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Saturday, November 2, 2024

7 Best Purchase APR Credit Cards (2024)

Best Purchase Apr Credit Cards
Eric Bank

Writer: Eric Bank

Eric Bank

Eric Bank, Finance Expert

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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Lillian Guevara-Castro

Editor: Lillian Guevara-Castro

Lillian Guevara-Castro

Lillian Guevara-Castro, Senior Editor

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has worked at The Atlanta Journal and Constitution, Gwinnett Daily News, Gainesville Sun, and The New York Times, where she covered demographics, consumer issues, and the business and financial sectors. Lillian has a degree in journalism and communications from Georgia State University and brings her fact-checking expertise to ensure Digital Brands content is accurate and engaging.

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Ashley Fricker

Reviewer: Ashley Fricker

Ashley Fricker

Ashley Fricker, Senior Editor

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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Advertiser Disclosure

You’d rather pay a low APR instead of a high APR, right? We completely agree! That’s why our experts have chosen to review the best purchase APR credit cards.

There are two aspects to low APRs. The first is the introductory purchase APR, typically 0%, for a set number of months after you open the account. The second is the ongoing APR after the introductory period expires.

The ongoing APR depends on your creditworthiness as indicated by your credit score. If you plan to keep your credit card over the long run (and you should!), your ongoing APR determines how much you’ll pay after the intro period when you don’t repay your full balance each month. If you are a consumer who likes to space out payments over several months, then this review should grab your full attention.

Introductory 0% APR | Low Ongoing APR | FAQs

Best 0% Purchase APR Credit Cards

Credit cards for consumers with good to excellent credit will frequently offer an introductory 0% APR promotion aimed at attracting new cardmembers. It must be working because introductory periods seem to be getting longer.

Naturally, the longer the introductory period, the more valuable the feature. If you have better uses for your money than paying credit card interest on purchases, check out these five cards.

  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
  • Enjoy 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
  • After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
  • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
0% Intro APR on Balance Transfers 15 months
19.99% - 28.74% Variable
$0
Good/Excellent

The Chase Freedom Unlimited® card gives new cardmembers an intro 0% purchase APR after you open the account for a limited time. Once the introductory period expires, you’ll have a variable APR, depending on your credit.

New cardmembers earn a signup bonus after spending a set amount on purchases in the first three months of account opening. They’ll also enjoy a bonus cash back rate on grocery purchases up to a set spending limit in their first year.

2. Chase Freedom Flex℠

This card is currently not available.

0% Intro APR Rating

★★★★★
N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

Additional Disclosure: The information related to Chase Freedom Flex℠ credit card has been collected by CardRates.com and has not been reviewed or provided by the issuer of this card.

The Chase Freedom Flex℠ differs from the Chase Freedom Unlimited® mainly in how you earn rewards. Both cards have introductory 0% APR offers, have no annual fee, and can earn cardholders top dollar in cash back rewards.

0% INTRO APR RATING

★★★★★
4.7

OVERALL RATING

4.9/5.0
  • Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • $0 annual fee and no foreign transaction fees
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases and balance transfers for 15 months; 19.74% - 29.74% variable APR after that; balance transfer fee applies
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
19.74% - 29.74% (Variable)
$0
Excellent, Good

The Capital One Quicksilver Cash Rewards Credit Card card provides new cardholders an introductory 0% APR on purchases. The rate then becomes a variable APR after the intro period expires.

You earn cash back on all eligible purchases, and the card has no annual or foreign transaction fees.

0% INTRO APR RATING

★★★★★
4.7

OVERALL RATING

4.8/5.0
  • For a limited time, earn a $250 cash bonus once you spend $500 on purchases within the first 3 months from account opening
  • Earn unlimited 3% cash back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services, plus 1% on all other purchases
  • Earn 8% cash back on Capital One Entertainment purchases
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases and balance transfers for 15 months; 19.74% - 29.74% variable APR after that; balance transfer fee applies
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
19.74% - 29.74% (Variable)
$0
Excellent, Good

The Capital One Savor Cash Rewards Credit Card lets you earn unlimited 3% cash back on entertainment, dining, and grocery stores, as well as 1% on all other purchases. You also get an introductory 0% APR offer on purchases.

The variable APR will kick in after the introductory period expires. This card charges no annual fee and delivers many travel and purchase benefits.

CITI® RATING

★★★★★
4.6

OVERALL RATING

4.5/5.0
  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.74% - 29.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • Stay protected with Citi® Quick Lock
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% 12 months on Purchases
0% 21 months on Balance Transfers
18.74% - 29.49% (Variable)
$0
Good/Excellent

Additional Disclosure: Citi is a CardRates advertiser.

