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Best of, Credit Cards

Longest 0% Purchase Credit Card Offers From Banks & Credit Unions – February 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

0% purchase credit card
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If you’re about to make a big purchase that you need time to pay off, using a 0% introductory purchase offer on a credit card could be the cheapest way to spread the payment out over time.

  • You can currently find 0% deals for as long as 18 months with no fees, but since rates after the intro period are high, only use these deals if you’re sure you can handle paying off the debt before the period is up.
  • When searching for 0% purchase cards, make sure you select a card that waives interest. Far too many cards, especially those offered by retailers only defer the interest which means you can get get a nasty surprise when the intro period is up.

Below we list the longest 0% purchase credit cards broken up by length of 0% intro period from our database of over 3,000 credit card products from banks and credit unions:

18 Months 0% Intro APR

U.S. Bank Visa® Platinum Card

U.S. Bank Visa® Platinum Card

APPLY NOW Secured

on US Bank’s secure website


The U.S. Bank Visa® Platinum Card offers a long 0%* intro for 18 billing cycles on Purchases* for purchases and an 0%* intro for 18 billing cycles on Balance Transfers* (after, 14.74% - 25.74%* (Variable) APR). However, this card offers few other benefits. There is no rewards program, but there is cellphone protection that can reimburse you for damage or theft up to $600 (with a $25 deductible), for up to two claims ($1,200) per 12-month period when you pay your cellphone bill with your card.

TruWest Visa® Signature Card

TruWest Visa® Signature Card

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on TruWest Credit Union’s secure website


The 0% introductory APR for 18 months on purchases and balance transfers for the TruWest Visa® Signature Card is one of the highest for a credit union. It also has a very low ongoing APR of 10.15%-11.15% Variable after the intro period ends. This card is restricted to people who live, work, own a business or go to school in select Arizona and Texas communities or who work for select employers. You can read more about membership eligibility on TruWest’s website. You can earn 1 point per dollar spent, and up to 10 extra points per dollar spent by taking advantage of bonus point offers with the Get Extra Points Rewards Program. You can also

earn up to 1.5% cash back with the trurewards program

.

TruWest Visa Platinum Card

TruWest Visa Platinum Card

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on TruWest Credit Union’s secure website


Another card from TruWest that offers a long intro period is the TruWest Visa Platinum Card, with 0% introductory APR for 18 months on purchases. Again, this card is only available to TruWest Credit Union members. This card has one of the lowest starting variable APR ranges at 8.20% - 22.20% Variable, which is beneficial for anyone who qualifies for the low rate and may carry a balance after the intro period ends (though we recommend paying off debt beforehand).

TruWest Platinum Points Visa Rewards Card

TruWest Platinum Points Visa Rewards Card

APPLY NOW Secured

on TruWest Credit Union’s secure website


The TruWest Platinum Points Visa Rewards Card has a competitive 0% introductory APR for 18 months on all purchases and balance transfers. After the intro period, the purchase APR is 10.15% - 17.15% Variablee. As with the other TruWest cards, this one is only available to members. You can benefit from a rewards program where you

Automatically earn up to 1 point for every $1 you spend, and earn up to 10 extra points per dollar spent. Also, earn up to 1.5% cash back with the TruRewards program.

However, this is a low rewards rate compared to other 0% intro purchase cards on this list.

Wells Fargo Platinum Visa® Card

Wells Fargo Platinum Visa® Card

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on Wells Fargo Bank’s secure website


The Wells Fargo Platinum Visa® Card has a long period for you to pay off debt with a an intro 0% for 18 months on purchases and balance transfers. Following the intro period, theAPR on purchases will be 17.74%-27.24% (Variable). Besides the promotional APR, this card is fairly basic. It does have one other notable perk: You can receive up to $600 of cellphone protection (subject to $25 deductible) against eligible reasons when you pay your monthly cellphone bill with your card.*

