These credit cards have either a low interest rate or a low introductory annual percentage rate (APR). Most of the cards have no annual fee and reasonable rewards programs. Low interest credit cards are ideal for consumers looking to make a large purchase in the near future that will be paid off over time. Additionally, many of the introductory rates apply to both purchases and balance transfers, so they are ideal for consumers with high balances on other high interest rate credit cards.
Each card contains our editor’s rating and objective opinion. The cards below are sorted in order of our editor’s opinion:
There are several pros to low interest credit cards, the most obvious being the low interest rates and low introductory rates which can help save hundreds and even thousands of dollars in interest charges. Secondly we place cards in the low interest category if they also have a relatively lower ongoing APR than other credit cards, so even after the intro period you will have a relatively lower interest rate. And lastly, these cards often come from some of the largest issuers in the country, so you know you’re getting a card you can trust and use for years to come.
However there are some cons of these cards. First off they often don’t come with as many perks as other cards since you’re getting the low interest rate. They also are typically designed for individuals with good or excellent credit profiles. And lastly, remember that once the intro period runs out, any balance will then accrue interest at the stated APR.
Low interest credit cards are a fantastic option for anyone looking to reduce their interest rates over a period of 12-18 months with a 0% introductory period. They are ideal if you are planning to make a large purchase and want to pay if off interest free over a several month time period. Beyond the introductory period, these cards typically have lower than average ongoing interest rates.
These cards are designed for individuals with stronger credit profiles since banks can’t afford to take a risk and not earn interest on the balance.
If you’re looking for a card to maximize benefits, then a low interest credit card may not be the right choice for you. The main way to maximize benefits on a low interest card is to first off take advantage of the introductory period, typically at 0% interest, and to also use the card and carry a balance regularly to take advantage of the lower than average ongoing APR. However if you don’t plan to carry a balance during the intro period or an ongoing balance, then you may be better comparing different types of cards that come with more ongoing benefits and perks.