Don't Miss Out on This 21-Month 0% Intro APR Offer

Carrying credit card debt is expensive. The average interest rate on credit cards is over 21% right now, according to the Federal Reserve. That means if you're only making minimum payments, most of your money is going toward interest instead of chipping away at the balance.

That's why a card offering a long 0% intro APR window is a big deal. The Wells Fargo Reflect® Card (rates and fees) gives new cardholders a 0% intro APR offer for 21 months from account opening on purchases and qualifying balance transfers (then 16.99%, 23.49%, or 28.74% Variable APR) -- that lasts nearly two full years.

For anyone trying to catch up, this is one of the longest no-interest offers on the market today.

A long intro APR period

I've reviewed a lot of credit cards over the years, and this one is an outlier.

The Wells Fargo Reflect® Card's headline feature is its intro APR offer: Get 0% intro APR for 21 months from account opening on qualifying balance transfers and 21 months from account opening on purchases. (An ongoing 16.99%, 23.49%, or 28.74% Variable APR will apply at the end of the intro period.) Very few cards match that length.

To qualify for the intro APR on balance transfers, you need to move the balance within 120 days of opening the account. That gives you some flexibility if you're still deciding which balances to roll over.

There's a balance transfer fee of 5%, min: $5, but the interest you save almost always outweighs that cost -- especially if you're rolling over high-rate debt.

How much interest can you save?

Say you're carrying a $6,000 balance on a card charging 21% interest. If you keep paying it down at $300 a month, here's what happens:

• Staying put: It would take you 25 months to wipe out your balance, and you'd shell out about $1,449 in interest along the way.
• Transferring to the Wells Fargo Reflect® Card: You'd pay a one-time $300 balance transfer fee (5% of $6,000). But with a 0% intro APR for 21 months from account opening on qualifying balance transfers (and 16.99%, 23.49%, or 28.74% Variable APR after), every payment goes straight toward the principal. You'd pay $0 in interest and be completely debt-free after 21 months.

That's the power of a long 0% intro APR offer. It gives you breathing room to attack your debt without interest working against you.

Who should consider this card

In my experience, the biggest win with a balance transfer card isn't flashy rewards -- it's the gift of time to tackle your debt balance.

This card is a good fit for:

• Paying down debt without the weight of interest dragging you back.
• Financing a large purchase like furniture or appliances and spreading payments out interest-free.
• Consolidating balances from multiple cards into one manageable payment.

Just remember, balance transfer cards aren't magic wands that clear your debt automatically. You still need to make a solid plan to pay off your debt (within the introductory APR window if possible).

If you know you'll keep swiping without a payoff plan, this card could backfire once the intro period ends.

Credit requirements to keep in mind

The Wells Fargo Reflect® Card is aimed at applicants with good credit or better (think FICO® Scores around 670+, by our estimation). If you're not quite there yet, you may want to focus on building your credit before applying.

Also, once the intro APR period ends, your assigned variable APR will depend on your creditworthiness. The stronger your credit, the better your odds of landing a lower ongoing rate.

Use the time wisely

A long interest-free period can be a powerful tool. But it's not an excuse to overspend. The smartest way to use a card like this is with a plan:

1. Add up your balances or planned purchases.
2. Divide that amount by the number of months in your intro APR offer.
3. That number is your monthly payment target to eliminate the debt before the intro APR ends.

For example, if you're transferring $7,000 to the Wells Fargo Reflect® Card, you'd want to budget about $335 per month. Stick to that plan, and you'll wipe out the balance right on time.

The Wells Fargo Reflect® Card is an incredible opportunity to turn your finances around. If you've been struggling under double-digit APRs, this could be the break you need to finally get ahead.

Compare top 0% intro APR credit cards here and start paying down debt interest-free today.