The Citi Simplicity® Card offers a 0% introductory APR to new cardmembers. The post-introduction variable APR will be based on your creditworthiness. The card does not charge annual, late, or penalty fees. You also get free access to your FICO score, $0 liability on unauthorized charges, and you can choose your recurring payment date.

Best Low Ongoing Purchase APR Credit Cards

Introductory rates are great, but eventually, they are replaced by the card’s ongoing APR. Over the long run, you’ll do best using cards with low APRs and small or no annual fees.

Discover it® Cash Back Review

at Discover Card'ssecure website

LOW APR RATING

★★★★★
4.8

OVERALL RATING

4.9/5.0
  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
  • Redeem your rewards for cash at any time.
  • Apply and you could get a decision in as little as 60 seconds. No annual fee.
  • Start shopping and earning rewards in minutes with our digital card, before your physical card arrives in the mail, if eligible.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get a 0% intro APR for 15 months on purchases. Then 18.74% to 27.74% Standard Variable Purchase APR applies, based on credit worthiness.
  • Terms and conditions apply.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
18.74% - 27.74% Variable APR
$0
Excellent/Good

The Discover it® Cash Back offers a range of ongoing purchase APRs. Your exact rate depends on your creditworthiness and varies with changes to the Prime Rate. The ongoing APR kicks in after the introductory APR period for new cardmembers.

Discover it® Chrome Review

at Discover Card'ssecure website

LOW APR RATING

★★★★★
4.8

OVERALL RATING

4.8/5.0
  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Get a 0% intro APR for 18 months on balance transfers. Then 18.74% to 27.74% Standard Variable APR applies, based on credit worthiness.
  • Redeem your rewards for cash at any time.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • No annual fee.
  • Terms and conditions apply.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 6 months
0% Intro APR for 18 months
18.74% - 27.74% Variable APR
$0
Excellent/Good

The Discover it® Chrome offers an introductory APR on purchases and balance transfers after opening the account. Keep in mind, a regular APR will apply at the end of the promotional period. The card has impressive cash back rewards and provides a free FICO Credit Score.

LOW APR RATING

★★★★★
4.6

OVERALL RATING

4.8/5.0
  • Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
  • Earn unlimited 2X miles on every purchase, every day
  • Earn 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Receive up to a $120 credit for Global Entry or TSA PreCheck®
  • Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
19.99% - 29.74% (Variable)
$95
Excellent, Good

The Capital One Venture Rewards Credit Card card is a miles card that charges an ongoing variable APR based on your creditworthiness. There is no introductory APR offer.

You earn unlimited 2X miles on all purchases, every day, and there is an impressive signup bonus if you meet the time frame and purchase requirements. You also get a statement credit of up to $120 to reimburse you for Global Entry or TSA Pre√ fees.

LOW APR RATING

★★★★★
4.6

OVERALL RATING

4.9/5.0
  • $0 annual fee and no foreign transaction fees
  • Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel
  • Earn unlimited 1.25X miles on every purchase, every day
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
  • Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
19.74% - 29.74% (Variable)
$0
Excellent, Good

The Capital One VentureOne Rewards Credit Card card has an ongoing purchase APR that is based on your creditworthiness. New cardholders get a 0% introductory APR after opening the account.

The Capital One VentureOne Rewards Credit Card charges no annual fee or foreign transaction fees.

Discover it® Miles Review

at Discover Card'ssecure website

LOW APR RATING

★★★★★
4.6

OVERALL RATING

4.8/5.0
  • UNLIMITED BONUS: Unlimited Mile-for-Mile match for all new cardmembers—only from Discover. Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. You could turn 35,000 Miles to 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.
  • Automatically earn unlimited 1.5x Miles on every dollar of every purchase
  • No annual fee
  • Turn Miles into cash. Or redeem as a statement credit for your travel purchases like airfare, hotels, rideshares, gas stations, restaurants and more.
  • 0% intro APR for 15 months on purchases. Then 18.74% - 27.74% Standard Variable Purchase APR will apply.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • Terms and conditions apply.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
18.74% - 27.74% Variable APR
$0
Excellent/Good

The Discover it® Miles has a standard variable APR that kicks in following the introductory APR period.

You can use your miles to pay for travel purchases or redeem them for cash. The card provides free Social Security number alerts and FICO credit scores.

What is the Best APR for a Credit Card?

Well, you can’t beat 0%, and that’s what you get if your card offers a 0% introductory rate. During the introductory period, any purchases you pay for over more than one month will not incur any interest charges.

This is great for when you make a big-ticket purchase. The cards with industry-leading 0% introductory periods are the Chase Freedom Flex℠, Chase Freedom Unlimited®, and Capital One Savor Cash Rewards Credit Card cards.

