Are you looking for a low interest credit card so that you can save on interest fees when you carry a balance from month to month? If that's the case, you should go for low interest cards which offer introductory rates from as low as 0% for a certain period of time. Whether you are booking a vacation package, buying an expensive gift or transferring an existing card balance, there is nothing better than being assured that you will only have to pay a low interest rate for your purchases or balance transfers if you won't be able to repay within the same month.
We have come up with a list of our 10 best rated credit cards offering low interest, most of which have no annual fee.
BankAmericard® Credit Card
Citi® Double Cash Card
Barclaycard® Ring MasterCard®
Capital One® VentureOne® Rewards Credit Card
Discover it® - Double Cash Back your first year
Citi® Diamond Preferred® Card
U.S. Bank Visa® Platinum Card
PenFed Platinum Cash Rewards Visa® Card
Chase Freedom®. This Visa card by JPMorgan Chase has a 0% intro APR for 15 months on purchases and balance transfers. After that, the regular APR for both purchases and balance transfers will be 13.99% - 22.99% variable APR, depending on your credit score. You'll also get 5% total cash back on quarterly rotating categories (on up to $1,500 in combined purchases per quarter, and you have to sign up to each quarterly program in order to activate it), and unlimited 1% cash back on all other purchases. Chase Freedom lets you earn a $100 Bonus, which you'll receive after making purchases for just $500 within the first 3 months, and an additional $25 Bonus after you add your first authorized user and make a purchase during this 3-month period. No annual fee.
Click here to read our detailed Chase Freedom® review.
Chase Slate®. This low interest Chase card has a 0% intro APR on purchases and balance transfers for 15 months (12.99%, 17.99%, or 22.99% variable APR on purchases and balance transfers after that). On top of that, if you transfer balances during the first 60 days, as an introductory offer you will pay $0 balance transfer fee. After that the fee is 3% of the amount you transfer or a $5 minimum fee. Most other cards charge a 3-5% balance transfer fee right from the beginning. $0 annual fee.
Click here to read our detailed Chase Slate® review.
BankAmericard® Credit Card. If you are looking for a long 0% intro APR on purchases and qualifying balance transfers, check out this Visa card. It has no annual fee and comes with chip technology that offers better security when used at chip-enabled terminals. You get a 0% introductory APR on purchases for 15 billing cycles (10.99% - 20.99% variable APR thereafter). You also get this 15 billing cycle 0% introductory APR for balance transfers made within the first 60 days of account opening (after that, 10.99% - 20.99% variable APR applies). Fees equal to 3% of each transaction with a $10 minimum apply to balance transfers. Read the terms and conditions to learn more. Zero liability fraud protection means you will not be held responsible for fraudulent purchases made with this card. Choose the account alerts you want and receive card information on demand via text. See Terms.
Read our review of the BankAmericard® credit card.
Citi® Double Cash Card. You earn cash back twice on every purchase: 1% when you buy and another 1% when you pay, as long as you pay the minimum due. This card has a 0% intro APR on purchases and balance transfers for 15 months, 12.99% - 22.99% variable APR thereafter. No annual fee.
Click here to read our detailed Citi® Double Cash Card review.
Barclaycard® Ring MasterCard®. This Barclays credit card offers a low interest rate on both purchases and balance transfers of only 8% variable APR, which is one of the lowest interest rates available in the market. This card has no balance transfer fees which is ideal for those of you who want to transfer a balance to this card and benefit from the low interest rate. As an active cardmember you can opt-in for complimentary access to your FICO® Credit Score (from your Barclaycard online account). No foreign transaction fee when spending on purchases in a foreign currency. No annual fee.
Click here to read our Barclaycard® Ring MasterCard® review.
Capital One® VentureOne® Rewards Credit Card. This Visa card offers 0% intro APR on purchases until July 2016. After that, you will have an 11.9% - 21.9% variable APR depending on your credit score. This VentureOne credit card gives you 20,000 bonus miles ($200 in travel) after you spend $1,000 on purchases within the first 3 months. Earn unlimited 1.25 miles per dollar on every purchase. $0 annual fee.
Click here to read our detailed Capital One® VentureOne® Rewards Credit Card review.
