Table of Contents
- 1 What to look for in a low APR card
- 2 What credit score do you need?
- 3 Here are some Low Interest Credit Cards To Consider
- 3.0.1 Chase Freedom Unlimited
- 3.0.2 Chase Freedom Unlimited Offer:
- 3.0.3 Blue Cash Everyday® Card from American Express
- 3.0.4 Bank Americard® credit card
- 3.0.5 Citi Diamond Preferred® Card
- 3.0.6 Citi Simplicity® Card
- 3.0.7 Citi® Double Cash Card
- 3.0.8 HSBC Gold Mastercard® credit card
- 3.0.9 Discover it® Cash Back
- 4 Low Interest Credit Cards benefits
How do you get a Low Interest Credit Cards ?
If you plan to carry a balance on your credit card from month to month, your best bet is a Low Interest Credit Cards. It will help reduce the interest you pay and free up your money. But which one should you choose? Compare introductory annual percentage rates (APRs), regular annual percentage rates (APRs) and annual fees to determine which card is right for you.
What to look for in a low APR card
There are a few things to consider:
- Introductory period. Many credit cards offer a 0% intro APR period, with no interest on new purchases or balance transfers during the promotional period. It is great if you have some big purchases coming up or if you have existing credit card debt. It gives you time to pay off your balance without interest.
- Lower annual percentage rate in progress. If you don’t usually pay your credit card bill in full each month, look for a card with a lower APR. It will help reduce the interest you pay in the long run.
What credit score do you need?
It is always a plus if you have a good to excellent credit score when trying to qualify for low-interest credit cards. It usually means a credit score of around 680 and above. However, some cards are approved for people with scores in the 600s. To get the lowest interest rates, you usually need excellent credit.
Here are some Low Interest Credit Cards To Consider
Chase Freedom Unlimited
The Chase Freedom Unlimited card offers above-average cash back on every purchase. Plus, there’s no annual fee and no introductory APR.
Chase Freedom Unlimited Offer:
- You can earn an additional 1.5% cash back on everything you buy (up to $20,000 spent in the first year) – up to $300 back!
- Enjoy 6.5% cash back on travel purchased with Chase Ultimate Rewards®, the #1 rewards program that gives you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on pharmacy and dine-in purchases, including eligible takeout and delivery; and 3% on all other purchases (up to $20,000 spent in the first year).
- After the first year or $20,000 spent, enjoy 5% back on Chase travel purchased with Ultimate Rewards®, 3% back on drugstore and restaurant purchases, including eligible takeout and delivery, and an unlimited 1.5% back on all other product purchases.
- There is no minimum cashback amount. You can receive a statement or direct deposit into most checking and savings accounts in the United States. Cashback rewards only expire if your account is open!
- Enjoy 0% introductory APR for 15 months of account opening on purchases and balance transfers, then variable APR from 18.74% – 27.49%.
- No Annual Fee – You don’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Maintain your credit health. This card helps monitor your credit with free access to your latest score, real-time alerts and more.
Blue Cash Everyday® Card from American Express
- Earn up to $150 when you shop with PayPal. Get 20% back on your statement balance on purchases when you use your new Card with PayPal at merchants in the first 6 months of Card Membership, up to $150. Plus, earn $100 in statement credit after you spend $2,000 in purchases with your new Card in the first 6 months of Card Membership.
- No annual fee.
- Balance Transfer Back! Earn introductory 0% APR on purchases and balance transfers for 15 months from the account opening date. After that, 18.24% – 29.24% annualized percentage variable.
- 3% cash back at US supermarkets on purchases of up to $6,000 annually, then 1%.
- 3% cash back on US online retail purchases up to $6,000 annually and 1% after that.
- 3% cash back at US gas stations up to $6,000 per year, then 1%.
- Get $7 back per month after using your Blue Cash Everyday Card to spend $13.99 or more each month on an eligible Disney bundle subscription, including Disney+, Hulu, and ESPN+. Registration required.
- Terms apply.
Bank Americard® credit card
Bank Americard® credit card Offers 0% upfront APR for 21 billing cycles on purchases and balance transfers (made within 60 days of account opening). Next, the variable annual percentage rate is 16.24% – 26.24%. There is a 3% balance transfer fee ($10 minimum). There is no annual fee.
Citi Diamond Preferred® Card
Citi Diamond Preferred® Card Offers introductory 0% APR on balance transfers for 21 months and 0% on purchases for 12 months. Next, the variable APR, currently from 17.24% to 27.99%, depends on your credit worthiness, and there’s a 5% balance transfer fee ($5 minimum). There is no annual fee.
Citi Simplicity® Card
Citi Simplicity® Card Offers 0% APR on balance transfers for 21 months and 0% APR on purchases for 12 months. Next, variable APR, currently 18.24% to 28.99%, depends on your creditworthiness. There is a balance transfer fee of $5 or 3% of the transfer amount, whichever is greater for balance transfers completed within 4 months of account opening. After that, the balance transfer fee will be $5 or 5% of the transfer amount, whichever is greater. There are no late fees, penalties or annual fees.
Citi® Double Cash Card
Citi® Double Cash Card Offers earn 2 times cashback on every purchase. Get 1% cashback on shopping and an additional 1% cash back on these purchases. There is no annual fee.
HSBC Gold Mastercard® credit card
HSBC Gold Master card® credit card Offers 0% upfront APR on purchases and balance transfers for 18 months after account opening. A variable annual percentage rate of 13.99% – 22.99% then applies. There is no penalty APR, no foreign transaction fee, and no annual fee.
Discover it® Cash Back
Discover it® Cash Back will equal all the cash back you earned at the end of the first year. This offer is for new customers only. This card earns 5% Cash Back in bonus categories that change quarterly (up to the quarterly limit; free activation is required every quarter). All other purchases earn 1% cash back.
Low Interest Credit Cards benefits
Top 3 benefits of Low Interest Credit Cards
Low-interest credit cards are a great way for consumers to increase their purchasing power while saving money.
- Save money
If you plan to carry a balance on your credit card—and who doesn’t currently—the interest rate attached to that card becomes very important.
- When you buy a $1,200 TV with a 24% APR credit card, you’ll spend $576 in interest if you pay off that purchase over two years. If you buy the same TV with a low-interest credit card with an 11% APR, you’ll only spend $264 over the same period. That’s a savings of $312. Apply these savings to all your small and large purchases, and you can see how low-interest credit cards can save you money.
- You’ll also save money with a low-interest credit card if you use it for balance transfers. The balance is transferred when you use the discount card to pay other credit cards. It can save you big money depending on the price of the card you pay. As shown in the example above, cutting your annual interest rate in half can seriously reduce the interest you pay over time.