Low interest credit cards

By updated on April 23, 2014

Are low interest credit cards right for you? If you're shopping for a low interest credit card, you should start by identifying how you use your credit now and how you want to use it in the future. If you pay off your balance in full each month, you may not need to search for the best low interest rate credit cards, since you don't pay any interest on your charges. If you do carry a balance, though, you should compare low interest credit card offers to find a card with a low rate.

Who can benefit most from low interest credit cards?

You'll find a low interest credit card most advantageous if you carry a balance on your card and if you are paying off credit card debt. Here's why: paying a lower interest rate credit card means you are paying less each month on the balance. If you know you are likely to carry a balance on future purchases, a low rate credit card will reduce the overall cost of everything you buy. If you are working to reduce your credit card debt, switching to a low interest card means that more of each payment goes toward eliminating the balance than to interest payments. Try a calculator to see the impact of a lower interest rate.

What should I look for in a low interest rate credit card offer?

There are several important facts to check when you decide you are ready to apply for a low interest credit card. First, check the interest rate, then check to see how long that rate will last. Some companies offer a short-term introductory rate followed by a rate that is higher than your current card. Unless you can pay the balance in full before the introductory rate ends, that offer won't be valuable. Consumers should also compare annual fees to make sure they are in line with other credit card offers.

How can I compare the best low rate cards for a balance transfer?

Some credit card companies offer credit cards with continuously low interest rates, say 10 or 11 percent APR. They also offer credit cards with a low introductory rate, sometimes as low as zero percent, to encourage you to transfer balances or make several purchases immediately. Compare these credit card offers based on your goals.

1.      Compare the promotional interest rate and see how long it lasts.

2.      If the interest rate will go up, check what the rate will be after the introductory period.

3.      Compare any balance transfer fees if you are considering transferring your debt from one card to another. Balance transfer fees are often as much as 3 percent to 5 percent of the total amount you owe, so make sure the fee you pay does not exceed the amount of money you will save in interest.

4.      Compare the annual fee.

You may want to use a credit card payoff calculator to estimate whether you can pay off your balance before any introductory period ends. Be sure to include the cost of any balance transfer fee in the total amount you will need to pay off.

If you intend to make a major purchase and pay if off over a long period of time, it may make more sense to apply for a credit card with a continuing low interest rate rather than a short-term low APR.

If you have decided a low APR credit card will meet your needs best, check out the low interest credit card offers on this page to see which one might be the best choice for you.

Are there any drawbacks to a low interest credit card?

A low interest credit card usually requires good credit, so consumers with fair to poor credit may not qualify for a lower interest rate. If you aren't sure where your credit stands, check your credit score before applying for a new credit card.

A low interest credit card is less valuable to you if you always pay your credit card bill in full, because you don't pay any interest at all if you pay your bill before the due date. If that's the case, you may be better off looking for a credit card that offers rewards points that you can use for things like airline frequent flier miles, hotel rooms, gas rebates or cash back. You can also look for a credit card with no annual fee or a fee that is waived during the first year.

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Capital One® Platinum Prestige Credit Card

Editor's Rating

  • Transfer a balance for 0% intro APR until July 2015
  • Get 0% intro APR on all purchases until July 2015
  • Enjoy no annual fee
Apply Now Credit Needed Good

Purchase APR

10.9% - 18.9% (V) 

Purchase Intro

APR: 0% intro on purchases

Period: until July 2015

Balance Transfer Intro APR

0% intro on balance transfers

Balance Transfer Intro Period

until July 2015

Annual Fee

$0 

Chase Slate®

Editor's Rating

  • Pay less interest. Save on balances and new purchases
  • $0 balance transfer fee -- introductory offer!
  • 0% Introductory APR for 15 months on purchases and balance transfers
Apply Now Credit Needed Good

Purchase APR

12.99%, 17.99%, 22.99% Variable

Purchase Intro

APR: 0% Intro APR on purchases

Period: 15 months

Balance Transfer Intro APR

0% Intro APR

Balance Transfer Intro Period

15 months on balance transfers

Annual Fee

$0 

Discover it®

Editor's Rating

  • Fair. No annual fee. No overlimit fee. No foreign transaction fee. Pay up to midnight ET online or by phone on your due date without a fee. Plus, paying late won't raise your APR.*
  • Generous. 5% cash back at Home Improvement Stores, Furniture Stores and Bed Bath & Beyond® on up to $1,500 in purchases from April through June 2014.*
  • Human. 100% U.S.-based customer service available any time. *Click "Apply" to see rates, rewards, and free FICO® Credit Score terms and other information.
Apply Now Credit Needed Excellent

Purchase APR

10.99% - 22.99% Variable*

Purchase Intro

APR: 0% Intro APR on purchases

Period: 6 months

Balance Transfer Intro APR

0% Intro APR

Balance Transfer Intro Period

18 months

Annual Fee

$0 

Citi® Diamond Preferred® Card

Editor's Rating

  • Get 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the APR will be 11.99%-21.99% based upon your creditworthiness.*
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer.
  • Citi® Easy DealsSM Get what you want for less. Earn Citi Easy Deals Points for the purchases you make with your card. Redeem your points for great online deals on name-brand merchandise, gift cards and even local deals.
Apply Now Credit Needed Excellent

