You'll typically need good or excellent credit (a score of at least 690 on the FICO scale) to qualify for most 0% APR credit cards. The ongoing interest rate, which is charged once a card's promotional period ends, will also depend on your creditworthiness.
Good news for drivers with excellent credit: The average auto loan interest rate for consumers with an 800 credit score is 5.25% for a new car and 7.13% for a used car, according to Experian's 2024 State of the Automotive Finance Market report.
However, it is difficult to qualify for a 0 percent annual percentage rate (APR) without excellent credit, and it tends only to be worth it if you can save money on your monthly payment.
Benefits of an 800 credit score include better credit offers, lower interest rates and higher credit limits. To maintain an 800 credit score, it's important to keep credit utilization low and regularly monitor credit reports.
Even better, just over 1 in 5 people (21.2%) have an exceptional FICO credit score of 800 or above, all but guaranteeing access to the best products and interest rates.
What is the highest credit score possible? To start off: No, it's not possible to have a 900 credit score in the United States. In some countries that use other models, like Canada, people could have a score of 900. The current scoring models in the U.S. have a maximum of 850.
A credit card with an introductory 0 percent APR can help you manage new debt or pay off old balances. However, a 0 percent intro APR card can hurt your credit if it causes you to carry a higher balance than usual or if you carry your balance beyond the introductory offer period.
You may be able to secure a 0% APR offer by requesting one from your credit card issuer. Offers are generally for balance transfers, but some issuers also offer pay-over-time plans or credit line loans. Using your card responsibly and negotiating a retention offer can increase your chances of getting a 0% offer.
Generally, the rule of thumb is you'll need to have a credit score above 760 in order to receive the best terms on loans and/or mortgages. In other words, having a credit score of 800 puts you within the top credit score range and will help you qualify for the best terms, whether it's for a mortgage or a personal loan.
If you have a high credit score (for example, a VantageScore® of 780+ or a FICO® score of 799+), you'll have a good chance of getting a car loan, and one that could come with lower annual percentage rates (APRs).
Does 0% APR mean no payments? Just because there's no interest accruing on your balance doesn't mean there are no payments. At the very least, you're still responsible for making the minimum payment each billing cycle to keep the account in good standing.
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent.
To qualify for a 0% APR car loan, you generally need excellent credit, a solid income and a low debt-to-income ratio.
A balance transfer credit card lets you move what you owe on one or more credit cards to a new card with a different provider. A balance transfer card typically has a lower or 0% interest rate for a fixed period. It could help you get on top of your credit card debt and reduce the total cost of your borrowing.
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
In most cases, qualifying for a 0 percent intro APR credit card requires a good or excellent credit score. This means you'll need a FICO credit score of at least 670 or a VantageScore credit score of at least 661.
Credit cards with 0% interest on purchases can be a good way to spread cost and build up your credit score. For example, you could use one to book flights, pay for a holiday or cover the cost of home improvements and then pay it back in monthly repayments.
Your 0% APR deal could be canceled
Even with a 0% APR card, you'll still have to make monthly minimum payments — usually a small percentage of your balance. And if your payment is late, even by a single day, your card issuer could cancel the 0% offer and reset your card's interest rate to the ongoing APR.
But according to Experian data captured as 2023 came to a close, nearly 22% of consumers have a FICO® Score in the highest credit score range—800 to 850. Consumers with scores in this range are considered to have exceptional credit.
As of the third quarter of 2023, 1.54% of U.S. consumers had a FICO Score of 850, according to Experian data. Some notable traits of consumers with a perfect credit score include an above average number of credit cards, lower credit utilization rate and lower than average total debt.
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data. Since so few people have such high scores, lenders don't split the 800+ credit score crowd into smaller groups that get separate offers.