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Q: I’m in the process of rebuilding my credit after a few bad years. Is there a zero percent APR credit card that I could be approved for?
A: As you probably know if you’re asking this question, it’s hard to find a 0% APR offer for bad credit.
Most of the best deals go to those with good or excellent credit, and those who most need low interest rates are left out in the cold. If you have bad credit, though, you do have a couple of options.
One of these is the Capital One No Hassle Cash Rewards card.
Although Capital One’s website states that this card is for those with excellent credit, this isn’t necessarily the case. People with credit scores in the low 600s have reported being approved for this credit card.
Right now, Capital One is offering a 0% introductory APR until June 2012. This APR applies to purchases; balance transfers have an APR of between 12.9% and 20.9%.
If you want a card with 0% APR on balance transfers, you may be able to qualify for Citi’s Simplicity card.
This card may require a slightly higher credit score than Capital One’s above, but those with scores in the mid to upper 600s still have a good chance, depending on other factors such as income and other debt.
Right now they are offering an amazing 21 months of 0% APR for both balance transfers and purchases. With a 16.99% regular APR, that’s a good deal for those with not so good credit.
Of course, these deals change all the time. So, if you find a zero percent APR transfer deal that works for you, jump on it. Just make sure you are aware of all the terms. Like what the transfer fee is (you never should pay more than 3%). And what happens if you do not pay in full by the end of the promotional period (does interest start from the date of the transfer or from the end of the promo period?).