15 Months 0% Intro APR

The Amex EveryDay® Credit Card from American Express

The Amex EveryDay® Credit Card from American Express offers an intro 0% for 15 Months on purchases and balance transfers. After that, your APR will be 14.99%-25.99% Variable. This card is a great choice for people who want to take advantage of the 0% intro periods and earn rewards. With the cash back program, you can earn 

2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

The information related to The Amex EveryDay® Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom Unlimited®

Chase Freedom Unlimited®

The Chase Freedom Unlimited® provides a 0% Intro APR for 15 months
on purchases and a 0% Intro APR for 15 months on balance transfers — that is shorter than other flat-rate cash back cards. After those 15 months, purchases are subject to a standard APR of 17.24 - 25.99% Variable. With the cash back program, you can earn unlimited 1.5% cash back on every purchase – it’s automatic.
The information related to the Chase Freedom Unlimited® Card has been collected by MagnifyMoney.com and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom®

Chase Freedom®

APPLY NOW Secured

on Chase Bank’s secure website


The 0% Intro APR on Purchases for 15 months on purchases and 0% Intro APR on Balance Transfers for 15 months means that the Chase Freedom® offers is complemented with a cash back program that is great for those looking to maximize cash back in bonus categories. You can Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. After the promotional period, the purchase APR is 17.24 - 25.99% Variable.

BankAmericard® credit card

BankAmericard® Credit Card

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on Bank Of America’s secure website


The BankAmericard® credit card has a 0% Introductory APR on purchases for 18 billing cycles
(after that, a 15.24% - 25.24% Variable APR applies). There are no rewards; however, this card may be a good option if you plan on making large purchases.

Blue Cash Everyday® Card from American Express

Blue Cash Everyday® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees


The Blue Cash Everyday® Card from American Express offers an introductory 0% for 15 months on purchases and balance transfers. After that, your APR will be 15.24%-26.24% Variable. There is also a cash back program — earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.

PNC Core® Visa® Credit Card

PNC Core® Visa® Credit Card

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on PNC Bank’s secure website


The PNC Core® Visa® Credit Card is a basic card that offers Introductory 0% APR on purchases for the first 15 billing cycles following account opening, then 12.24%-22.24% Variable APR, based on your credit. There is no rewards program or noteable perks. However, there is U.S.-based customer service available 7 days a week.

Truly Simple® Credit Card from Fifth Third Bank

Truly Simple® Card from Fifth Third Bank

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on Fifth Third Bank (OH)’s secure website


This card offers a decent intro period at 0% APR for 15 billing cycles, however this card is restricted to residents of Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia. There is also no penalty APR if you miss a payment. The standard APR of 13.74%-24.74% variable applies after the intro period ends.

BB&T Bright Card

BB&T Bright Credit Card

APPLY NOW Secured

on BB&T’s secure website


The BB&T Bright Card offers a good intro period from a community bank at 0% intro APR for 15 months on purchases and balance transfers (variable 12.99%-21.99% variable APR after). Note that this card is restricted to residents of Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.

Visa® Platinum Preferred Rewards from APG FCU

Visa® Platinum Preferred Rewards from APG FCU

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on Aberdeen Proving Ground FCU’s secure website


This card offers a competitive 0% intro APR on purchases and qualified balance transfers compared to other credit unions at 0% intro APR for 15 months (12.49% - 17.99% Variable APR after). To qualify for this card you need to live, work, worship, attend school, or volunteer in Harford or Cecil County or certain areas in Middle River, Maryland. There is a subpar rewards program where you can earn one point for every dollar spent on purchases.

KeyBank Latitude® Credit Card

KeyBank Latitude® Credit Card

APPLY NOW Secured

on KeyBank’s secure website


The KeyBank Latitude® Credit Card has a decent intro period for purchases at 0.00% Introductory APR for the first 15 monthly billing cycles. It also has a decent intro period for balance transfers at 0.00% Introductory APR for the first 15 monthly billing cycles. After the intro period ends, 12.24% - 22.24% Variable APR applies based on creditworthiness. This card is restricted to people who live in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington. There is no rewards program.

