Low interest credit cards are important when it comes to those big purchases that may require you to carry a balance for a while. This article explores some of the top low interest cards on the market today.
According to a 2018 survey on credit card ownership from Statista, more than half of the consumers from every age group over 18 reported using credit cards. Of those abstaining from card use, a common reason cited is the potential for accumulating debt.
They have a fair point; collectively, Americans owe more than $1 trillion in credit card debt. The fact is, however, that credit cards aren’t, on their own, inherently dangerous for your finances. The real culprit is actually the high interest rates and fees that often come with your new card.
Thankfully, choosing the right credit card can go a long way toward reducing the debt risks associated with card use, and, of course, personal spending restraint. For instance, paying your balance fully each month will let you avoid interest altogether. For necessary balances, find cards that charge low (or better, no) interest rates.
Excellent Credit | Balance Transfers | Good Credit | Fair Credit | Bad Credit
The Best No-Interest Card Offers for Excellent Credit
At the top of the credit food chain, those with excellent credit typically have credit scores north of 750. These consumers have demonstrated good credit behaviors, such as paying their bills on time every month, as well as maintaining low balances and being stingy about new accounts.
In the credit world, financial diligence gets rewarded, often in the form of low rates and fees. When it comes to credit cards, consumers with excellent credit can find a wide range of great no-interest offers on both new purchases and balance transfers, with many offers lasting 12 months or more.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
- Earn unlimited 1.5% cash back on all other purchases.
- Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
- No annual fee.
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
0% Intro APR on Purchases 15 months | N/A | 14.99% - 23.74% Variable | $0 | Good/Excellent |
- One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.49%-25.49% variable APR after that
- Pay no annual fee or foreign transaction fees
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
0% for 15 months | N/A | 15.49% - 25.49% (Variable) | $0 | Excellent, Good |
- Introductory 0% APR for 18 months from account opening on purchases and balance transfers (3% balance transfer fee applies)
- Account protection features such as Zero Liability protection for promptly reported unauthorized transactions, alerts, and cell phone protection
- My Money Map – tools to help you manage spending and create a budget with ease
- Access to your FICO® Credit Score with Wells Fargo Online®
- $0 annual fee
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
0% for 18 months | 0% for 18 months | 16.49% - 24.49% | $0 | Good |
For those with excellent credit, the choice of 0% APR cards may come down to comparing the non-interest-rate features, rather than simply the terms of your introductory offer. This includes looking at the card’s cash back rewards and signup bonuses, keeping your personal spending habits in mind when comparing rewards programs.
Best No-Interest Introductory Balance Transfer Offers
While choosing the right low-APR offer can help you avoid accumulating a balance on a high-interest card in the first place, it’s not too late if you’ve already made a poor choice for your purchases. All you need is a shiny new balance transfer offer.
In essence, a balance transfer is what it sounds like: you transfer your credit card balance from one credit card to a second credit card with a lower interest rate. The best balance transfer credit card offers will actually come with a 0% introductory APR, meaning you won’t have to pay any interest on your transferred balance for the length of the introductory terms.
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
- 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
0% for 12 months | 0% for 21 months | 14.74% - 24.74% (Variable) | $0 | Excellent/Good |
- 0% Intro APR on balance transfers for 21 months from date of first transfer. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness. All transfers must be completed in first 4 months.
- 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness.
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full.
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- Get free access to your FICO® score online.
- With Citi Entertainment℠, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
0% for 12 months | 0% for 21 months | 13.74% - 23.74% (Variable) | $0 | Excellent/Good |
- Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | 0% for 18 months | 13.99% - 23.99% (variable) | $0 | Excellent/Good |
+See More Balance Transfer Offers
On the downside, issuers aren’t going to give you a balance transfer entirely without cost. Most credit cards will charge a balance transfer fee, typically equal to 2% or 3% of the total transferred balance. That said, the interest rate savings over an 18-month period can more than make up for the fees.
Another thing to note is that you generally can’t transfer a balance between two cards if they are both from the same issuer. For example, you can’t transfer a balance from one Bank of America card to another.
You’ll also want to be careful to continue making payments on your original card until you’ve received confirmation from both your old and new cards that the balance has been transferred. A balance transfer can generally be completed within 10 days.
The Best No-Interest Card Offers for Good Credit
Consumers who are in the “good” credit category generally have credit scores of 700 and up. These applicants will qualify for a number of quality 0% APR offers, but may not receive terms as favorable as those offered to their excellent-credit counterparts.
