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Best Low Interest Credit Cards of October 2023

Review Updated
Nathan Hamilton
David Chang, ChFC®, CLU®
By: Nathan Hamilton and David Chang, ChFC®, CLU®

Our Credit Cards Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

If you're looking for a credit card, getting one with a low interest rate should be one of your top priorities. It's always ideal to pay off your balance in full each month, but sometimes it's not possible. The lowest interest credit cards can tide you over when you come up short. They can also serve as a back-up emergency fund, and even help you pay off debt quickly. Here are our top picks for the best low interest credit cards.

Great for: Long intro 0% APR on balance transfers

Rating image, 4.25 out of 5 stars.
4.25 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

Purchases: 0%, 12 months

Balance Transfers: 0%, 21 months

Regular APR

18.24% - 28.99% (Variable)

Rewards

N/A

Annual Fee

$0

  • A hard-to-beat 0% intro APR credit card that's a fit for cardholders wanting to pay off debt faster with balance transfer strategies and/or finance the cost of a purchase and temporarily avoid costly interest charges. Read Full Review

    • Great intro APR
    • No annual fee
    • Free credit score monitoring
    • No rewards
    • Foreign transaction fee
    • 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 18.24% - 28.99%, 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.
    • No Annual Fee - our low intro rates and all the benefits don’t come with a yearly charge.

Great for: Long balance transfer and no late fees

Rating image, 4.75 out of 5 stars.
4.75 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

Purchases: 0%, 12 months

Balance Transfers: 0%, 21 months

Regular APR

19.24% - 29.99% (Variable)

Rewards

N/A

Annual Fee

$0

Welcome Offer Circle with letter I in it. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening.

Lower intro balance transfer fee

  • With a long 0% intro APR offer, no late fees, no annual fee, and no penalty rate, this card is an unmatched pick.

    • Great intro APR
    • No annual fee
    • No late fees
    • No penalty APR
    • No rewards
    • Foreign transaction fee
    • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
    • 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 19.24% - 29.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
    • There is an introductory balance transfer fee of $5 or 3% of the amount of the transfer, whichever is greater, for balance transfers completed within 4 months of account opening.
    • Stay protected with Citi® Quick Lock.

Great for: 0% APR on purchases and balance transfers and unlimited Cashback Match

Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular APR

17.24% - 28.24% Variable APR

Rewards Circle with letter I in it. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.

1% - 5% Cashback

Annual Fee

$0

Welcome Offer Circle with letter I in it. 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.

Cashback Match

  • Includes a robust rewards program and rich sign-up bonus offer that has unlimited upside. Somehow this card also packs in a great intro APR offer for no annual fee. Read Full Review

    • Rotating bonus categories
    • Sign-up bonus offer
    • Great intro APR offer
    • No annual fee
    • No foreign transaction fee
    • No fixed bonus categories
    • 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, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
    • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
    • Every $1 you earn in cash back is $1 you can redeem.
    • Get a 0% intro APR for 15 months on purchases. Then 17.24% to 28.24% Standard Variable Purchase APR applies, based on credit worthiness.
    • No annual fee.
    • Click through to Discover’s website to see terms and conditions.

Great for: Long intro APR and bonus cash back

Rating image, 4.00 out of 5 stars.
4.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular APR

18.24% - 28.24% (Variable)

Rewards Circle with letter I in it. 3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases.

1% - 3% cash back

Annual Fee

$0

Welcome Offer Circle with letter I in it. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening

$200

  • Includes a big welcome offer, a long 0% intro APR, and a flexible cash rewards program that enables you to earn premium rewards in a category of your choice. Read Full Review

    • Competitive welcome bonus
    • Bonus cash back in a category of your choice
    • No annual fee
    • Great 0% intro & transfer APR offer
    • Relationship rewards bonus
    • Foreign transaction fee
    • Limit on bonus cash back
    • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
    • Earn 3% cash back in the category of your choice - now with expanded categories, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
    • Newly expanded categories based on Bank of America customer feedback! 3% cash back on Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services).
    • If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
    • No annual fee and no expiration on rewards.
    • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
    • Contactless Cards - The security of a chip card, with the convenience of a tap.
    • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Rating image, 4.50 out of 5 stars.
4.50 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR Circle with letter I in it. 0% intro APR on purchases and balance transfers for 15 months; 19.99%-29.99% variable APR after that; 3% fee on the amounts transferred within the first 15 months

