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While higher interest rates can be a good thing if you’re looking for a high-yielding savings account or certificate of deposit (CD), it’s nothing short of bad news if you need to take out a mortgage or you’re re-incurring credit card debt.
With that in mind, you may have seen credit card interest rates just hit a 26-year high as of September 2022. While rates could easily rise, the current average for all credit cards combined is 18.79 percent, or just under 19 percent.
And remember, this is just the average interest rate across all credit cards, and many of the best credit cards on the market today charge much higher rates than this. In fact, premium credit cards often have top rates that are now well over 26 percent, which can make paying off debt almost impossible.
Credit cards that allow you not to pay interest for more than a year
Luckily, there’s an easy way to get around exorbitant credit card interest rates, and that’s true whether you’re looking to get a card for new purchases or planning to consolidate other card debt. If you’re hoping to get out of debt and stay out of debt, or at least not pay interest on your debt for over a year, here are the best zero interest credit cards you can add to your wallet in 2022 and beyond:
Wells Fargo Reflect Card: Longest Zero Interest Initial Offer on the Market
The Wells Fargo Reflect® Card is unique in that it gives you up to 21 months of zero interest on purchases and balance transfers. You will automatically receive 18 months at 0 percent per annum, and this period will be extended for another three months if you made the minimum payments on time during the initial period.
The introductory APR offer is followed by a variable APR from 15.99% to 27.99% depending on creditworthiness. While this card does not offer any rewards, it does not charge an annual fee and comes with up to $600 of free mobile phone protection (minus the $25 deductible).
Wells Fargo Active Cash Card: Long 0% Initial Offer with Flat Rate Rewards
The Wells Fargo Active Cash® Card allows cardholders to receive a flat 2 percent cash reward on purchases as well as a $200 cash bonus after they spend $1,000 on purchases within three months of opening an account.
New cardholders also receive 0 percent APR on purchases and balance transfers for 15 months, followed by variable APR from 17.99 to 27.99 percent. There is no annual fee and this card also comes with up to $600 mobile phone insurance (minus the $25 deductible).
Chase Freedom Unlimited: Long 0% Initial Offer with Top Reward Categories
This card also offers a combination of rewards plus 0% APR with no annual fee. Specifically, new customers can enjoy a 0 percent starting annual interest rate on both purchases and balance transfers for 15 months, followed by a variable annual interest rate of 17.24 to 25.99 percent.
Chase Freedom Unlimited offers a 1.5% cash back on regular purchases, as well as 5% on trips booked through Chase and 3% on purchases at restaurants and pharmacies. Purchases made with Lyft before March 2025 also receive a 5% refund. New cardholders can receive an additional 1.5% cashback on all purchases during the first year of membership up to $20,000.
Capital One SavorOne Cash Rewards Credit Card: Great Combination of Rewards Categories with APR Starter Offer
Finally, consider the Capital One SavorOne Cash Rewards credit card if you want to avoid interest but get rewarded for your purchases. This card’s initial offer of 0 percent per annum is good for purchases and balance transfers within 15 months, followed by a variable annual rate of 17.99 to 27.99 percent. This means you get over a year with no interest to worry about, whether you’re desperate to consolidate your other credit card debt or want to make a large purchase and pay interest-free for a limited time.
Meanwhile, cardholders can earn a $200 cash bonus by spending $500 on purchases within three months of opening an account. The earning rate on this card is also generous on everyday purchases, making it easy to get rewarded quickly. For example, cardholders receive an unlimited 3% cashback on food, entertainment, popular streaming services, and grocery shopping, as well as 1% on everything else they buy.
bottom line
Credit card interest rates are the highest in a quarter of a century, but you don’t have to pay those rates if you’re willing to take a few steps. For example, by applying for a balance transfer credit card, you can skip interest for more than a year and potentially earn some rewards along the way.
Just keep in mind that the best zero interest credit cards are for consumers with good or excellent credit history, and that these cards will only benefit you if you focus on paying off debt and avoid accumulating new debt along the way.
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The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.