How Does LendingTree Get Paid?
| Advertising Disclosure

How LendingTree Gets Paid

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Best Low Interest Credit Cards for August 2021

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated July 31, 2021 . Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Carrying a balance on a high APR credit card from month to month can get expensive as high interest charges inflate what you owe.

To help you save on interest charges, we selected eight low interest and introductory 0% APR credit cards based on our research of cards available through LendingTree, as well as top cards offered by major issuers.

Best low interest credit cards
Best low APR card overall Prime Platinum Visa Credit Card
Best low APR card with no fees DCU Visa® Platinum Credit Card
Best low APR card for military members USAA® Rate Advantage Visa Platinum® Card
Best low APR card for bad credit DCU Visa® Platinum Secured Credit Card
Best intro 0% APR card for a balance transfer Citi Simplicity® Card
Best intro 0% APR card for purchases Capital One Quicksilver Cash Rewards Credit Card
Best low APR small business credit card Discover it® Business Card

Best For Low APR card overall

Prime Platinum Visa Credit Card

Highlights
  • No annual fee
  • Credit line of up to $25,000
  • Interest rate as low as 6.25%
  • Free car rental insurance

The Prime Platinum Visa Credit Card boasts one of the lowest APRs available and has a $0 annual fee. The card is offered by the Lake Michigan Credit Union, and while some credit unions have strict membership requirements, you can join for a $5 donation to the ALS Foundation through its website. Otherwise, you must be a resident of Michigan’s lower peninsula or Florida, or have immediate family who are members. Know that the Prime Platinum Visa Credit Card does not offer a signup bonus or rewards program.

The Prime Platinum Visa Credit Card is a plain-vanilla card that offers few benefits other than car rental insurance, but its value is its ongoing low APR. The APR is variable, so it may rise as the prime rate goes up. However, if you tend to carry a balance from time to time, then the Prime Platinum Visa Credit Card could be ideal. There is no intro APR or balance transfer offer, and you’ll need a excellent credit score to apply.

Prime Platinum Visa Credit Card benefits include:

  • Car rental insurance
  • Emergency card replacement
  • Credit line up to $25,000

The Prime Platinum Visa Credit Card boasts one of the lowest APRs available and has a $0 annual fee. The card is offered by the Lake Michigan Credit Union, and while some credit unions have strict membership requirements, you can join for a $5 donation to the ALS Foundation through its website. Otherwise, you must be a resident of Michigan’s lower peninsula or Florida, or have immediate family who are members. Know that the Prime Platinum Visa Credit Card does not offer a signup bonus or rewards program.

The Prime Platinum Visa Credit Card is a plain-vanilla card that offers few benefits other than car rental insurance, but its value is its ongoing low APR. The APR is variable, so it may rise as the prime rate goes up. However, if you tend to carry a balance from time to time, then the Prime Platinum Visa Credit Card could be ideal. There is no intro APR or balance transfer offer, and you’ll need a excellent credit score to apply.

Prime Platinum Visa Credit Card benefits include:

  • Car rental insurance
  • Emergency card replacement
  • Credit line up to $25,000
The information related to the Prime Platinum Visa Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

Best For Low APR card with no fees

DCU Visa® Platinum Credit Card

Highlights
  • APR as low as 8.50%
  • No annual fee
  • No cash advance fee
  • No balance transfer fee
  • No foreign transaction fee

If you’re looking for a low interest credit card with almost no fees, it’s worth considering the DCU Visa® Platinum Credit Card.

The DCU Visa® Platinum Credit Card keeps things simple. It offers a very reasonable 8.50% - 18.00% variable APR and gives cardholders peace of mind with its fee structure:

  • Annual fee: $0
  • Foreign transaction fee: $0
  • Balance transfer fee: None
  • Cash advance fee: None

Note that one fee you can still incur with this card is a late payment fee, which is up to $35, and lose the low APR if you happen to miss a payment.

While some credit unions are difficult to join due to membership requirements, Digital Federal Credit Union (DCU) makes it easy.

If you don’t qualify based on where you live, through a relationship to a current DCU member, or via one of the numerous participating employers, you can join one of DCU’s partner organizations. For example, one partner is Reach Out for Schools, a nonprofit organization that raises money for classrooms and programs that benefit students. Membership starts at $10.

