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Best Low-Interest credit cards for July 2024

Updated June 27, 2024

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Paying your credit card bill in full each month will allow you to avoid interest entirely, but we know that's not always possible. If you sometimes carry a balance, a low-interest credit card can help you save money and pay down your balance more quickly. To see how much you can save with a low-interest credit card, use our credit card interest calculator. Then, check out our recommendations for the best low-interest credit cards from our partners.

Best for long intro APR offers

Bankrate score

Rating: 4.3 stars out of 5
4.3
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Wells Fargo's secure site

Purchase intro APR

0% intro APR for 21 months from account opening

Regular APR

18.24%, 24.74%, or 29.99% Variable APR

Intro offer

Info

N/A

Rewards rate

Info

N/A

Why you’ll like this card: It boasts one of the longest intro APR offers on the market, plus a chance at a low APR afterward based on your creditworthiness.

Best for rotating-category cash back

Bankrate score

Rating: 4.4 stars out of 5
4.4
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Discover's secure site

Purchase intro APR

0% for 15 months

Regular APR

18.24% - 28.24% Variable APR

Intro offer

Info

Cashback Match

Rewards rate

Info

1% - 5%

Why you’ll like this card: It offers solid short- and long-term value with its combo of an intro APR, first-year Cashback Match and rotating categories.

Best for home improvement

Bankrate score

Rating: 4.3 stars out of 5
4.3
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Bank of America's secure site

Purchase intro APR

0% Intro APR for 15 billing cycles for purchases

Regular APR

19.24% - 29.24% Variable APR on purchases and balance transfers

Intro offer

Info

$200

Rewards rate

Info

1% - 3%

Why you’ll like this card: It lets you choose which categories earn rewards year-round, unlike other rotating category cards.

Best for Bank of America customers

Bankrate score

Rating: 3.8 stars out of 5
3.8
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Bank of America's secure site

Purchase intro APR

0% Intro APR for 15 billing cycles for purchases

Regular APR

19.24% - 29.24% Variable APR on purchases and balance transfers

Intro offer

Info

$200

Rewards rate

Info

1.5%

Why you’ll like this card: You can earn up to a 2.62 percent flat cash back rate based on your savings — one of the highest rates on the market.

Best for families

Bankrate score

Rating: 4.6 stars out of 5
4.6
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on American Express's secure site
See Rates & Fees , Terms Apply

Purchase intro APR

0% on purchases for 15 months

APR

19.24% - 29.99% Variable

Intro offer

Info

Earn $200

Rewards rate

Info

1% - 3%

Why you’ll like this card: It offers a great balance of rewards value and interest savings.

Best for dining and grocery rewards

Bankrate score

Rating: 5 stars out of 5
5.0
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Capital One's secure site

Purchase intro APR

0% intro on purchases for 15 months

Regular APR

19.99% - 29.99% (Variable)

Intro offer

Info

$200

Rewards rate

Info

1% - 8%

Why you’ll like this card: It holds great long-term value as one of the only cards that earns rewards at such a high rate at both grocery stores and restaurants.

Best for large purchases

Bankrate score

Rating: 4.3 stars out of 5
4.3
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Wells Fargo's secure site

Purchase intro APR

0% intro APR for 15 months from account opening

Regular APR

20.24%, 25.24%, or 29.99% Variable APR

Intro offer

Info

$200 cash rewards

Rewards rate

Info

2%

Why you’ll like this card: You can pay off purchases over time with its intro APR without sacrificing rewards on everyday spending.

Best 1.5% cash back card

Bankrate score

Rating: 3.8 stars out of 5
3.8
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Capital One's secure site

Purchase intro APR

0% intro on purchases for 15 months

Regular APR

19.99% - 29.99% (Variable)

Intro offer

Info

$200

Rewards rate

Info

1.5% - 5%

Why you’ll like this card: Its flat rewards rate and low cost make it a great foundation for a Capital One rewards stack.

Best for balance transfers

Bankrate score

Rating: 4.1 stars out of 5
4.1
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Citi's secure site

Purchase intro APR

0% for 12 months on Purchases

Regular APR

18.24% - 28.99% (Variable)

Intro offer

Info

N/A

Rewards rate

Info

N/A

Best for flat and bonus cash back rates

Bankrate score

Rating: 4.8 stars out of 5
4.8
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Chase's secure site

Purchase intro APR

0% Intro APR on Purchases for 15 months

Regular APR

20.49% - 29.24% Variable

Intro offer

Info

Up to $300 cash back

Rewards rate

Info

1.5% - 5%

Why you’ll like this card: Its mix of bonus categories makes it easy to earn travel rewards even if you don’t spend heavily on travel.

Best for everyday spending

Bankrate score

Rating: 4 stars out of 5
4.0
Info
Recommended credit score: 670 - 850
Info
Apply now Lock
on Citi's secure site

Purchase intro APR

0% intro for 15 months on Purchases

Regular APR

18.74% - 28.74% (Variable)

Intro offer

Info

20,000 points

Rewards rate

Info

1X - 5X

Why you’ll like this card: Since it earns rewards on everyday purchases, it should offer solid long-term value even after the intro APR period ends.

Best credit union card

Image of Gold Visa® Card

Gold Visa® Card

*
Recommended credit score: 670 - 850
Info

Intro offer

Info

N/A

Rewards Rate

Info

N/A

Annual fee

$0

Regular APR

17.99% Variable APR

Why you’ll like this card: It carries a relatively low ongoing APR and its simplicity make it easy to focus on paying off your balance.

