10 Best Interest-Free Credit Cards in 2022
Interest rates on the rise and the cost of living on the rise? It’s time to find a better way to manage your money. Interest-free credit cards are one way to combat these rising costs. When you use them responsibly, they can be a great budgeting tool that you can rely on to help you live frugally. When you’re looking for the best interest-free credit card in 2022, there are several factors to consider. You’ll want to carefully weigh the benefits and drawbacks of each one before making your choice.
For instance, some cards offer better perks than others, while others allow you to choose how much money you can spend each month. Some cards charge higher fees than others or have limits on where you can use them. Here are 10 of the best interest-free credit cards that will fit your needs perfectly.
What to Consider?
When you’re shopping for the best interest-free credit card, there are many factors to consider. You’ll want to carefully weigh the benefits and drawbacks of each one before making your choice.
For instance, some cards offer better perks than others, while others allow you to choose how much money you can spend each month. Some cards charge higher fees than others or have limits on where you can use them.
The decision to choose an interest-free credit card is primarily based on how you’ll use it. You’ll need to decide if it will be your primary card or just an option when you’re in a pinch.
Read: Best Credit Cards for Shopping online in 2022
For example, suppose you’re applying for a card that will be your primary card. In that case, you’ll want to consider the monthly fee, the amount of money you can spend each month, and the perks offered with the card. If it is an option when you’re in a pinch, you’ll want to consider the purchase and ATM withdrawal limits. Regardless of your situation, there is a perfect card for you! Find the one that is right for you and reap the benefits.
The Top 10 Interest-free credit Cards in 2022
Here are the top 10 interest-free credit cards to consider:
1. Citi Simplicity Card
The Citi Simplicity Card is a good option for people with good credit who plan to pay their monthly balance in full and on time. This card offers a 0% intro APR on purchases and balance transfers for the first 18 months.
After that, the variable APR will be 15.24% to 25.24%, depending on your creditworthiness. The specific card is designed for people with good credit, and you’ll see a hefty 23.99% interest rate on new purchases and balance transfers if you have a credit score below 700.
The Citi Simplicity Card is not designed for people with bad credit. It has a minimum credit score requirement of 660. The Citi Simplicity Card also has no rewards program. The Citi Simplicity Card is the best credit card for people with good credit. It’s suitable for people who want to build credit or people who want to get out of debt.
This card will help you by reporting to the three major credit bureaus if you’re building credit.
2. Wells Fargo Reflect Card
This card is specifically made to entice people who currently do not have any credit cards or debit. Wells Fargo wants you to use this card to build your credit rating, which the card is designed for. If you use it to pay off debt, you lose the 0% introductory interest rate.
Well, it is a very cleverly planned scam. The Wells Fargo reflect card is free in the sense that you will not have to pay for it in any way. But the interest-free interval is, in fact, a ticking bomb. For example, take a cash advance of $1 000 using the card, then after the promotional period, i.e., six months. You will have to pay 22% interest on the cash advance, which is $230. Also, remember that you are borrowing money at 0% interest only when the money is in the card itself.
Therefore, it is advised to use this card only in emergencies or when you have your money in another investment already. If you plan to use the card frequently, it will cost you a lot in the long run.
3. U.S. Bank Visa Platinum Card
The U.S. Bank Visa Platinum card is an excellent choice if you can qualify for it. It offers a great line of credit as well as a great rewards program. This card is great because it provides a credit limit that is high enough to have a perfect line of credit. It also offers a card that is easy to qualify for, making this card very convenient.
U.S. Bank Visa Platinum Card is the kind of credit card you need when you have good credit. It gives a grace period of a year before you have to start paying interest on your outstanding balance.
Moreover, its 0% introductory rate makes it an excellent choice for someone with a small balance. However, an outstanding balance can lead to a hefty bill. If you have a good balance, it will be an excellent choice for you as you can pay as much as you want as long as it is within the grace period.
In addition to this, the Platinum card is an excellent card for those who use credit cards as a security measure. It is a great way to protect your money from thieves and those who might borrow from you without your knowledge. It keeps a record of all transactions and alerts you when there is suspicious activity.
4. Citi Double Cash Card
The Citi Double Cash has a few advantages going for it. The interest-free months mean you can put off your first interest charge for a few months. But the grace period is not as long as comparable cards from Bank of America or Wells Fargo.