Discover it® - Double Cash Back your first year. This card, issued by Discover Financial, offers 0% intro APR on purchases and balance transfers for the first 12 months, and a variable purchase APR of 10.99% - 22.99% for purchases and balance transfers thereafter. The balance transfer fee is 3%. You will get 5% cash back for purchases in categories that change every quarter (up to the quarterly maximum), after you sign up for 5%. Earn 1% cash back for your other purchases. Automatically double all the cash back you've earned with this card at the end of your first year.
Click here to read our detailed Discover it® - Double Cash Back your first year review.
Citi® Diamond Preferred® Card. With this card, you will enjoy a 0% intro APR on purchases and balance transfers for 21 months. After that, 11.99% - 21.99% variable APR for both purchases and balance transfers, depending on your creditworthiness. You'll also have access to its 24/7 Diamond Preferred concierge service.
Click here to read our detailed Citi® Diamond Preferred® Card review.
U.S. Bank Visa® Platinum Card. This card gives you 0% intro APR on purchases and balance transfers for 15 billing cycles. After that, the regular 9.99% - 20.99% variable APR (depending on your creditworthiness) applies to purchases and balance transfers. Keep track of your Experian credit score at no extra cost with this card. Benefits like auto rental coverage, no fraud liability and easy online payment of bills round off this low interest credit card from U.S. Bank. This card has no annual fee.
PenFed Platinum Cash Rewards Visa® Card. If you need a Visa credit card that offers some cash back (5% cash back on gas purchases with the Plus edition and 3% with the Standard edition) and costs you next to nothing, then you might not need to look much further than this PenFed card. The Plus edition has no annual fee, while the Standard will cost you $25 a year after the 1 year with a $0 annual fee intro period. Both editions of this card can help you if you need to pay off a balance as they give you a low 4.99% APR for 12 months on balance transfers you make from January 01, 2015 through January 31, 2015. After those 12 months you still get a very low variable 9.99% APR for balance transfers. The variable purchase APR is 9.99% from the start. There are no foreign transaction fees. This is a good card if you want to transfer a balance and pay a low ongoing interest rate.
What Is A Low Interest Credit Card?
A low interest credit card gives you a low introductory APR period for purchases. These cards are ideal for making big-ticket purchases, because even if you don’t pay back your balance for a purchase in full by the due date, you won’t pay interest on your balance until the end of the intro APR period.
For example, if you buy a second hand car for $10,000 using a card that has a 0% intro APR period of 15 months for purchases, you won’t have to pay interest on those $10,000 of credit until 15 months after you open your new card account. If you pay off the balance in full before then, you basically get an interest-free loan.
Both Chase Freedom® (0% intro APR for 15 months on purchases and balance transfers, then 13.99% - 22.99% variable APR) and Citi® Diamond Preferred® Card (0% intro APR on purchases and balance transfers for 21 months, with 11.99% - 21.99% variable APR after) have long introductory purchase APR periods.
Alternatively you can also use a card that has a low ongoing standard APR. This may be a better choice if you regularly carry a balance on your purchases. Barclaycard® Ring MasterCard® has 8% variable APR, which makes it a good card to use if you are in the habit of carrying a balance.
If you already have built up a balance and want to avoid paying interest for your card debt, then a balance transfer credit card is a better choice. This kind of card comes with a long introductory APR period for balance transfers.
Some credit cards offer low introductory APR periods for both purchases and balance transfers. A card like this lets you save on your balance transfers while taking advantage of a low intro purchase APR.
If you have balances on your old credit cards and you're paying high interest on them, then changing to a card that gives you 0% introductory APR on both purchases and balance transfers is ideal.
But if you don’t have a balance that you want to pay off (or at least avoid paying interest on) then a card that has a 0% intro APR for purchases will work just as well.
Some cards offer a low introductory APR for purchases, but not a 0% introductory rate. Unless your credit doesn’t let you get a 0% intro APR card (most require excellent credit), or you don’t intend to carry a balance, I would recommend that you only consider cards with a 0% introductory APR offer.
How We Rate Low Interest Credit Cards
Low interest credit cards are rated by GET.com based on the interest savings they offer, among other factors. We look at introductory APR periods on purchases, and ongoing purchase APRs.
We rate cards based on the length of the low intro purchase APR period as well as the APR offer during that period. Cards with a 0% introductory purchase APR period will usually receive higher ratings.
Cards that offer low ongoing APR rates for purchases may also receive good ratings. Other factors we take into account when rating cards are annual fees, purchase benefits (like purchase protection and price protection), rewards, travel benefits, other card fees (like foreign transaction fees) and unique card benefits.