Here are the best 0% APR credit cards of August 2021: Via ForbesAdvisor
Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimumThe Citi Simplicity comes with Citi perks including the ability to choose your own due date and the ability to skip endless hold music by saying “representative.” But beyond the introductory period, there isn’t much incentive to use this card as it doesn’t earn rewards or offer other valuable benefits.
Most credit cards calculate interest using the average daily balance method, which means your interest is compounded and accumulates every day, based on your daily rate of interest. In other words, every day your finance charges are based on the balance from the day before. The daily rate of interest on your purchase is determined by dividing your card’s APR by 365 to find the daily rate of interest and then multiplying that number by your balance.
In practice, you typically accrue interest on a daily accumulated rate, which means every day your finance charges are based on the balance from the day before. The daily rate of interest on your purchase is determined by dividing your card’s APR—in this example 20%— by 365 to find the daily rate of interest and then multiplying that number by your balance.
Since this method is compounding your interest charges, you’ll end up paying more than $200 in additional interest over the course of a year if you made zero payments towards that principal amount of your purchase. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our
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