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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.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
5%
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
1%
Plus, earn unlimited 1% cash back on all other purchases – automatically.
Intro offer
Cashback Match™
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Annual fee
$0
Regular APR
13.49% - 24.49% Variable
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
If you’re looking for a card that offers on-going value with no annual fee, this card may be an intriguing offer. You’ll get 5 percent cash back on rotating category purchases on up to $1,500 per quarter, then 1 percent (activation required) and a match from Discover for all cash back earned in your account’s first year. This is a ton of value for a card that may only require a 670 credit score.
A cash back match for the first 12 months and the $0 annual fee give this card a great deal of value.
The as low as 670 credit score requirement makes the card more accessible.
Cons
Earning 5 percent cash back is capped at $1,500 in purchases per quarter, then it earns 1 percent (activation required).
Maximizing your rewards can be complicated. You’ll need to keep track of rotating categories and enroll each quarter.
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
New! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
Every $1 you earn in cash back is $1 you can redeem.
New Intro APR: Get a 0% intro APR for 15 months on purchases. Then 13.49% to 24.49% Standard Variable Purchase APR applies, based on credit worthiness.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
5%
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more;
3%
3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
1.5%
1.5% on all other purchases
Intro offer
Earn an Additional 1.5% Cash Back
Intro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Annual fee
$0
Regular APR
16.49% - 25.24% Variable
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
If you’re looking for a credit card with high cash back earning potential, look no further than the Chase Freedom Unlimited. The card earns at least 1.5 percent cash back on all purchases and offers a generous intro APR on purchases. Low-interest rates and the potential for earning cash back make this card a great option.
Cardmembers receive solid benefits like trip cancellation/interruption insurance and reimbursements up to $1,500 per person.
Cons
You must book through the Ultimate Rewards portal to earn 5 percent back on travel.
There are flat-rate cash back credit cards that offer a higher return on general purchases.
Intro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.49% - 25.24%.
No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
N/A
Intro offer
N/A
Annual fee
$0
Regular APR
15.24% - 27.24% Variable APR
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
An intro APR offer of up to 21 months and no annual fee are great reasons to check out the Wells Fargo Reflect Card. Cardmembers will enjoy a 0 percent interest intro APR for 18 months on purchases from account opening and qualifying balance transfers from account opening. That 18-month offer will get extended up to an additional three months if you make on-time payments during the introductory and extension periods (15.24 percent to 27.24 percent variable APR thereafter).
The long intro APR is for both purchases and qualifying balance transfers.
No annual fee and cellphone protection are adequate perks that add value to this card.
Cons
Unfortunately, this card doesn’t offer a chance to earn cash back or points on your purchases.
The card comes with a 3 percent foreign transaction fee.
0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods. 15.24% to 27.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5
$0 Annual Fee
Get up to $600 of cell phone protection when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
An easy way to earn cash back while you shop, dine or enjoy an experience simply by using your Wells Fargo credit card. Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants.
Select “Apply Now” to learn more about the product features, terms and conditions
additional features
Purchase intro APR
0% intro APR for up to 21 months from account opening
Balance transfer intro APR
0% intro APR for up to 21 months from account opening on qualifying balance transfers
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
N/A
Intro offer
N/A
Annual fee
$0
Regular APR
15.99% - 25.99% (Variable)
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
The Citi Diamond Preferred Card has one of the longest zero-APR introductory offers for balance transfers you’ll find. Get 21 months at 0 percent intro APR on balance transfers before the regular APR (15.99 percent to 25.99 percent variable) applies. Adding this card could give you a potentially useful tool for keeping your interest burden low.
The introductory APR period on balance transfers is one of the longest you’ll find.
Cardholders with good to excellent credit may be eligible for a considerably low APR rate.
Cons
Card lacks a rewards program.
The 5 percent balance transfer fee (or $5, whichever is higher) is at the high end of what is typical (3 to 5 percent).
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 15.99% - 25.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
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.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
5%
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
1.5%
Earn unlimited 1.5% cash back on every purchase, every day
Intro offer
$200
One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
Annual fee
$0
Regular APR
16.49% - 26.49% (Variable)
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
On balance transfers and purchases, the Capital One Quicksilver Cash Rewards Credit Card has a generous intro APR period. That's a great deal for anyone confident in paying off a balance in that time frame and still earning great cash rewards on every purchase.
It has decent flat-rate, cash back earnings at unlimited 1.5 percent.
The welcome offer is easily attainable.
Cons
There are higher flat-rate cash back cards on the market.
This card has few perks and benefits.