Purchases: 0% intro on purchases for 15 months

Balance Transfers: 0% intro on balance transfers for 15 months

Regular APR

19.99% - 29.99% (Variable)

Rewards

1.5% cash back

Annual Fee

$0

Welcome Offer Circle with letter I in it. $200 cash back after you spend $500 on purchases within 3 months from account opening

$200 Cash Back

  • One of the most versatile and flexible cash-back cards we've seen. The long 0% intro APR makes the offer hard to pass up, especially if you're wanting to keep a one-card wallet that packs in a rich rewards program. Read Full Review

    • Competitive sign-up bonus
    • Solid cash back rate on purchases
    • No annual fee
    • Great intro APR
    • Card perks
    • Rewards do not expire
    • No bonus categories
    • Earn a 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
    • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
    • 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; 19.99% - 29.99% variable APR after that; 3% fee on the amounts transferred within the first 15 months

Great for: 0% intro APR for balance transfers and purchases

Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR Circle with letter I in it. 0% intro APR, 21 months from account opening on qualifying balance transfers

Purchases: 0% intro APR, 21 months from account opening

Balance Transfers: 0% intro APR, 21 months from account opening on qualifying balance transfers

Regular APR

18.24%, 24.74%, 29.99% variable APR

Rewards

N/A

Annual Fee

$0

Welcome Offer

N/A

  • A clear leader with a 0% intro APR offer that is among the longest we've come across. Read Full Review

    • Long 0% intro APR offer
    • No annual fee
    • Cellphone protection
    • Free FICO® Score
    • Balance transfer fee
    • Foreign transaction fee
    • 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5.
    • $0 Annual Fee
    • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
    • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
    • Select “Apply Now” to learn more about the product features, terms and conditions
Award Icon 2023 Award Winner

Great for: 0% intro APR and unlimited cash back

Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR Circle with letter I in it. 0% intro APR, 15 months from account opening on qualifying balance transfers

Purchases: 0% intro APR, 15 months from account opening

Balance Transfers: 0% intro APR, 15 months from account opening on qualifying balance transfers

Regular APR

20.24%, 25.24%, or 29.99% variable APR

Rewards

2% cash rewards

Annual Fee

$0

Welcome Offer Circle with letter I in it. $200 cash rewards bonus after spending $500 in purchases in the first three months

$200 cash rewards offer

  • A standout cash back card that has no annual fee and comes with a competitive cash rewards welcome offer and 0% intro APR offer. Read Full Review

    • Unlimited 2% cash rewards
    • Long 0% intro APR offer
    • Generous cash rewards welcome bonus
    • No annual fee
    • Cellphone protections
    • Card perks
    • Free FICO® Score updates
    • No bonus categories
    • Foreign transaction fees
    • Balance transfer fee
    • Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
    • Earn unlimited 2% cash rewards on purchases
    • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 20.24%, 25.24%, or 29.99% variable APR; 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
    • No categories to track or remember and cash rewards don't expire as long as your account remains open
    • Enjoy a premium collection of benefits at a selection of the world's most intriguing and prestigious hotel properties with Visa Signature Concierge
    • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
    • Select “Apply Now” to learn more about the product features, terms and conditions

Whether you're looking to round out your wallet or open your first credit card, a low interest credit card is a must have. If you ever need to carry a balance or use a credit card to cover an emergency, you don't want to be hit with astronomical interest fees. If you're paying down debt, look for a low interest credit card that comes with a 0% intro APR offer, which could save you hundreds of dollars. Here's everything you need to know about choosing and using low interest credit cards.

Overview of the best interest rate credit cards

Here are the highlights of our top picks for low interest credit cards.

BankAmericard® credit card

Great for: 0% intro APR for purchases and balance transfers

The BankAmericard® credit card packs in a rare combination of a long 0% intro APR for both purchases and balance transfers made within the first 60 days. Many competing cards offer a long 0% intro APR for one, and at the expense of the other.

Read the full BankAmericard® credit card review

Citi® Diamond Preferred® Card

Great for: Long intro 0% APR on balance transfers

The Citi® Diamond Preferred® Card doesn't charge an annual fee and starts you off with an impressive purchase and balance transfer 0% intro APR.