Purchase APR

11.99% - 21.99%* Variable

Purchase Intro

APR: 0%*

Period: 18 months on Purchases*

Balance Transfer Intro APR

0%*

Balance Transfer Intro Period

18 months on Balance Transfers*

Annual Fee

$0* 

Citi Simplicity® Card

Editor's Rating

  • 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 12.99% - 21.99% based on your creditworthiness.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
  • No late fees - EVER
Apply Now Credit Needed Excellent

Purchase APR

12.99-21.99% Variable

Purchase Intro

APR: 0%*

Period: 18 months on Purchases*

Balance Transfer Intro APR

0%*

Balance Transfer Intro Period

18 months on Balance Transfers*

Annual Fee

$0* 

Capital One® Quicksilver® Cash Rewards Credit Card

Editor's Rating

  • One-time $100 bonus after you spend $500 on purchases within the first 3 months
  • Earn unlimited 1.5% cash back on every purchase, every day
  • No rotating categories and no sign ups needed to earn cash rewards
Apply Now Credit Needed Good

Purchase APR

12.9% - 22.9% (V) 

Purchase Intro

APR: 0% intro on purchases

Period: until January 2015

Balance Transfer Intro APR

0% intro on balance transfers

Balance Transfer Intro Period

until January 2015

Annual Fee

$0 

Capital One® VentureOne® Rewards Credit Card

Editor's Rating

  • Earn unlimited 1.25 miles on every purchase, every day
  • No annual fee
  • Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel
Apply Now Credit Needed Good

Purchase APR

11.9% - 19.9% (V) 

Purchase Intro

APR: 0% intro on purchases

Period: until April 2015

Balance Transfer Intro APR

N/A

Balance Transfer Intro Period

N/A

Annual Fee

$0 

Capital One® Venture® Rewards Credit Card

Editor's Rating

  • Earn unlimited 2X miles on every purchase, every day
  • Enjoy a one-time bonus of 20,000 miles once you spend $2,000 on purchases within the first 3 months, equal to $200 in travel
  • Fly any airline, stay at any hotel, anytime
Apply Now Credit Needed Good

Purchase APR

13.9% - 20.9% (V) 

Purchase Intro

APR: N/A

Balance Transfer Intro APR

N/A

Balance Transfer Intro Period

N/A

Annual Fee

$0 intro for first year; $59 after that 

Citi® Dividend Platinum Select® Visa® Card

Editor's Rating

  • Earn $100 cash back after $500 in purchases within the first 3 months of account opening
  • Earn 5% cash back every quarter in must-have categories. Right now, on purchases at The Home Depot®, home furnishing and home and garden stores from 4/1/14 through 6/30/14.
  • Enrollment each quarter is quick and easy
Apply Now Credit Needed Excellent

Purchase APR

12.99% - 22.99%* Variable

Purchase Intro

APR: 0%

Period: 12 months on Purchases*

Balance Transfer Intro APR

0%

Balance Transfer Intro Period

12 months on Balance Transfers*

Annual Fee

$0* 

Citi Simplicity® Visa® Card

Editor's Rating

  • 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 12.99% - 21.99% based on your creditworthiness.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
  • No late fees - EVER
Apply Now Credit Needed Excellent

Purchase APR

12.99 - 21.99% Variable

Purchase Intro

APR: 0%*

Period: 18 months on Purchases*

Balance Transfer Intro APR

0%*

Balance Transfer Intro Period

18 months on Balance Transfers*

Annual Fee

$0* 

Citi ThankYou® Preferred Card - Low Intro APRs

Editor's Rating

  • Enjoy 0% Intro APR on Balance Transfers and Purchases for 15 months. After that, the variable APR will be 12.99% - 22.99% based upon your creditworthiness*
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater*
  • 2 ThankYou Points per dollar spent on dining at restaurants and entertainment
Apply Now Credit Needed Excellent

Purchase APR

12.99% - 22.99%* Variable

Purchase Intro

APR: 0%*

Period: 15 months on Purchases

Balance Transfer Intro APR

0%*

Balance Transfer Intro Period

15 months on Balance Transfers

Annual Fee

$0* 

Simmons First Visa® Platinum

Editor's Rating

  • Created for those with Excellent Credit and approval is based on your credit rating and application review.
  • Low 7.25% variable standard purchase APR and platinum benefits
  • No balance transfer fee for balances transferred in response to this online offer
Apply Now Credit Needed Excellent

Purchase APR

7.25% Variable

Purchase Intro

APR: None

Balance Transfer Intro APR

7.25% Variable

Balance Transfer Intro Period

N/A

Annual Fee

None 

These quotes are from credit card issuers which have paid for a link to their website. Offers are subject to change without notice and may not be the same for all consumers.