Also, the financing offers available on the Citi Double Cash are not as good as those on the other two double cash cards. Finally, the balance transfer fee of 3% is not as reasonable as the 0% balance transfer offer on the other two cards.
Double Cash’s most significant selling point is its simple Cashback APR of 1% on all spending, plus 1% on all payments. This is the best offer available from any credit card. In summary, the Citi Double Cash is a solid cash back card. However, it is overshadowed by the offerings from other card issuers.
5. Amex EveryDay Credit Card
Amex EveryDay Credit Card is an exceptional card. The best feature of this card is that it is an interest-free card. This card is designed for people who pay off their balance in full every month. This card has no annual fee. Or you can say it is a free credit card. The best part is that you will earn 10% back on your purchases, up to $1000 per quarter. You can use this ‘AmexEveryDay.com’ membership rewards point for paying at Amazon.com, booking travel, paying your bills, etc. Plus, you will also get ‘Travel Benefits.’
This means you can enjoy many travel-related perks. E.g., if you make a purchase on a travel site using this card, you will get a credit of up to $50 towards travel purchases.
6. Capital One SavorOne Cash Rewards Credit Card
The Capital One SavorOne Cash Rewards Credit Card’s attractive 2% cashback on dining and entertainment encourages spending on the everyday purchases that earn the most points. The Capital One SavorOne Cash Rewards Credit Card’s $500 introductory bonus is another perk, effectively reducing the purchase rate to 0%* for the first year. However, that bonus is subject to change at any time.
If you’re looking to consolidate debt but would like to continue using credit, this may be the card for you. Cashback rewards cards like Capital One SavorOne Cash Rewards Credit Card aren’t suitable for everyone, but this could be the card for you.
7. Chase Freedom Unlimited
Chase Freedom credit card is a good choice in 2022 for a low interest rate. There are many choices of credit cards available in the market. One of the best credit cards provides a reasonable interest rate on a good credit score. It is an excellent interest-free card.
They have a very generous cashback program, and there are many things to do to get free Cash. It is a good offer from the credit card provider. You can get this credit card without any problem. It is easy to get a credit card. You can get this card without any credit check. You can use this card very easily.
8. American Express Cash Magnet Card
American Express Cash Magnet Card is a credit card. Many merchants widely accept it. Customers are not charged interest on purchases if paid in full every month. Customer’s purchases are protected against fraud by Maestro fraud online security guarantee.
The American Express Cash Magnet™ Card earns 2% cashback on purchases of $200 or more at grocery stores and wholesale clubs, up to a maximum of $6,000 per year. Cashback is received as a credit on your statement.
Suppose Maestro fraud online security guarantee detects fraudulent activity on the account. In that case, the total amount of the unauthorized charges, up to $250, is immediately credited back to the account. So overall, it’s an excellent credit card.
9. Blue Cash Everyday Card from American Express
The American Express EveryDay Credit Card is the best option. However, another great option is the Chase Freedom Credit Card. Both of these credit cards offer unlimited 1.5% cash back on ALL purchases, including the grocery store! You have to be careful of only two things, one being the 3% foreign transaction fee. The other is that these are credit cards, so interest rates are higher than you would find on a department store card.
The American Express EveryDay Credit Card is the best option. However, another great option is the Chase Freedom Credit Card. Both of these credit cards offer unlimited 1.5% cash back on ALL purchases, including the grocery store!
You have to be careful of only two things, one being the 3% foreign transaction fee. The other is that these are credit cards, so interest rates are higher than you would find on a department store card.
10. Citi Custom Cash Card
Citibank’s Citi Custom Cash Card is a particular credit card issued to users with average credit scores. It is not a credit card, in a sense usually thought of. If you decide to carry a balance on the card, then the interest rate is zero. The catch, though, is that you can only have a balance on this card for a maximum period of 30 days. After that, the interest rate jumps to a pretty high 26.99%.
And, this is compounded, so you pay interest on the interest. It is imperative that you pay off the card before the grace period ends. Do so, and you can avoid paying interest on your purchases. The Citi Custom Cash Card is probably the best option for someone with average credit. Citibank has a good reputation, and the card will help to build your credit. It is an excellent first card, and you should only use it if you don’t intend to carry a balance on it.
Choosing the right card for you is a difficult decision. However, we hope that we’ve given you a few things to think about and some ideas for what would work best for your needs. We recommend you take your time and look at all the details of each card before deciding which one is right for you.