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Best Low Interest Credit Cards

Best Low Interest Credit Cards

Low interest credit cards generally offer lower A.P.R interest rates then most credit cards. These cards are designed for individuals who usually carry a month to month balance, or a very large balance in general. Maintaining a high balance on your credit card can be very costly when it comes to monthly interest charges, so it is wise to switch to a low interest rate credit card. A low interest credit card will definitely save you money on your monthly interest charges.

Generally, the better your credit score is, the lower your interest rates will be.

Is a Low Interest Credit Card Right For Me?

If you tend to carry a high balance month to month then you might want to consider a low interest credit card. Take a look at your interest rate if you already have a credit card, and find out how much you are paying each month on interest charges. If you are paying high interest charges, then a low interest credit card will be ideal for you.

However if you always pay your balances in full, you will receive more value with a rewards credit card where you can receive cash back and rewards benefits.

How To Save On A Low Interest Credit Card

You can save a good amount of money on monthly interest charges with a low interest rate credit card. To illustrate this point consider the following: if you have a balance of $5000, and made a monthly payment of $150 with a interest rate of 21%, you would be paying $86 dollars a month on interest alone.

Now, if you had the same balance of $5000, and made a monthly payment of $150 with a lower interest rate of 12.99% instead of the 21%,  you would only be paying $53 per month on interest. You would be saving $33 a month on interest charges by switching to a low interest credit card.

Best Low Interest Credit Cards for Different Categories

Each card offers different features and benefits that are targeted towards different needs. One card might be better if you like long introductory periods, while another might be better if you like a steady interest rate and so on. Below are the best cards for specific needs:

Best Introductory Offer for Low Interest Credit Cards

Discover IT Credit Card

This card features a long introductory period of 0% A.P.R. on all purchases for the first 18 months, which is the longest you will see with a low interest credit card. The interest rate can be as low as 10.99% and it includes a rewards system. The only downside is that you have to have excellent credit to qualify for this card, and if you do, it is the ideal low interest credit card for you.

Lowest Interest Rate For No Rewards Credit Cards

Pen Fed Promise Visa Card

This card has the lowest interest rate (which can be as low as 7.99%), out of all the non reward, low interest rate credit cards available. You do not need to have excellent credit to qualify for this card, however if you credit is average, your rate will be higher then the 7.99% but still lower then most other cards. If you will carry a high balance, this card will definitely help you save on monthly interest charges.

Best Rewards Card for Low Interest Credit Cards

Capital One Venture One Rewards Credit Card

This card has a very good rewards system for a card that offers low interest rates. You will earn 1.25 miles for every $1 spent on every purchase, and the best part is the miles are unlimited. This card has interest as low as 11.99%, and you do not need excellent credit to qualify. If you will use this card frequently you will rack up the rewards while paying lower interest then most cards.

Best Low Interest Credit Cards

Below is a list with the best low interest credit cards currently available. Remember to choose a card that best fits your needs.

Discover IT Credit Card

Why we recommend as one of the best: this card has the lowest interest rate (starting at 10.99%) for a card with a rewards program

Features:

  • 0% intro A.P.R. on purchases and balance transfers for the first 18 months
  • regular variable A.P.R. ranges from as low as 10.99% to 22.99%
  • includes 5% cash back on rotating categories such as gas and groceries, earn 1 % cash back on all other purchases
  • no annual or foreign transaction fees

Pros

  • interest can be as low as 10.99% if you have excellent credit
  • very limited number of fees
  • has a good cash back reward system

Cons

  • merchant acceptance for this card outside of the U.S.A. can sometimes be an issue
  • has a balance transfer fee

Is this card right for me?

  • this card is ideal if you have an excellent credit score, as your interest rate can be as low as 10.99%. Furthermore, you can receive cash back rewards up to 5% on some purchases, while paying a low interest rate.
  • this card is not ideal if you do not have excellent credit, however you can still find cards with the same or similar low interest rates, but they most likely will not have a reward system

Chase Slate Card

Why we recommend as one of the best: this card offers low interest for a card that does not require excellent credit, or charge an annual fee

Features:

  • 0% introductory APR for first 15 months on all purchases and balance transfers
  • $0 annual fee
  • named best credit card for balance transfers by Money Magazine
  • interest rate ranges from 12.99% to 22.99%
  • includes the Chase Blueprint which allows you to track expenses and manage balances

Pros

  • long introductory offer of 15 months
  • no annual fee
  • do not need excellent credit to qualify
  • no penalty APR (no interest increase if payment is made late)

Cons

  • there are no rewards with this card

Is this card right for me?

  • This card is ideal if you do not have excellent credit, and are looking for a low interest card, as you can qualify with good credit and either pay 12.99%, 17.99% or 22.99% based on your credit score. The long introductory period of 0% interest makes this card even more attractive. This credit card is one of the most popular low interest rate credit card in the U.S.
  • If you have excellent credit you may be better suited for the Discover IT credit card, as it offers rewards as well as a very low interest rate starting at 10.99%.