One card, the Citi Simplicity® Card, offers the longest introductory period on balance transfers.

In terms of ongoing APRs, the cards in this review with the lowest rates are the Discover it® Miles card and the Discover it® Cash Back. Only customers with excellent credit will get this rate.

Generally, credit unions offer low-interest credit cards with APRs below those offered by banks. The reason is that credit unions are nonprofit institutions run by and for their members.

You must qualify in some way for membership at most credit unions. The basis for membership can be where you live, work, or worship, among others. Members enjoy lower rates on credit and higher ones on savings.

What is a High APR for a Credit Card?

There are no hard and fast rules, but generally, you can consider APRs above 24% as high. A survey by U.S. News & World Report found that the average U.S. APR for credit cards is in the range of 16.68% to 23.7%. Most credit cards have variable APRs that can change over time as benchmark interest rates, such as the Federal Funds Rate, fluctuate.

Typically, folks with bad credit will have trouble qualifying for low-APR credit cards. Many credit cards for bad credit charge an APR of 29.99% or higher. If you have bad credit but want to lower your APR, you can try a couple of strategies:

  1. Become an authorized user: As an authorized user of someone else’s credit card, you can purchase items on the card at a relatively low APR if the primary user has good credit.
  2. Get a secured card: A secured card is backed by cash in a locked bank account. Since this reduces the risks of non-payment, secured credit cards offer lower rates than do comparable unsecured ones.

You can also take steps to improve your credit score, such as on-time bill payment and debt reduction, which may give you access to low-APR credit cards.

How Can I Avoid Interest on My Credit Card?

You need to know how credit cards calculate interest. Credit cards have billing cycles that last from 28 to 31 days. When you receive your credit card bill, it shows a balance as of the end of the billing cycle’s last day.

Most credit cards offer a grace period in which you can pay off your balance and avoid interest charges. The grace period extends about 21 to 24 days beyond the billing cycle’s end date.

By paying your balance in full before the end of the grace period, which is known as the due date, you avoid interest charges on your balance. Voilà, a 0% APR!

Charge cards usually require you to pay your balance each month or they will extract a late fee from you. However, some charge cards offer extended billing for balances above a set figure.

Many credit cards offer 0% APR on balance transfers during the first months after opening an account. You can transfer all your high-APR card balances to a new card with a 0% APR for the promotional period and thereby save on your interest costs.

Note that you will usually have to pay a fee for each balance transfer. A typical fee is the greater of $5 or 3% to 5% of the transferred amount.

Chart of Potential Balance Transfer Savings

Ideally, you will pay off your balance before the introductory period ends. Introductory periods for 0% balance transfers can run as long as 21 months.

Can I Ask My Card Company for a Lower Interest Rate?

You may indeed, and your chances are good that you’ll be approved. We’ve seen surveys in which the odds approach 70% that you’ll receive a lower interest rate.

The odds increase if you have exhibited creditworthy behavior, such as paying your bills on time and keeping your credit utilization in check. It also helps to make your request reasonable — don’t be asking for a 0% rate because that’s not in the cards, so to speak.

You have a couple of options if you are turned down. The first is to raise your credit score.

FICO Credit Score FactorsYou can do this by checking your credit reports for errors and having those errors removed. This can have an immediate and positive impact on your score.

Also, you should understand the five components of your credit score and how the score is calculated:

  1. Your payment history (35% of your score)
  2. The amounts owed (30%)
  3. Length of your credit history (15%)
  4. New credit (10%)
  5. Credit mix (10%)

By successfully addressing each of these components, you stand a good chance of raising your credit score to the point where your request for a lower interest rate won’t be denied.

Alternatively, you can seek out a credit card with a lower ongoing APR and a 0% introductory APR. Some folks even jump from one card to another when the introductory period is over, but that may not be a good long-term strategy.

In fact, Chase has a 5/24 rule that denies you a new Chase card if you’ve opened five credit accounts in the past two years. Other issuers may be wary about issuing you a new card if they see you constantly jumping around. Nonetheless, if you can find a low APR and stick with it, you’ll enjoy the long-term benefits of less interest paid without mucking up your credit history.

Don’t Overpay for the Convenience of Credit

Our review of the best purchase APR credit cards showcases 10 cards that offer you convenient credit without overcharging for it. Five have the best deals for new cardmembers who want a 0% introductory purchase APR, and five offer low ongoing APRs.

They all charge no annual fee in the first year and provide various additional benefits that may include introductory bonuses, cash, or mile matching after the first year, and generous rewards for purchases. If you like to stretch out payments over multiple billing periods, then one of these cards may be perfect for you.

Advertiser Disclosure

CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.