For instance, offers for good credit consumers may have shorter introductory periods than offers for consumers with excellent credit. These offers may also specify the type of balances that qualify for the low introductory rates — new purchases versus balance transfers — rather than offering the same introductory rate for both.
7. Discover it® Miles
This card is currently not available.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | N/A | N/A | N/A | N/A |
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
- Earn unlimited 1.5% cash back on all other purchases.
- Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
- No annual fee.
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
0% Intro APR on Purchases 15 months | N/A | 14.99% - 23.74% Variable | $0 | Good/Excellent |
- $0 annual fee and no foreign transaction fees
- Earn a bonus of 20,000 miles once you spend $1,000 on purchases within 3 months from account opening, equal to $200 in travel
- Earn unlimited 1.25X miles on every purchase, every day
- Travel when you want with no blackout dates and fly any airline, stay at any hotel, anytime
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Transfer your miles to over 10+ travel loyalty programs
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
0% for 12 months | N/A | 15.49% - 25.49% (Variable) | $0 | Excellent, Good |
One of the most important things to remember about 0% APR introductory offers is the “introductory” part. The rate (or lack thereof) being offered is, by nature, a temporary rate, and will expire at the end of the introductory terms.
Introductory offers providing 0% APR will revert to a higher APR at the end of the offer terms.
Because they are temporary rates, you’ll want to determine the interest rates you’ll be charged after the offer period ends when comparing offers. To avoid paying interest fees on your balances, be sure to pay it off completely before the end of the offer.
The Best Low-Interest Cards for Fair Credit
Possessing credit scores in the 600s, those with fair credit are likely in the process of building — or rebuilding — their credit. As such, the credit card offers these consumers receive will reflect the higher credit risk they represent.
Indeed, no-interest offers for fair-credit consumers will often have much shorter introductory offer terms than the 0% APR offers received by those with better credit. Fair-credit offers may also have other requirements, such as status as a student.
- Prequalify for a card today and it will not impact your credit score
- Less than perfect credit is okay
- Mobile account access at any time
- Protection from fraud if your card is stolen
- Account history is reported to the three major credit bureaus in the U.S.
- *Dependent on credit worthiness
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | N/A | 24.9% | $35 - $99 | Bad, Poor Credit |
11. Discover it® Student chrome
This card is currently not available.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | N/A | N/A | N/A | N/A |
12. Discover it® Student Cash Back
This card is currently not available.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | N/A | N/A | N/A | N/A |
For some applicants, especially those on the lower end of the “fair” category, the choice may come down to selecting a card that simply has a lower all-around interest rate. The rates for these cards will vary based on your individual creditworthiness.
The Best Low-Interest Cards for Bad Credit
As most consumers with bad credit are likely already aware, few issuers are willing to offer low-interest cards to those who present the highest credit risk. In most cases, this means credit scores below 600, though each credit card issuer (and even each specific credit card) will have its own particular credit standards.
For those with bad credit, the lowest interest rates will likely be found on secured credit cards. Requiring a cash down payment to open, a secured credit card otherwise will act exactly like a regular unsecured credit card when you make purchases.
- Invest your tax refund to improve your credit by making the refundable deposit for your new secured card today
- No Credit History or Minimum Credit Score Required for Approval
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
- Nationwide Program though not yet available in NY, IA, AR, or WI *See Card Terms.
- Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | N/A | 9.99% (V) | $49 | Bad / No Credit |
- Invest your tax refund to improve your credit by making the refundable deposit for your new secured card today
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum Mastercard® Secured Credit Card
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | N/A | 13.99% (V) | $39 | Poor/Limited/No Credit |
15. Discover it® Secured
This card is currently not available.
Intro (Purchases) | Intro (Transfers) | Regular APR | Annual Fee | Credit Needed |
|---|---|---|---|---|
N/A | N/A | N/A | N/A | N/A |
When it comes to choosing a card with bad credit, you’ll want to be sure your new card reports to all three major credit bureaus. This will allow you to build your credit and increase your credit score over time as you (responsibly) use your new card.
The Best Way to Avoid Interest is to Pay Your Bill in Full
For many, the idea of paying the average 16.6% APR on their credit card purchases (or worse, more) can be scary — but it doesn’t have to be. Today’s consumers have a variety of options available to avoid paying high interest rates on both new purchases and an existing balance.
Of course, the best way to avoid paying interest on your purchases is to completely pay your credit card balance every month. But qualified applicants can still find interest-fee-free ways to carry a balance on their cards with a little research and a sweet low-interest credit card offer.
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