Top Low Interest Credit Cards for 2016

June 27, 2016, Written By Bill Hardekopf
Low Rate words on a credit card to illustrate percentage interest charged on your payments or money owed to finance company

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There are basically two types of credit card consumers. One pays off the balance each month in full; this is called a “transactor.” This consumer should get a rewards credit card that is most appealing to their needs because they can make money on using and paying off their credit card balance each month. Typically, they can make anywhere from 1% to 2% on the amount they purchase.

The second consumer is the one that carries a balance from one month to the next. This cardholder is called a “revolvers.” Instead of being concerned about the rewards, a revolver needs to find a card with the lowest interest rate possible. The lower the interest rate, the less money someone will have to pay the credit card company in interest penalties each month.

Top Low Interest Credit Cards Of 2016

The industry offers many credit cards with low interest. Here are the top six low interest cards offered in 2016 from major issuers:

BankAmericard® Credit Card

bankamericardThe BankAmericard® Credit Card is one of the best low interest credit cards from the major issuers. It offers cardholders a variable APR of 11.24% to 21.24%, depending on your credit worthiness. Consumers looking to transfer a balance from another issuer onto this card will receive 18 billing cycles of 0% APR promotional financing if the balance transfer is completed within 60 days of an account opening. There is a balance transfer free of 3%. After the promotional rate expires, the remaining unpaid balance will be subject to the ongoing APR of 11.24% to 21.24%. This card has no annual fee.

Capital One® VentureOne® Rewards

capital-one-venture-one-cardThe Capital One Venture One Rewards card has an ongoing variable APR of 12.24% to 22.24% depending on your credit worthiness. It has an attractive sign-up bonus of 20,000 miles after spending $1,000 in the first three months, which is equal to $200 in travel. You will then earn 1.25 miles per dollar spent on every purchase. Reward miles do not expire, and there is no limit to the number of miles you can potentially earn. Cardholders can use miles to fly on any airline and stay at any hotel, and there are no blackout dates on these rewards. Cardholders can even earn miles with the airline from your award travel, something you are unable to do with traditional frequent flier miles. There are no annual fee for this card, and no foreign transaction fees, an attractive feature for the traveler.

Barclaycard Ring MasterCard®

Barclaycard®-Ring-MasterCard®2The Barclaycard Ring MasterCard has a very attractive variable APR of 8.25%. It does not come with an introductory APR, but it is one of the few cards that does not have a balance transfer fee. The card does not have an annual fee. You have to have excellent credit to qualify. Cardholders will have access to their free FICO scores from their Barclaycard online account. There is no annual fee on this card.

Chase Slate®

chase-slate-card-1The Chase Slate card is the best balance transfer card on the market. It offers 0% APR for 15 months on balance transfers as well as purchases, and then has an ongoing interest rate between 13.24% and 23.24% depending on your credit worthiness. What makes the card stand out is the fact that it has no balance transfer fee if you make the transfer during the first 60 days of being a cardholder. Otherwise, there is a 5% balance transfer fee. Cardholders receive their monthly FICO score for free online, as well as a summary of your credit report information. There is no annual fee on the Chase Slate card.

Citi® Diamond Preferred®

citi-diamond-preferredThis card has one of the industry’s best introductory offers in terms of APR. The Citi Diamond Preferred card has a 0% introductory APR for 21 months on both purchases and balance transfers. Then, an ongoing variable APR between 12.24% and 22.24% depending on your credit worthiness. There is no annual fee on this card. The Citi Diamond Preferred card has a very attractive perk for the frequent traveler: 24/7 concierge service to help book your hotel rooms, flights and other travel details.

Simmons Bank Visa® Platinum

Simmons-Bank-Visa®-Platinum-RewardsThe Simmons Bank Visa Platinum card has one of the lowest on-going APRs of any credit card on the market: 7.50% variable. It has no annual fee and no balance transfer fee. Unlike many other cards on the market, the Simmons card does not have any rewards or an introductory APR on balance transfers or purchases. But if you are looking for a low interest rate on your card, the Simmons card is one of the leaders. Applicants need an outstanding credit score to be approved for this card.



The information contained within this article was accurate as of June 27, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.