Bank Americard Credit Card

Why we recommend as one of the best: this card has one of the lowest interest rates for a card with such a long introductory period

Features:

  • 0% introductory A.P.R. for 18 months on balance transfers made in the first 60 days of opening the card
  • no annual fee
  • regular A.P.R. ranges from 10.99% to 20.99%
  • includes worry free zero liability fraud protection

Pros

  • lengthy intro period of 18 months for balance transfers
  • no annual fee
  • interest rate as low as 10.99%

Cons

  • has a balance transfer fee
  • no rewards

Is this card right for me?

  • this card is ideal if you do not have an excellent credit score, although if you do your interest rate will be lower
  • this card is not ideal if you want a low interest card that also has a rewards system, as the Discover IT card would be best for you if you have excellent credit.

Pen Fed Promise Visa Card

Why we recommend as one of the best: this card has the lowest interest rate of any card, starting at 7.99%

Features:

  • 99% intro A.P.R. on all balance transfers for the first 12 months
  • low ongoing A.P.R. of 7.99% to 17.99% on purchases
  • no foreign transaction fee
  • no annual fee

Pros

  • very low interest rate starting at 7.99%
  • no annual, or foreign transaction fees
  • no late payment fees

Cons

  • no introductory offer available on purchases
  • no 0% introductory offer on balance transfers (starts at 4.99%)
  • no rewards

Is this the right card for me?

  • this card is ideal if you have an excellent credit score as there is no catch, if you have a excellent credit score you will enjoy the low interest rate as low as 7.99%. Even if you have an average credit score you will still have a lower then usual interest rate. Although the card was not created by one of the major U.S. banks, it doesn’t mean it is not a quality credit card as it definitely has an incredibly low interest rate.
  • this card is also ideal if you are mainly focused on paying as low amount of interest as possible, or if you carry a larger month to month balance
  • this card is not ideal if you are interested in a rewards system, and a strong introductory offer as this card is very plain with no rewards, and has a weak introductory offer

Barclay Ring Platinum Mastercard

Why we recommend as one of the best: this card has an incredibly lower then usual interest rate at 8%

Features:

  • 8% ongoing variable interest rate on all balance transfers and purchases
  • no annual fee
  • no foreign transaction fee
  • access your credit score anytime with the complimentary FICO credit score system

Pros

  • low, steady interest rate of 8%
  • no annual fee
  • no balance transfer fees

Cons

  • no introductory offers on balance transfers or purchases
  • no rewards system

Is this card right for me?

  • this card is ideal if your main focus is paying the lowest interest rate possible. This is a unique credit card as it does not offer any sort of introductory offer, however it more then makes up for it with its very low steady, ongoing variable interest rate of 8%. When deciding whether this is the card for you, it is important to weigh the benefits of having a 0% introductory period with a slight higher interest rate, or having no introductory period with a lower interest rate.
  • this card is not ideal if you plan on making a large purchase, or already have a large balance as this card would not worth switching to as you will have no interest free periods.

Capital One Venture One Rewards Credit Card

Why we recommend as one of the best: this card has such a low interest rate, especially for a card with no annual fee, and a great rewards program.

Features:

  • 0% introductory A.P.R. on purchases for the first 12 months
  • earn 20 000 miles once you spend $1000 on purchases in the first 3 months
  • regular variable A.P.R. of 11.99% to 21.99%
  • earn 1.25 miles for every $1 spent on every purchase made
  • no foreign transaction fees
  • no annual fee

Pros

  • low interest rate starting at 11.99%
  • no foreign transaction fee
  • miles earned are unlimited
  • no annual fee

Cons

  • better reward cards available although they have higher interest rates

Is this the right card for me?

  • this card is ideal if you want a rewards card that offers low interest rates. Add in the fact there are no annual fees or foreign transaction fees to worry about and you can’t go wrong. This card offers fantastic value with the combination of a lower interest rate along with a quality rewards program.
  • this card is not ideal if you are more interested in a card strictly for low interest rates, as you can find a card with lower interest rates however, it most likely will not have a rewards program

U.S. Bank Visa Platinum Credit Card

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Why we recommend as one of the best: this card a very low interest rate at 9.99% along with no annual fee

Features:

  • 0% introductory A.P.R. on all balance transfers and purchases within the first 12 months
  • regular variable A.P.R. ranges from 9.99% to 20.99%
  • no annual fee
  • great online setup as this card allows you to schedule automatic payments

Pros

  • good introductory offer
  • interest rates start as low as 9.99%
  • no annual fee

Cons

  • no rewards
  • need to have excellent credit

Is this card right for me?

  • this card is ideal if you have excellent credit and are focused mainly on a low interest rate and do not mind the fact there are no rewards.
  • this card is not ideal If you do not have an excellent credit rating, as there are a few other credit cards that offer low interest rates almost as low as this card that do not require excellent credit, such as the Chase Slate Card.

About The Author

Ben Todd

Ben was a seriously broke graduate student with bad credit who after finding himself rejected for any sort of credit card or loan for most of his adult life, finally decided to get his financial life in order. ‘

He spent several years reading as many financial advice books and blogs as he could.

And suprisingly, Ben found he actually LIKED the topic of personal finance; after fixing his own finances, starting his own successful work at home website business, and using his earnings to get out of debt, created echeck.org to help others do likewise!

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