If you're looking at a credit card that offers a 0% APR for up to 12 months (or 18 months), the length of your 0% APR deal isn't set in stone. Any credit card that offers a 0% APR for "up to" may approve your application, but may grant you a 0% APR that only lasts a fraction of the longest advertised rate.
Anyone with excellent credit who have minimal credit card debt and a low debt to income ratio need not be concerned: you will likely get approved for the longest advertised 0% interest rate. However, if you apply for a credit card and have good, but not great credit, a higher debt to income ratio or a credit utilization ratio, you could apply for a credit card with a 0% APR for 12 months and only get a 0% APR for as little as 6 months, the legal minimum for 0% offers.
Unfortunately, you won't be able to find out how long your 0% rate lasts until after you have completed your credit card application. This is because most credit card companies that advertise 0% rates for up to 12 months base the rate you get on a review of your credit card application and credit history.
The only way to insure you get the 0% rate you apply for is to choose a 0 APR credit card that offers the same rate to all approved applicants. Unfortunately, these credit card offers are relatively rare and the longest 0% rates are generally the ones advertised as "up to 15 months."
Ultimately, when you apply for a 0% APR credit card, you have to weigh the pluses and minuses. If you have excellent credit, take your changes with the longest 0% credit card offers available. If you have good, but not excellent credit, you may want to stick to a credit card with a straightforward offer so you know you'll get the 0% rate you applied for.
For more information on 0% credit card offers and to apply online, please visit the main section of CardWisdom.com. At Card Wisdom, you can compare credit card deals from leading credit card companies and apply online for approval. We also feature helpful tips so you can make informed credit card decisions.
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