There is no signup bonus or rewards, but know that the DCU Visa® Platinum Credit Card doesn’t laden you with fees. In addition to not charging fees for balance transfers or cash advances, you won’t be charged with over-limit or returned payment fees.

The DCU Visa® Platinum Credit Card works with Apple Pay®, Google Pay™ and Samsung® Pay.

If you’re looking for a low interest credit card with almost no fees, it’s worth considering the DCU Visa® Platinum Credit Card.

The DCU Visa® Platinum Credit Card keeps things simple. It offers a very reasonable 8.50% - 18.00% variable APR and gives cardholders peace of mind with its fee structure:

  • Annual fee: $0
  • Foreign transaction fee: $0
  • Balance transfer fee: None
  • Cash advance fee: None

Note that one fee you can still incur with this card is a late payment fee, which is up to $35, and lose the low APR if you happen to miss a payment.

While some credit unions are difficult to join due to membership requirements, Digital Federal Credit Union (DCU) makes it easy.

If you don’t qualify based on where you live, through a relationship to a current DCU member, or via one of the numerous participating employers, you can join one of DCU’s partner organizations. For example, one partner is Reach Out for Schools, a nonprofit organization that raises money for classrooms and programs that benefit students. Membership starts at $10.

There is no signup bonus or rewards, but know that the DCU Visa® Platinum Credit Card doesn’t laden you with fees. In addition to not charging fees for balance transfers or cash advances, you won’t be charged with over-limit or returned payment fees.

The DCU Visa® Platinum Credit Card works with Apple Pay®, Google Pay™ and Samsung® Pay.

The information related to the DCU Visa® Platinum Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

Best For Low APR card for military members

USAA® Rate Advantage Visa Platinum® Card

Highlights
  • Enjoy USAA's lowest rate card
  • No annual fee, no foreign transaction fees, no penalty APR
  • USAA membership is available to active and former military and their eligible family members

If you typically carry a balance on your credit card or if you’re planning to finance a big-ticket item, a low interest rate credit card like the $0 annual fee USAA® Rate Advantage Visa Platinum® Card should be on your radar.

The USAA® Rate Advantage Visa Platinum® Card offers a very low starting APR, but beware that the range is quite wide: 6.90% - 23.90% variable.

The USAA® Rate Advantage Visa Platinum® Card is only available to USAA members. To be eligible, you must currently serve in the U.S. Air Force, Army, Coast Guard, Marines, Navy National Guard or Reserve. You may also qualify if you are a veteran, an eligible family member, cadet or midshipman.

If you qualify for USAA membership (active military, former military, an eligible family member, or a cadet or midshipman), you are eligible to apply for the USAA® Rate Advantage Visa Platinum® Card – which offers a chance for a very low ongoing interest rate.

This card lacks a rewards program, so you won’t be able to earn points or cash back on your purchases.

If you are interested in earning rewards, there are other USAA cards to choose from, including the USAA Cash Rewards American Express® Card.

The USAA® Rate Advantage Visa Platinum® Card does not offer a 0% introductory APR on purchases or balance transfers.

USAA® Rate Advantage Visa Platinum® Card benefits include:

  • Auto rental collision damage waiver
  • Travel emergency assistance
  • Trip cancellation and interruption insurance
  • Travel accident insurance
  • Baggage delay reimbursement
  • Extended warranty protection

If you typically carry a balance on your credit card or if you’re planning to finance a big-ticket item, a low interest rate credit card like the $0 annual fee USAA® Rate Advantage Visa Platinum® Card should be on your radar.

The USAA® Rate Advantage Visa Platinum® Card offers a very low starting APR, but beware that the range is quite wide: 6.90% - 23.90% variable.

The USAA® Rate Advantage Visa Platinum® Card is only available to USAA members. To be eligible, you must currently serve in the U.S. Air Force, Army, Coast Guard, Marines, Navy National Guard or Reserve. You may also qualify if you are a veteran, an eligible family member, cadet or midshipman.

If you qualify for USAA membership (active military, former military, an eligible family member, or a cadet or midshipman), you are eligible to apply for the USAA® Rate Advantage Visa Platinum® Card – which offers a chance for a very low ongoing interest rate.

This card lacks a rewards program, so you won’t be able to earn points or cash back on your purchases.

If you are interested in earning rewards, there are other USAA cards to choose from, including the USAA Cash Rewards American Express® Card.