One-time $200 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
$0 annual fee and no foreign transaction fees
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
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 and balance transfers for 15 months; 16.49%-26.49% variable APR after that; 3% fee on the amounts transferred within the first 15 months
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
5%
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
5%
5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
3%
3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
1%
Unlimited 1% cash back on all other purchases.
Intro offer
$200
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
Annual fee
$0
Regular APR
16.49% - 25.24% Variable
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
If you’re looking for a card boosting a full kit of rewards and cash back features this card should be on your list. With no annual fee, a mix of practical and niche bonus categories and a flexible rewards program the Freedom Flex is a top contender for the best low-interest credit cards.
The long introductory APR period is a great benefit for cardholders looking to finance large purchases.
The welcome offer of a $200 cash bonus for a $500 spend in the first three months of account opening is easily attainable for most cardholders.
Cons
The rewards structure may be difficult to navigate for first-time cardholders.
There are cash back limits in the rotating rewards categories.
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.49% - 25.24%.
No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Flex℠ card
Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
See if you're pre‐approved for this card with
CardMatch™
Rewards rate
3%
3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
3%
New! 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
3%
3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
1%
1% Cash Back on other purchases.
Intro offer
$200
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
Annual fee
$0
Regular APR
16.24%-27.24% Variable
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
The Blue Cash Everyday Card from American Express is an excellent choice for families. Earn in bonus categories like groceries and gas. Without the annual fee, the cash back earned goes straight back into your pocket. Take advantage of the APR intro offer for purchases and earn generous cash back at U.S. supermarkets, U.S. gas stations and on U.S. online retail purchases .
This card charges no annual fee, a rarity for American Express.
$200 statement credit after you spend $2,000 in purchases on your new card within the first 6 months.
Cons
Superstores like Walmart and Target don’t count for the U.S. supermarket bonus category.
The 2.7 percent foreign transaction fee will make family vacations abroad a little more expensive.
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
No Annual Fee.
Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 16.24% to 27.24% variable APR.
3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
New! 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
Get $7 back each month after using your Blue Cash Everyday® Card to spend $13.99 or more each month on an eligible subscription to The Disney Bundle, which includes Disney+, Hulu, and ESPN+. Enrollment required.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
1.5%
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
1%
1% cash back on eligible purchases right away.
Intro offer
N/A
Annual fee
$0
Regular APR
15.24% - 29.24% (Variable)
Recommended credit
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Are you looking to earn your way to more cash back? The Petal 2 "Cash Back, No Fees" Visa Credit Card offers a great option. Get a cash back rate of 1 percent on eligible purchases or up to 1.5 percent on eligible purchases after you make 12 on-time monthly payments. The low end of the card's 15.24 percent to 29.24 percent variable APR also makes it a useful low-interest option.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
5X
For a limited time, earn 5 ThankYou® Points per $1 spent at restaurants up to $6,000 in the first 12 months and 1 ThankYou® Point per $1 spent thereafter.
2X
Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter.
1X
Earn 1X ThankYou® Points on All Other Purchases.
Intro offer
20,000 points
Earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com
Annual fee
$0
Regular APR
15.74% - 25.74% (Variable)
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
The Citi Rewards+ Card offers three things that thrifty consumers will appreciate: low regular APR (15.74 percent to 25.74 percent variable), an easy way to earn rewards on everyday purchases and no annual fee. The rewards points round up to the nearest 10 points on every purchase is another generous feature that adds even more value to the card.
The points roundup to the nearest 10 points on every purchase feature adds major value.
Get an intro zero percent APR on purchases for the first 15 months after account opening (then 15.74 percent to 25.74 percent variable APR).
Cons
ThankYou points can’t be transferred to any travel partners.
There’s a $6,000 yearly cap for earning 2X points on supermarket and gas station purchases, then it drops to 1X.
Earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com
For a limited time, earn 5 ThankYou® Points per $1 spent at restaurants up to $6,000 in the first 12 months and 1 ThankYou® Point per $1 spent thereafter.
0% Intro APR on balance transfers for 15 months from date of first transfer and on purchases from date of account opening. After that, the variable APR will be 15.74% - 25.74%, based on your creditworthiness. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
The Citi Rewards+® Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases.
* 3% fee on the amounts transferred within the first 15 months.
A closer look at Bankrate’s top low-interest credit cards
Discover it Cash Back: Best for first-year rewards
What we love about the Discover it Cash Back card: With the Cashback Match™ feature, Discover will match all the cash back you’ve earned at the end of your first year. Furthermore, the first-year rewards from Cashback Match can be a true windfall, especially if you often maximize bonus categories.