Chase Slate®

The Chase Slate® has a decent 0% Intro APR on Purchases for 15 months, then 17.24% - 25.99% Variable APR, but you can find other cards with longer periods, and/or rewards. This card is predominantly known for its balance transfer offer where you get 0% Intro APR on Balance Transfers for 15 months and an intro Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.
The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Deferred versus Waived Interest

Not all 0% offers are created equally. Some credit card companies offer “deferred” interest, whereas others off “waived” interest.

Let’s take a simple example. You spend $1,000 on a credit card with an APR of 18%. You will make payments of $75 every month. There is a special offer that gives you 0% interest for 12 months. On “Credit Card A” interest is deferred. On “Credit Card B” it is waived. After making 12 payments of $75, the remaining balance in month 13 would be $100.

Credit Card A: Deferred Interest

With a “deferred” interest offer, the bank does not forgive the monthly interest accrual. Instead, the bank just keeps track of the interest that would have accrued. If you do not pay the balance in full during the promotional period, you will get retroactively charged the interest at a high interest rate. In the example above, you would be charged approximately $117 in month 13. (I use “approximately” because credit card companies have slightly different ways of calculating and charging interest. But it is safe to assume that you would be charged more than $100 of interest on your remaining $100 balance.)

Credit Card B: Waived Interest

Waived interest is very different. For every month of the promotional period, the credit card company actually forgives the interest. There will never be a retroactive catch up after the promotional period ends. In our example, you would only be charged $3.26 of interest in month 13, compared to more than $100 in the deferred example.

Deferred interest products are surprisingly common. If you are being offered 0% financing by a retailer, you are probably being offered a deferred interest product.

How To Qualify For A 0% Purchase Credit Card

In order to qualify for a 0% intro purchase credit card, you will need to have good credit. If your credit score is above 700, you are highly likely to be approved by one of the issuers. If your score is between 650 and 700, you still have a good chance.

With a credit score below 650, it is highly unlikely that you would be approved, though you may want to check to see if you are pre-qualified for a card before applying. Many of the banks let you check to see what deals they are specifically targeting to you, and you can see a list of them here. Checking what you’re pre-qualified for won’t show up on your credit report or score.

In addition to your credit score, the credit card company will want to ensure that you are employed. And most credit card companies will look at your debt burden.

If your debt burden is more than 50%, it is unlikely that you will be approved.

The lower your debt burden, the better your chances. You calculate your debt burden by dividing the monthly payments on your credit report (which would include your mortgage, auto loans, student loans, personal loans and credit cards) by your monthly paycheck before taxes are taken out.

When Is A Personal Loan Better?

There is no lower interest rate than 0%. So, if you are able to use a 0% credit card to make a purchase, that is your best bet. However, there are a few circumstances where a personal loan might be a better option:

  • Your credit score is too low for a 0% offer. Personal loan companies are offering increasingly competitive interest rates, especially for people with lower credit scores.
  • You need to borrow money for a big cash expense. For example, you might need to pay a contractor who does not accept credit cards. If you need cash, a personal loan is always a better deal than a credit card.
  • You don’t trust yourself with credit cards. Some people feel nervous with credit cards. You might be tempted to spend more than you want. Or, you might be tempted to only pay the minimum due, extending the repayment term. A personal loan can be an easy way to borrow a set amount of money for a set period of time.

If you want to consider a personal loan, you can compare and apply using our personal loan comparison tool. You can check your interest rate and see if you are approved without hurting your credit score at most lenders.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Best of, Earning Interest

The Top 6 Month CD Rates for February 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The top 6 month CD rates
Source: iStock

Short-term certificate of deposit (CD) accounts offer investors a safe opportunity to squirrel away money for a future expense. If you’re looking for a brief solution for storing your cash and want to earn more interest than a typical savings account will offer, a 6 month CD can make a lot of sense. (It’s also a good place to start if you’re building a CD ladder.)