Read the full Citi® Diamond Preferred® Card review

Citi Simplicity® Card

Great for: Long balance transfer and no late fees

The Citi Simplicity® Card eliminates common credit card fees, as it doesn't charge a late fee, annual fee, or penalty APR.

Read the full Citi Simplicity® Card review

Discover it® Cash Back

Great for: Balance transfers and bonus cash back

The Discover it® Cash Back gives you plenty of time to pay off balances you transfer over. You get the best of both balance transfer and cash back worlds with this card.

Read the full Discover it® Cash Back review

Bank of America® Customized Cash Rewards credit card

Great for: Bonus cash back

The Bank of America® Customized Cash Rewards credit card packs in all of the essentials that make a one-card wallet possible. There's a big sign-up bonus, no annual fee, long 0% intro APR offer, and robust rewards program.

Read the full Bank of America® Customized Cash Rewards credit card review

Capital One Quicksilver Cash Rewards Credit Card

Great for: 0% purchase and balance transfer intro APR and cash back

The Capital One Quicksilver Cash Rewards Credit Card charges no interest on purchases and balance transfers for an introductory period and offers flat-rate cash back rewards.

Read the full Capital One Quicksilver Cash Rewards Credit Card review

Wells Fargo Reflect® Card

Great for: 0% intro APR for balance transfers and purchases

The Wells Fargo Reflect® Card stands out as a top choice with its impressive lengthy 0% introductory APR offer. In addition, it boasts a wide range of valuable credit card benefits, making it a clear frontrunner.

Read the full Wells Fargo Reflect® Card review

Wells Fargo Active Cash® Card

Great for: 0% intro APR and unlimited cash back

The Wells Fargo Active Cash® Card is an exceptional cash back card with no annual fee. It offers a generous cash rewards welcome offer and a 0% introductory APR offer.

Read the full Wells Fargo Active Cash® Card review

What is a low interest credit card?

Low interest credit cards, or low APR credit cards, are cards that charge a below-average annual percentage rate (APR) on purchases, either on a temporary or a permanent basis. The best low interest rate credit cards can save you a tremendous amount of money if you carry a credit card balance, and they can also help you pay down debt faster.

The interest rate you pay on any given credit card depends on a few factors, such as your credit history and overall debt profile. If you qualify for low interest credit cards, you'll be charged less interest than usual, making it more affordable to carry a balance. Some cards even offer 0% intro APRs for several months on both purchases and balances transferred from other cards. Generally speaking, this is the best way to save money on your credit card balances.

Types of low interest credit cards

There are two main types of low interest rate credit cards:

  • 0% intro APR: Credit cards that temporarily charge no interest on purchases or balance transfers. This lasts only for a certain period of time, typically ranging from 12 to 20 months. In addition to the 0% intro APR periods, these cards also vary significantly in terms of the fees charged and other benefits offered.
  • Low permanent APR: Credit cards with constant below-average APR. These still typically fluctuate with benchmark interest rates but tend to stay lower than the average APRs on the market. It isn't easy to identify these cards, as interest rates depend on several factors.

How to compare the best low interest credit cards

To compare low interest credit cards, start by deciding if you need:

  • A 0% intro APR on purchases
  • A 0% intro APR on balance transfers
  • A low permanent APR
  • A combination of the above perks

Next, pick out cards that have the features you're looking for and see how they measure up. To make this easier, use a tool for comparing credit cards side by side.

Let's say that you need a 0% intro APR on purchases to finance a kitchen remodel. In that case, you'd narrow down your search to low interest cards with an intro 0% purchase APR. You could then see which cards have the longest intro 0% APR offers.

As you're comparing low interest cards, it's worth looking at other features besides the APR, such as welcome bonuses and purchase rewards. These also add value and can work well as a tiebreaker if multiple low interest credit cards meet your needs. For example, if you need a 0% intro APR for 15 months or more and you find several cards offering that, you could compare their rewards to make your selection.

Check out the video below to learn how to pick the best low interest card.

How to get a low APR credit card

When you're ready to get a low APR credit card, here are the steps to follow.

  1. Check your credit score so you know which cards you can qualify for.
  2. Choose low APR credit cards with the features you want.
  3. Compare the credit cards you selected.
  4. Apply for the card that you like the most.

See our guide on how to apply for a credit card for more details.

Any time you're planning to get a new credit card, the first thing you should do is check your credit. You can do this through free credit score services online. Look for one that provides your FICO® Score, because that's the most widely used credit score by lenders.

