The One Mistake That Makes Your 0% APR Offer Useless

Opening a credit card with 0% intro APR can be a smart way to pay off debt or fund a large purchase. But there's one mistake that can wipe out that benefit in an instant: making a late payment.

Issuers reserve the right to cancel your promotional APR period if you pay late even once. That means the interest you thought you were avoiding could kick in earlier than expected, defeating the entire purpose of getting a 0% intro APR card.

Here's what you need to know -- and how you can avoid getting your intro offer revoked.

One missed payment can end your offer

Right now, credit cards are offering introductory 0% APR periods lasting as long as 21 months. That makes them great for balance transfers and financing large purchases so you can pay them off over time.

But the catch is that the offer can end early if you violate any of the offer terms. The easiest way to violate those terms is by not making a payment on time.

Once that happens, your APR could jump to the card's regular rate -- or worse, an elevated penalty APR. That makes your interest-free period useless if you're relying on it to carry a balance.

Some issuers are more forgiving than others

Not all credit card issuers have the same language in their 0% APR offer terms, meaning some may be more lenient than others. Still, there are no guarantees.

Every issuer has the right to end your promo period, and in most cases, they will. If you're more than 30 days late or have a history of missed payments, you're likely out of luck.

Looking for a valuable long-term balance transfer card? Check out one of our favorites for a chance to wipe out your debt interest-free for nearly two years.

How to protect your 0% intro APR

If you're relying on a promo APR, there are a few things you can do to make sure you keep it:

• Set up autopay: Schedule at least the minimum payment each month to avoid late fees or a penalty APR.
• Give yourself reminders: Add a calendar alert or go into your bank's settings to set up payment reminders.
• Pay a few days early: Don't wait until the last minute -- pay early to protect against processing delays.
• Call your issuer if you slip up: If you miss a payment by a day or two, contacting the issuer quickly can sometimes be a point in your favor.

Preserve your low-APR offer today

A 0% intro APR can save you a fortune in interest charges, but missing a payment can cut your promo period short. Even with more forgiving issuers, don't count on a free pass.

Keep planning ahead, setting up protections, and making minimum payments so your promo APR remains intact.

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