Using information from DepositAccounts.com, another LendingTree company and a database of offerings at more than 17,100 banks and credit unions, we found the five banks and five credit unions with the top 6 month CD rates. If there was a tie, we chose the institution with the smaller minimum-deposit requirement. We pulled these rates on February 11, 2019, and we excluded promotional offerings. The national average APY on 6 month CDs (among banks and credit unions) is 0.84%, according to the DepositAccounts.com database. These options outperform that average by a long shot. (You may also want to view our picks for the overall best CD rates.)

Banks with the best 6 month CD rates

Virtual Bank

VirtualBank

6 month CD APY: 2.50%
Bank information: VirtualBank is a subsidiary of Louisiana-based IBERIABANK Corp., offering 24/7 digital or telephone access on eCDs, open to applicants anywhere in the U.S.
Where to open CD account: Online (paperless account options)
Minimum balance to open: $10,000
Maintenance fees: $0
Early withdrawal penalties: 30 days’ interest

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

6 Month Popular Direct CD from Popular Direct

Popular Direct

6 month CD APY: 2.49%
Bank information: Popular Direct is an online bank that services customers in the U.S., Puerto Rico, and throughout the Caribbean. They currently have some of the most competitive rates in the market – not only in their CD products, but with their savings account as well.
Where to open CD account: Online
Minimum balance to open: $10,000
Maintenance fees: $0
Early withdrawal penalties: 120 days of simple interest

LEARN MORE Secured

on Popular Direct’s secure website

Member FDIC

First Internet Bank

First Internet Bank

6 month CD APY: 2.45%
Bank information: A subsidiary of First Internet Bancorp, this online bank founded in 1999 has no branch locations, but offers service online in all 50 states.
Where to open CD account: Online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE Secured

on First Internet Bank’s secure website

Member FDIC

6 Month CD from Live Oak Bank

Live Oak Bank

6-month CD APY: 2.45%
Bank information: Live Oak Bank is located in Wilmington, NC, but serves customers nationwide through online banking. While their initial focus was to help small businesses acquire funding, they now help all individuals through personal banking.
Where to open CD account: Online
Minimum balance to open: $2,500
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE Secured

on Live Oak Bank’s secure website

Member FDIC

6 Month Online Time Deposit from My eBanc

My eBanc

6 month CD APY: 2.45%
Bank information: BAC Florida Bank of Coral Gables, Fla., is part of The Pellas Group. The CD program, open to all foreign and domestic customers, is designated as a “BAC Internet Time Deposit.” Overseas CDs based on the euro are not insured by the FDIC.
Where to open CD account: Online
Minimum balance to open: $5,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE 

Member FDIC

Credit unions with the best 6 month CD rates

18 Month IRA Certificate Special - New Money from Interior Federal Credit Union

Interior Federal Credit Union

6 month CD APY: 2.78%
Credit union information: Interior Federal Credit Union was established in 1935 with the intention to promote financial wellness. During the Great Depression, employees of the Department of the Interior (the federal department that is responsible for the conservation of federal lands and natural resources) couldn’t get credit at their local banks, so they formed this credit union. Today, the credit union serves U.S. residents nationwide.
Membership details: Anyone can join by the credit union by joining the New Mexico Wildlife Federation, which you can do when you’re filling out your application. Check to see, however, if you’re able to join through employment, organization affiliation, or through an immediate family member.
Where to open CD account: You can open an account online or at one of their branches.
Minimum balance to open: $500
Maintenance fees: $0
Early withdrawal penalties: 30 days’ worth of interest.

on Interior Federal Credit Union’s secure website
1 Year Junior Jumbo Certificate from Advancial

Advancial

6 month CD APY: 2.62%
Credit union information: Advancial was established in 1937. Since then, they’ve been providing creative ways to serve their members.
Membership details: Anyone can join this credit union if they join Connex, which has a $5 membership fee. However, if you choose to join the way, you’ll have to join using a paper application. You can just reach out to the credit union to provide you with the paperwork via email. Before you do that, see if you qualify another way.
Where to open CD account: Online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: Determined by the credit union.

