To Borrow Money To Start My Own Business, I Used A Credit Card At 0% APR To Get The Money.

To be able to get a large loan, you will need to have a good credit history. Start building your credit score by getting user-friendly credit cards with no annual fees and a 0% introductory APR.

Even if your credit history could be better, this option makes sense. These low-risk assets are significant for short lines of credit, and you won’t be charged substantial interest fees if the loan can be paid off quickly. The card will not charge interest for the balance for a certain period unless you agree to it. This means that you can carry your balance month-to-month without paying high credit card interest rates. It is basically like taking out an interest-free loan.

Although 0% APR rates are great, it is essential to have a plan before you enter. Many credit cards will back-charge you for all the interest accrued during the 0% rate period if you don’t pay your balance in full within the 0% period. This is not something you want to do!

I have used 0% APR credit card offers to fund my business startup fees. I’ve also saved thousands of dollars by not having credit card interest or interest on personal loans. This idea may have come from my parents, who, back in 2000, financed our pool with a 0% APR credit card.

This sounds great to you. It’s worth looking into some excellent credit card options. Chase Freedom Unlimited(r), for example, offers 0% intro APR on balance transfers and purchases for the first 15 months (then an 18.74% – 27.49% Variable).

To get an interest-free loan, I have used the Chase Slate Edge(sm) and American Express daily.

Chase Slate Edge (sm)

You should get a Chase Slate Edge(sm) line of credit if Chase Bank is your preferred lender. This card is great because you have many options you can use, especially if you plan to pay off your credit quickly. The card has no annual fees and a 60-day grace period in which balance transfers are free of charge. This is a massive benefit if you pay interest on your credit card.

This card’s most significant feature in quick and affordable loans is the 0% intro APR for purchases and balance transfers, which lasts 18 months after account opening. (then 18.74%-27.49% Variable). Many cards have introductory APRs that only apply for the first year. This means that 15 months will give you a quarter of “free” loans. The interest rate will increase to 18.74% – 27.39% Variable after that. However, it will only apply if the loan is paid back within the first 15 months.

American Express Cash Magnet(r), Card

American Express has a few cards that can easily give you credit without penalty. The American Express CashMagnet card, one of which you can earn cash back, allows you to open a short line of credit without any liability. The card comes with an introductory 0% APR, free for the first 15 months of account opening. The APR after that is between 15.49% and 25.49% Variable.

You have plenty of time to pay your balance before interest kicks in. However, depending on how you use it, this card may be worth keeping. The American Express CashMagnet Card offers unlimited 1.5% cashback on all purchases. After you spend $1500 in the first three months, you will receive $175 cash back.

Additional cashback rewards can be used to pay off your statement credit or use the dollars to purchase gift cards or merchandise. This card offers low-risk loans and decent earning potential, depending on how much you spend.

American Express Amex every day (r), Credit Card

The Amex Everyday Credit Card may be a better option if you are looking for Membership Rewards points. The card offers the same benefits as the Chase Slate(r), American Express CashMagnet, and Chase Slate(r) credit cards. It has a $0 annual fee, no fee balance transfers, and 0% APR for your first 15 months. After that, you will be charged variable APRs between 14.74% to 25.74%. The American Express EveryDay card offers a unique set of benefits and earning opportunities, which is different from the two other cards.

You can earn Membership Rewards points on qualifying purchases. These can be used to redeem (or transfer) travel benefits, gift certificates, merchandise, or entertainment. After you spend $1500 in the first three months, you will receive a 15,000-point welcome bonus. This card allows you to earn 2X Membership Reward points at US supermarkets (up to $6,000 annually), then 1X and 1X Membership Reward points for all other purchases. You’ll also earn 20% more Membership Rewards points if your card is used at least 20 times in a billing period.

This is an excellent option for those who need a quick and cheap credit line but also if they want to build up rewards points to get credit benefits.