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Credit card interest can be punitive — and expensive. That's why paying your card statement on time and in full is a best practice. Sometimes, a planned or unforeseen big expense can get in the way, and that's where a credit card with an introductory or promotional 0% APR (annual percentage rate) can come in handy.
You can make your purchase and avoid paying interest on the balance as you pay it off, provided you finish paying it off before the favorable APR period ends.
Occasionally, you can get a 0% APR for a defined period without applying for a new card. It requires contacting the issuer and inquiring whether you're targeted for a promotional APR with a card already in your wallet. Here's how to do that with Discover as it's doling out promotional APRs for many customers.
How To Check for Targeted 0% APR for 12 Months Offers on Your Discover Card
Several Discover cards offer 0% introductory APR for new cardholders. Typically, this period ranges between six and 15 months, depending on the product you apply for. If the intro period expires, or you never had one to begin with, you may find that you're targeted for a separate 0% promotional APR.
You may receive such an offer by reaching out to Discover via chat, the phone number on the back of your card, checking the app, or logging in to the Discover website. There's no guarantee you'll receive a 0% promotional APR offer. Still, it's worth checking, as numerous customers are seeing offers recently.
If you are targeted, pay close attention to the terms. The duration of the period may be 12 months — give or take. Familiarize yourself with the relevant fees, too. There will be an APR listed for your rate after the promotional period ends; there also will be a balance transfer fee listed, in case you're transferring existing credit card debt from another issuer.
Related: The Best Credit Cards With No Annual Fee and 0% Introductory APR
The Pros and Cons of Having 0% APR for 12 Months
You've heard us say it several times: Paying off your credit card statement on time and in full every month is the best way to avoid incurring interest charges and late payment fees, which can ding your credit score. Thus, unless you absolutely need to rely on a 0% introductory or promotional APR, it's best to stay away.
However, a 0% APR is valuable when you need the financial flexibility to cover a purchase. Carrying a balance with 0% APR as you pay off remodeling your kitchen or unforeseen medical bills, for example, is preferable to paying credit card interest, which can hover around 30%.
But this comes with a caveat. You must pay off your balance by the end of the introductory or promotional period. Otherwise, you'll accrue interest on your unpaid balance. And that can add up quickly.
Related: How To Get a 0% Intro APR Without Paying a Balance Transfer Fee
Final Thoughts
Holding a credit card with a 0% introductory or promotional APR is handy in the right circumstances. And if you have a Discover Card, reaching out to the issuer might be worth the effort; you may be able to activate a targeted 0% promotional APR offer for several months.
However, carrying a balance is generally worth avoiding. If you do, ensure you pay it off before the end of the period, or you'll start accruing interest on your unpaid balance.
Related: A Beginner's Guide to Building Healthy Credit
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