on Advancial’s secure website
PenFed Credit Union

PenFed Credit Union

6 month CD APY: 2.40%
Credit union information: PenFed, established in 1935, today serves more than 1.6 million members at branch locations in all 50 states and select overseas facilities.
Membership details: Open to current or retired members of the U.S. military, federal employees, affinity partners, members of qualifying organizations, or by donating to Voices for America’s Troops or the National Military Family Association.
Where to open CD account: You can open an account online or at one of their branches.
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE Secured

on PenFed Credit Union’s secure website

NCUA Insured

36 Month Share Certificate from Communitywide Federal Credit Union

CommunityWide Federal Credit Union

6 month CD APY: 2.30%
Credit union information: Founded as a credit union to provide quality financial services to individuals in South Bend, IN, CommunityWide Federal  Credit Union has grown to offer their services to various communities within Indiana as well as the digital world.
Membership details: Anyone can become a member by donating to a list of organizations including the Y.M.C.A. If you’re a member of the Michiana Goodwill Boosters or Marine Corps. League of St. Joseph Valley, you’re also eligible to become a member.
Where to open CD account: Online
Minimum balance to open: $2,000
Maintenance fees: $0
Early withdrawal penalties: Equal to the amount withdrawn multiplied by the remaining days left in the term.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

6 Month Certificate from State Department Federal Credit Union

State Department Federal Credit Union

6 month CD APY: 2.06%
Credit union information: State Department Federal Credit Union was established in 1935 by eight people employed by the United States Department of State. Since then, they have expanded to serve a multitude of members worldwide.
Membership details: Anyone can join by the credit union by joining the American Consumer Council, which you can do when you’re filling out your application. Check to see, however, if you’re able to join through employment, organization affiliation, or through an immediate family member.
Minimum balance to open: $500
Maintenance fees: $0
Early withdrawal penalties: 30 days of dividends on the withdrawn amount or the amount of dividends you’ve earned since the account opened – the credit union will impose the lesser of the two.

LEARN MORE Secured

on State Department Federal Credit Union’s secure website

NCUA Insured

Pros and cons of using 6 month CDs

Pros:

  • The CD rates offered by banks and credit unions are generally higher than those on savings accounts.
  • The rates are fixed and guaranteed for the length of their term.
  • The discipline of keeping the funds in the CD means the money will be available upon maturity. (Note: Most banks offer a seven-day grace period to reinvest or withdraw the investment, after which the funds will roll over into a new CD. However, you are not guaranteed the same rate.)

Cons:

  • Six-month CD rates are lower than those offered on longer CD investment terms.
  • To tap into the CD funds — even for emergencies — consumers must accept a loss through penalties, which can include a percentage of the funds, a percentage of the earned interest, or a combination of both. A typical penalty on a short-term CD is between 30 and 90 days’ worth of interest earnings.
  • If you’re not confident you can do without access to the funds for six months, you may be better off putting your money in a traditional savings account, which is likely to earn less interest than a CD.
  • Since CD rollovers may reset at a different percentage rate, consumers must speak with the bank before the grace period ends to ensure they are getting the best deal.

Using a 6 month CD for laddering

A CD ladder comprises small-amount CDs with varying terms and respective interest rates that contribute to a long-term investment strategy. After the 6 month CD matures, investors can withdraw the funds for a predetermined expense. Or, they can reinvest the money into a longer-term CD with a better rate. By staggering the maturity dates on short-term CDs, consumers have access to their cash on a regular, predictable basis.

Where can you open a CD account?

Consumers can open 6 month CD accounts (or longer) from banks and credit unions. Bank and credit union CD rates are based on Federal Reserve rates, and there may be strategic times to pursue these short-term instruments following a rate increase.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here

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