Compare Bankrate’s top low-interest credit cards

Card Name Variable APR Best for Bankrate review score
Intro Offer: N/A
Regular APR: 18.24%, 24.74%, or 29.99% Variable APR

Long intro APR offers

4.3 / 5

Info
(Read card review)
Apply now Lock
on Wells Fargo's secure site
Intro Offer: Cashback Match
Info
Regular APR: 18.24% - 28.24% Variable APR

Rotating-category cash back

4.4 / 5

Info
(Read card review)
Apply now Lock
on Discover's secure site
Intro Offer: $200
Info
Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers

Best for home improvement

4.3 / 5

Info
(Read card review)
Apply now Lock
on Bank of America's secure site
Intro Offer: $200
Info
Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers

Bank of America Customers

3.8 / 5

Info
(Read card review)
Apply now Lock
on Bank of America's secure site
Intro Offer: Earn $200
Info
Regular APR: 19.24% - 29.99% Variable

Families

4.6 / 5

Info
(Read card review)
Apply now Lock
on American Express's secure site
See Rates & Fees , Terms Apply
Intro Offer: $200
Info
Regular APR: 19.99% - 29.99% (Variable)

Dining and grocery rewards

5.0 / 5

Info
(Read card review)
Apply now Lock
on Capital One's secure site
Intro Offer: $200 cash rewards
Info
Regular APR: 20.24%, 25.24%, or 29.99% Variable APR

Large purchases

4.3 / 5

Info
(Read card review)
Apply now Lock
on Wells Fargo's secure site
Intro Offer: $200
Info
Regular APR: 19.99% - 29.99% (Variable)

1.5% cash back

3.8 / 5

Info
(Read card review)
Apply now Lock
on Capital One's secure site
Intro Offer: Up to $300 cash back
Info
Regular APR: 20.49% - 29.24% Variable

Flat and bonus cash back rates

4.8 / 5

Info
(Read card review)
Apply now Lock
on Chase's secure site
Intro Offer: 20,000 points
Info
Regular APR: 18.74% - 28.74% (Variable)

Everyday spending

4.0 / 5

Info
(Read card review)
Apply now Lock
on Citi's secure site
Image of Gold Visa® Card
Gold Visa® Card
Intro Offer: N/A
Regular APR: 17.99% Variable APR

Credit union customers

What’s a low-interest credit card?

A low-interest credit card is defined by its APR (annual percentage rate), which can be either variable or fixed. If the low end of the variable percentage is around 18 percent, it generally qualifies as a low-interest card. Most credit cards are variable-rate credit cards, meaning their APRs fluctuate alongside the prime rate.

Paying your balance on time and in full every month is the best way to avoid interest, and we recommend this method first. Alternatively, a low-interest card could help you pay less interest if you carry a balance.

Understanding your card’s interest rate

Although annual percentage rates are given as how much will be charged per year, your lender will charge you each month you carry a credit card balance. It can appear fairly straightforward at first glance, but understanding how that percentage applies to your current balance requires some calculations. For example, if your average daily balance for the billing cycle was $500 and your card’s APR is 15 percent, you’ll find that you owe $6.25 in interest for the month. The formulas are as follows:

  • Credit card APR ÷ 365 days = Daily periodic rate
  • (Previous cycle’s unpaid balance + Total purchases) ÷ Number of days in billing cycle = Average daily balance
  • Daily periodic rate x Average daily balance x Number of days in billing cycle = Total interest charge for the month
Credit card APR Daily periodic rate Average daily balance Total interest charge for the month
15% 0.041% $500 $6.16
18% 0.049% $500 $7.39
20% 0.054% $500 $8.22

Pros and cons of low-interest credit cards

Pros

  • Checkmark

    You’ll save on interest: Lower-than-average interest rates mean that if you carry a credit card balance, you won’t incur as much interest.

  • Checkmark

    You can save on existing credit card debt: By completing a balance transfer to a low-interest credit card, you can save yourself a lot on interest payments and consolidate high-interest credit card debt, making your debt payoff journey simpler.

  • Checkmark

    Ideal for large purchases: If you plan to make a large purchase but may need some time to pay it off, a low-interest credit card can be a helpful tool to reduce hefty interest charges.

Cons

  • Few rewards: Low-interest cards typically come with limited rewards programs. You might get more rewards value out of your card if you opt for a no-annual-fee card or a card with an introductory APR offer.

  • Credit requirements: You typically need good or excellent credit to qualify for low interest rates. If you’re not at the good-to-excellent level yet, you should improve your credit score before applying for the best approval odds.

  • Limited long-term value: While low-interest credit cards can be quite helpful, their lack of premium perks and benefits hinder their usefulness, especially for people who pay off their balances regularly.

Still unsure if a low-interest credit card is right for you? Check out our Credit Card Spender Type Tool, where you can get personalized credit card recommendations based on your credit score, spending habits and daily needs.

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Bankrate Insight

If you're dead set on finding a way to lower your credit card interest rate, contact your issuer. You can call and ask to lower your interest rate or even negotiate a new payment plan entirely. If you've generally been on time with your payments and have been a loyal customer, use those points in making your case. With the right approach, you could be successful in lowering your rate.

Expert advice for low-interest cards