Who this card is good for: Anyone who’s looking for a low-interest cash back card and is content with waiting for the new cardholder bonus.
Alternatives: If you want to earn cash back but don’t want to deal with the hassle of activating bonus categories every quarter, tracking spending restrictions, and modifying your spending patterns, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card may be a better option than the Discover it Cash Back card.
Chase Freedom Unlimited: Best for high earning potential
What we love about the Chase Freedom Unlimited card: It’s one of the cards that is qualified for Chase’s Pay Yourself Back feature, which allows you to redeem rewards for statement credits applied to eligible transactions. If you can maximize the higher-rate categories while remaining responsible with your spending, this low-interest card can pay out huge cash back dividends.
Who this card is good for: People interested in earning generous cash back on general purchases and in special higher-rate categories with no limits or spending caps.
Alternatives: If you don’t spend much on travel, dining out, or shopping at drugstores, a flat-rate cash back card like the Capital One Quicksilver Cash Rewards Credit Card may be more suited toward everyday spending.
Wells Fargo Reflect Card: Best for long intro APR offers
What we love about the Wells Fargo Reflect card: The chance to have a long period of up to 21 months to pay off expenses or debt. This card is a great option if you need a break from paying interest charges for an extended period of time.
Who this card is good for: Anyone looking to finance a large purchase or refinance high-interest debt.
Alternatives: If you don’t mind a brief intro APR period, the Chase Freedom Unlimited Card may be a better alternative — especially if you want to have the chance to earn rewards.
Citi Diamond Preferred Card: Best for balance transfers
What we love about the Citi Diamond Preferred card: Few cards can match its intro offer on balance transfers (21 months at 0 percent intro APR, 15.99 percent to 25.99 percent variable APR after).
Who this card is good for: Anyone focused on a temporary (but still lengthy) break from interest, as it can help them avoid interest charges for well over a year.
Alternatives: Since the Citi Diamond Preferred doesn’t have a rewards program, those looking for cash back, points, or miles may prefer the Citi Rewards+ Card, which offers 2X points at supermarkets and gas stations (on up to $6,000 in purchases per year, then 1X points) with 1X points on all other purchases, as well as 5X points at restaurants for a limited time (on up to $6,000 in purchases, then 1X points) during the first 12 months.
Capital One Quicksilver Cash Rewards Credit Card: Best for 15-month intro APR offers
What we love about the Capital One Quicksilver Cash Rewards card: This card is fairly well-rounded, with decent flat-rate rewards, a reasonable regular variable APR range and few fees. If you want a no-fuss card that earns steady cash back rewards on everyday purchases, the Quicksilver Cash Rewards is a notable consideration for your wallet.
Who this card is good for: Consumers who want to earn solid flat-rate rewards on all purchases and have multiple options to redeem earnings.
Alternatives: The Chase Freedom Flex Card is an excellent pick if you prefer to strategize and earn even more cash back by tracking bonus categories.
Chase Freedom Flex: Best for cash back in multiple categories
What we love about the Chase Freedom Flex card: Not many low-interest cards offer the kind of cash back opportunities you’ll find with the Chase Freedom Flex. If you can put in the work to track your spending and maximize the bonus categories each quarter, the returns could be impressive.
Who this card is good for: People who want a high-earning cash back card and an easily attainable sign-up bonus ($200 after spending $500 in the first 3 months after you open your account).
Alternatives: If you’re not concerned with earning rewards in fixed cash back categories or rotating bonus categories, the Wells Fargo Reflect Card could be a better fit for you.
Blue Cash Everyday Card from American Express: Best cash back card for families
What we love about the Blue Cash Everyday Card from American Express: Most welcome offers provide three months to meet the spending requirement, but not this one. With the Blue Cash Everyday Card, you’ll earn $200 back in statement credits after spending $2,000 in purchases within the first six months of card membership.
Who this card is good for: People whose daily routines involve a lot of mealtimes and motoring around. This no-annual-fee card can help you earn considerable cash back at U.S. supermarkets and U.S. gas stations, as well as select U.S. department stores.
Alternatives: If you don’t plan to spend much on gas or groceries, a more flexible cash back card, such as the Discover it Cash Back Card, for example, may be preferable.
Petal 2 “Cash Back, No Fees” Visa Credit Card: Best for credit-building with cash back
What we love about the Petal 2 “Cash Back, No Fees” Visa card: It can be an effective tool to earn cash back as you build up your credit foundations. With the Petal 2 “Cash Back, No Fees” Card, making on-time monthly payments can increase the cash back rate earned on eligible purposes, giving you even more reason to stay current. Also, you can occasionally earn 2 percent to 10 percent cash back on offers at select merchants in your area.
