on a new credit card.  Applying any later could leave you waiting by the mailbox until its too late to find anything worth buying.