Review the best low APR credit cards and compare what each one has to offer. Make sure that the cards you pick are all available for consumers in your credit score range. This gives you a better chance of being approved.

Once you've found the right low interest credit card, select the "Apply Now" option. Fill out the application with the required information. After you submit the application, there are three possible outcomes:

  • An instant approval
  • A denial
  • A further review

If your application is approved, then you're finished. If it's denied, you can either call the card issuer and ask for a reconsideration or choose another low interest card to apply for.

How does credit card interest work?

It's important to understand how credit card APRs work so that you understand how much your credit card balance is costing you.

APR stands for "annual percentage rate." It's the rate of interest applied to your balances. Most credit card companies use an average daily balance method for calculating interest. To arrive at the daily interest rate, they divide the card's APR by 365.

To illustrate the impact the best low interest credit cards can have, compare how making a payment of $100 per month on a $3,000 initial credit card balance would reduce your debt over six months in three different APR scenarios:

Month Balance with 18% APR Balance with 12% APR Balance with 0% intro APR
0 $3,000 $3,000 $3,000
1 $2,945 $2,930 $2,900
2 $2,889 $2,859 $2,800
3 $2,833 $2,788 $2,700
4 $2,775 $2,716 $2,600
5 $2,657 $2,569 $2,500
6 $2,597 $2,495 $2,400
Note: Figures rounded to the nearest dollar.

Here's the takeaway: After six months, the cardholder with a 0% intro APR would have reduced their debt by nearly $200 more than the cardholder with an 18% APR, even though they both made the same payments.

How to use a low interest credit card

Low interest credit cards can come in handy if you utilize them correctly. Here are a few tips on how to best put them to use.

Keep one in your wallet to cover emergencies. Ideally, you should have enough cash in an emergency fund to cover at least six months of living expenses. But if you don't have anything in your savings account, or it's not enough to pay for an unexpected expense, you could use a low interest credit card as a kind of backup emergency fund.

Unlike some other options, such as a personal loan, the funds on a credit card are immediately available. And the low interest rate should help keep your payments affordable. You can use our emergency fund calculator, to calculate how much you may need in an unexpected situation.

Use it to finance a big purchase. Low interest credit cards can be a good way to buy big-ticket items you can't afford to pay for all at once. Look for a really low rate -- or, even better, a 0% intro APR on new purchases. You'll want to explore all of your options first though, as it's often wiser to wait until you've saved enough money to pay upfront.

If you go with a 0% intro APR credit card, you could potentially finance the purchase without paying any interest at all. But it's crucial that you make sure you can pay off the balance before the introductory period ends.

Do a balance transfer to pay off debt more quickly. If you're trying to pay off debt with a high interest rate, you know firsthand how crippling those massive interest charges can be. Doing a balance transfer -- that is, transferring your existing debt to a credit card with a lower interest rate -- can significantly relieve that burden.

It will ensure that more of your monthly payment goes toward chipping away at that balance rather than paying interest fees. You can even opt for a balance transfer credit card with a 0% intro APR on balance transfers, but you'll want to make sure you can pay off the balance before your introductory period ends. But be sure to research your options first: If you can qualify for a low interest personal loan and use that to pay off your debt, you might save even more money.

Don't use it as an excuse to rack up more debt. If you're someone who's trying to save money or get out of debt, then a low interest credit card may seem like a great option. However, it's important to remember that the low rate is only helpful if you're disciplined enough to not overspend.

In fact, using a low interest credit card as an excuse to rack up even more debt could defeat the whole purpose of your financial goals. So, before you jump on board with a low interest card, take the time to examine your finances and determine if you'll be able to stay within your means. With a bit of self-discipline, you can make the most of a low interest credit card and get back on track with your finances.

Is a low interest card right for you?

Here are some examples of when a low interest credit card can be useful:

  • You carry a balance often. If you tend to carry a balance on your credit card, getting a low interest credit card can help you save lots of money in interest.
  • Your income fluctuates. People who have irregular income may benefit from having a low interest credit card to help cover expenses in periods when cash flow is particularly tight.
  • You need emergency financing. Nothing beats having a few months of living expenses in your bank account. But having a low interest credit card as a backup source of financing can help you handle unforeseen large expenses (such as a car repair or a midnight call to a plumber) while minimizing the amount of interest you pay.
  • You want to pay off debt. Whether you get a low interest credit card or a 0% into APR credit card, consolidating debt with a balance transfer can be an effective way to pay down debt quickly and save money on interest. Use our balance transfer calculator to see if a low interest credit card is right for you.