Who this card is good for: People building their credit profiles who want a cash back program that rewards them for responsibly making on-time credit card payments.
Alternatives: If you’re an established credit user who already has a solid credit score, the Citi Diamond Preferred Card is a simpler and more credit-appropriate alternative to the Petal 2 “Cash Back, No Fees” Visa Card.
Citi Rewards+ Card: Best for points on everyday purchases
What we love about the Citi Rewards+ card: The combination of the intro APR offer on both purchases and balance transfers with its rewards program makes the Citi Rewards+ Card a solid option for frugal shoppers. Also, the Citi Rewards+ is the only card that automatically rounds your points up to the nearest 10 points on every purchase with no cap.
Who this card is good for: People who want a low-interest card that also earns rewards on everyday spending.
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 12 percent to 14 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.
Given the cost of credit card interest, it’s important to minimize your exposure to interest charges or avoid them altogether. Bankrate estimates the average credit card interest rate at 17.35 percent variable as of July 27, 2022. Paying your balance on time and in full every month is the surest way to avoid interest and the method that we recommend. On the other hand, a low-interest card could help you pay less in interest if you do carry a balance.
Bankrate insight
If you carry a credit card balance, you’re not alone: According to the National Foundation for Credit Counseling’s 2021 Financial Literacy Survey, 38 percent of adults carry a credit card balance month to month.
Understanding your card’s interest rate
Although annual percentage rates are expressed on a yearly basis, you’ll be charged each month as long as you carry a credit card balance. Your card’s APR will typically be listed on your monthly credit card statement. It can appear fairly straightforward at first glance, but understanding how that percentage applies to your current balance requires some calculations. For example, if you currently owe $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:
15% APR ÷ 12 months = 1.25% monthly interest, 1.25% x $500 = $6.25 in interest.
Pros and cons of low-interest credit cards
Pros
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 in interest charges.
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 to one place, making your debt payoff journey simpler.
Cons
Limited perks: Low-interest cards typically come with limited rewards programs. If you’re looking for a card to help you accumulate points, miles or cash back it’s best to look elsewhere.
Credit requirements: The credit scores needed to qualify for most low-interest cards trend toward good-to-excellent. If you’re not at the good-to-excellent level yet, you should aim to improve your credit score.
Who should get a low-interest credit card?
Credit cards with low interest rates can come in handy for certain types of people in certain situations. Consider a low-interest credit card if you find yourself in these scenarios:
The best strategy to avoid interest is to not carry a balance on your credit card, period, even though that might not be possible in every situation. One advantage of low-interest cards is that if you wind up carrying a balance, the interest could be less costly. If you occasionally can’t pay your balances off in full or you’re a first-time cardholder worried about that possibility, a low interest rate might prove reassuring.
A balance transfer could help you save hundreds of dollars that would otherwise have gone toward paying off high-interest credit card debt. Even if the introductory offer is low-interest rather than zero-interest, you’d save money as long as the intro rate is lower than what you’re currently paying. To see what the balance transfer process might look like, you can use Bankrate’s Credit Card Balance Transfer Calculator.
In cases where you know you have a large purchase coming up, a low-interest card—or even better, a zero-interest card with a solid introductory offer on purchases—could be a smart choice.
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.
How to get a low-interest credit card
It’s best to always pay your credit card balance in full each month, but if you’re unable to and you still want to save, a low-interest card is the way to go. To take full advantage of all of the benefits of a low-interest card and to find the best card for you, follow the steps below.
Step 1: Build your credit to a good/excellent level
People with higher credit scores tend to qualify for lower interest rates on any kind of loan, including credit cards. If your credit is fair or bad, you may not qualify for the most advantageous rates. The first step is to find out what your current score is and check for any issues or errors on your credit report. If your credit needs work, stick to a long-term strategy for improving your credit score.
Step 2: Explore all of your options
One of the keys to finding a low-interest card is how you compare and evaluate these offers. Go online to sort through your viable options and contact your bank or credit union to see what’s available to you. Find cards in your range, weigh the perks, and pay attention not only to the low ends of the variable APRs but also the high end.
Step 3: Look for pre-qualified offers
A pre-qualified offer involves an initial evaluation before beginning the actual process of applying. With pre-qualification, you won’t be subject to a hard inquiry that can temporarily lower your credit score. You can also check out Bankrate’s CardMatch™ tool to see which offers fit you best without impacting your credit score.
How to reduce the credit card interest you pay
One of the common misconceptions about credit cards is that they can be dangerous to your financial health. The truth is that credit cards themselves aren’t bad, but if you’re not careful, interest can quickly plunge you into debt. Low-interest cards are a great way to avoid hefty interest charges. Follow the tips below to keep interest payments at bay with your low-interest credit card:
Pay off your balances: Low-interest cards are great for times when it becomes necessary to carry a credit card balance from month to month, but if you use your credit card wisely, interest payments don’t have to be a part of the equation at all. Paying the total of your credit card balance each month allows you to avoid interest charges altogether.
Consolidate debt to a low-interest card: If you find yourself with a balance on one or more credit cards with high-interest rates, consider moving that debt to a single low-interest card, if possible. Completing a balance transfer can help reduce the amount you’ll pay in interest and simplify the debt repayment process.
Keep future spending in mind: If you plan to finance a significant purchase on a credit card, be sure to keep low-interest cards top of mind. You can save on interest and pay less over time with a low-interest card.
How we chose our top low-interest credit cards
Bankrate scores individual cards using a 5-star system that measures their overall quality and value. For low-interest cards, we highlighted essential criteria including APRs, introductory APR offers, annual fees and balance transfer offers.
APRs
Standard APRs can range from below 10 percent to above 20 percent. A penalty APR is the rate you would incur if you were late in making a payment, and it could approach 30 percent. With low-interest at the top of mind, we pay particular attention to APR in all its forms.
0% introductory APR offers
This temporary interest-free period can significantly help cardholders who are looking to use the card as a tool to pay down debt or pay off a forthcoming large purchase.
Annual fee
Is the card’s annual fee worth it? Do the rewards and benefits justify the expense? We take annual fees into account when judging a card’s overall value.
More information on credit cards, interest rates and APR
Still need to do more research? Bankrate has a wealth of resources on low-interest credit cards and related topics.
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
Frequently asked questions about low-interest credit cards
Your creditworthiness and financial health play an essential role in the interest rate of your credit card. If you have good credit, your APR (or interest rate) may be lower than if your credit score needs some work. The higher your credit score, the lower your interest rate could be.
An easy way to determine whether your card has a desirable interest rate is to take a look at average credit card APRs and see how your rate compares. Currently, anything at or under 16 percent qualifies as a good interest rate for most consumers.
With low-interest credit cards, the ongoing interest rate after any intro APR period is lower than most other credit cards, on average. On the other hand, 0 percent interest credit cards are only zero-interest for a certain time after opening the account, and then the regular APR kicks in, which may or may not be low.
In most circumstances, yes. A low interest rate can be a very valuable tool in tackling credit card debt, and sometimes negotiation with your card provider is the best way to make it happen. Accruing interest costs you money, so take the necessary steps to save.
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.
Technically, any credit card can be low interest as long as you pay off your balance in full every month. If you never carry a balance, your interest rate is effectively zero percent.
When those ideal circumstances don't apply, however, you might consider a credit card with a favorable low-end APR range. One example is the Upgrade Visa® Card with Cash Rewards. This card's regular APR is 8.99 percent to 29.99 percent variable, which means that if you have an excellent credit score, you could qualify for an APR about 7 points lower than the current average. With any card, keep in mind that people with the best credit scores tend to get the lowest APRs.
Before you call up your card issuer and ask them to waive interest, you need to review your creditworthiness and financial health. If you do not regularly carry a balance and do not usually pay interest, there is a chance that your issuer may waive your interest charge.
People make mistakes. Sometimes we forget to pay a bill, or we miss that grace period by a day. In times of widespread economic uncertainty, credit card issuers are offering assistance more than usual.
However, if you have a substantial balance, your issuer may be less likely to waive interest or late fees. If this is the case, a balance transfer card may be worth considering to help avoid APR temporarily while you chip away at your debt. The only way to know if your credit card company will waive your interest is to ask, but make sure to keep your personal credit history in mind as you do.
Credit card interest rates are influenced by the Federal Reserve’s prime rate, and the prime rate changes based on the judgment of federal regulators. Such decisions are largely based on the state of the national economy.
If you have an outstanding balance on your credit card, or you tend to carry a balance from month to month, falling interest rates can be welcome news. However, the only sure way to reduce the cost of credit card interest is to avoid it altogether by paying your entire balance each month.
Ryan Noonan is a 2018 graduate of the School of Journalism at The Ohio State University. He began working in marketing for Bankrate.com in December 2018 and has since begun using his industry expertise as a writer, contributing to both Bankrate.com and Creditcards.com.
Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections.
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