While we'd never advise carrying a balance for long periods of time, a low interest credit card can be better than the alternatives. You would pay about $10 in interest every month on a $1,000 balance at a 12% APR. That's far better than paying a $35 overdraft fee or getting a loan shark rate from a payday loan store.

The Picks
Card Rating Great For
Rating image, 4.25 out of 5 stars.
4.25 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Great For:

Long intro 0% APR on balance transfers

Rating image, 4.75 out of 5 stars.
4.75 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Great For:

Long balance transfer and no late fees

Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
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Great For:

0% APR on purchases and balance transfers and unlimited Cashback Match

Rating image, 4.00 out of 5 stars.
4.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
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Great For:

Long intro APR and bonus cash back

Rating image, 4.50 out of 5 stars.
4.50 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Great For:

Unlimited cash back and card perks

Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Great For:

0% intro APR for balance transfers and purchases

Award Icon 2023 Award Winner
Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Great For:

0% intro APR and unlimited cash back

FAQs

  • We think about credit cards and their APRs in two different ways. Some cards offer exceptionally low APRs for a certain period of time (0% intro APRs on purchases or balance transfers), while others offer persistently low APRs, generally for people who have excellent credit. These cards fit into two distinct categories because they are designed for very different purposes.

    Intro APRs: If you need a low APR to help finance a purchase or pay down existing credit card debt with a balance transfer, a 0% intro APR is ideal. There are many credit cards that offer a 0% intro APR for as long as 20 months. The advantage to these cards is that they offer a super-low APR, although only for a short period of time.

    Low interest cards: Some cards offer consistently low APRs, usually to people who have excellent credit scores. (The credit card with the lowest interest rate will usually have an APR that ranges from 10% to 18%, which is in line with rates on two-year personal loans.)

    A credit card with 0% intro APR is generally the better way to go, especially if you can pay off your entire balance before the introductory period expires. Cards with permanently low interest rates are still an expensive way to borrow money, especially with the emergence of the personal loan industry over the past few years.

    It can be difficult to find a credit card with a permanently low interest rate, and it's typically a better idea to obtain a personal loan if you need to finance a large purchase over an extended period of time. These have fixed rates that are often superior to even the lowest permanent credit card APRs and allow you to repay your debt over a few years.

  • It is sometimes possible to lower your credit card interest rate. If you've never missed a payment, or if you've diligently been paying off a balance for a while, your credit card issuer might be willing to reward you by decreasing your APR slightly. Give customer service a call and request a lower interest rate -- the worst that can happen is they'll say no. If that's the case, you can look into opening a low interest credit card instead.

  • Credit card interest can be a little tricky, but once you understand how it works, it’s actually pretty simple.

    The first thing you should understand is that credit cards show interest rates on an annual basis, but most credit cards charge interest on a daily basis. So if a credit card has an 18% APR, that means it actually carries an interest rate of about 0.049315% per day (18% ÷ 365 days = 0.049315%).

    If you have a $5,000 balance, the next day the balance would grow to $5,002.70 at an 18% APR, assuming that no other purchases or payments are made. This interest calculation is made every day during a billing cycle. After 30 days, the $5,000 starting balance would grow to about $5,074.50 at an 18% APR.

  • Given that most credit cards with 0% intro APR don't come with annual fees, it's not necessary to close the card when the introductory period ends. In fact, closing it could lower your credit score. Your credit utilization ratio -- that is, your overall debt divided by your overall credit limit -- plays a large part in calculating your credit score. The lower it is, the better. By keeping your credit card open after the 0% intro APR ends, and also not running up a balance, you'll be keeping your debt-to-credit ratio low. However, the key is not to run up a balance. If you can't trust yourself to keep the card open without falling into debt, it's best to close the card and remove the temptation.

  • It makes sense to get a low interest credit card when you want a credit card on hand to use for everyday purchases or emergency expenses. The lower interest rate will help you save money if you ever need to carry a balance. Low interest credit cards can also make sense if you want to do a balance transfer to pay off debt. However, it's worth considering a balance transfer credit card with a 0% intro APR if you'll be able to pay off your balance during the intro period.

Our Credit Cards Experts