The USAA® Rate Advantage Visa Platinum® Card does not offer a 0% introductory APR on purchases or balance transfers.

USAA® Rate Advantage Visa Platinum® Card benefits include:

  • Auto rental collision damage waiver
  • Travel emergency assistance
  • Trip cancellation and interruption insurance
  • Travel accident insurance
  • Baggage delay reimbursement
  • Extended warranty protection
The information related to the USAA® Rate Advantage Visa Platinum® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

Best For Low APR with bad credit

DCU Visa® Platinum Secured Credit Card

Highlights
  • APR as low as 11.50%
  • No annual fee
  • No balance transfer fee
  • No cash advance fee
  • No foreign transaction fee

If you need to rebuild your credit score, a secured credit card is a good tool to help you do that. Secured cards require that you submit a security deposit to the issuer – for example, if you want a $200 credit limit, you’ll have to submit a $200 deposit. Many secured cards come with high APRs, but the DCU Visa® Platinum Secured Credit Card is one with a low interest rate.

This card has an APR of 11.50% - 18.00% variable. In a world where many secured cards have interest rates of well above 20%, the DCU Visa® Platinum Secured Credit Card has the potential to save you a significant chunk of money if you have to carry a small balance once in a while. Plus, the DCU Visa® Platinum Secured Credit Card has an annual fee of $0.

Be aware the minimum deposit is $500, which is higher than many secured cards that only require a $200 minimum deposit.

The DCU Visa® Platinum Secured Credit Card is aimed at consumers who cannot qualify for a regular, unsecured card due to either a lack of credit history or who need to rebuild their credit after a series of missteps.

There is no signup bonus or rewards program, but compared to other secured cards on the market, the DCU Visa® Platinum Secured Credit Card has a very reasonable APR. In exchange for that lower APR, however, applicants will be required to submit a higher minimum security deposit of $500. The DCU Visa® Platinum Secured Credit Card also doesn’t assess fees for cash advances, foreign transactions or balance transfers.

The DCU Visa® Platinum Secured Credit Card is compatible with Apple Pay®, Google Pay™, and Samsung® Pay.

If you need to rebuild your credit score, a secured credit card is a good tool to help you do that. Secured cards require that you submit a security deposit to the issuer – for example, if you want a $200 credit limit, you’ll have to submit a $200 deposit. Many secured cards come with high APRs, but the DCU Visa® Platinum Secured Credit Card is one with a low interest rate.

This card has an APR of 11.50% - 18.00% variable. In a world where many secured cards have interest rates of well above 20%, the DCU Visa® Platinum Secured Credit Card has the potential to save you a significant chunk of money if you have to carry a small balance once in a while. Plus, the DCU Visa® Platinum Secured Credit Card has an annual fee of $0.

Be aware the minimum deposit is $500, which is higher than many secured cards that only require a $200 minimum deposit.

The DCU Visa® Platinum Secured Credit Card is aimed at consumers who cannot qualify for a regular, unsecured card due to either a lack of credit history or who need to rebuild their credit after a series of missteps.

There is no signup bonus or rewards program, but compared to other secured cards on the market, the DCU Visa® Platinum Secured Credit Card has a very reasonable APR. In exchange for that lower APR, however, applicants will be required to submit a higher minimum security deposit of $500. The DCU Visa® Platinum Secured Credit Card also doesn’t assess fees for cash advances, foreign transactions or balance transfers.

The DCU Visa® Platinum Secured Credit Card is compatible with Apple Pay®, Google Pay™, and Samsung® Pay.

The information related to the DCU Visa® Platinum Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

Best For Intro 0% APR card for a balance transfer

Citi Simplicity<sup>®</sup> Card

Citi Simplicity® Card

Apply Now
on Citibank's secure site
Introductory APR 0% for 18 months on Purchases
Annual Fee $0
Regular Purchase APR 14.74% - 24.74% (Variable)

If you need a long period of time to pay off transferred credit card debt without incurring interest charges, the Citi Simplicity® Card could be a great fit.

Cardholders get long windows of intro APRs for both purchases and balance transfers with the Citi Simplicity® Card , including:

  • 0% for 18 months on purchases. After, a 14.74% - 24.74% (variable) APR applies.
  • 0% for 18 months on balance transfers. After, a 14.74% - 24.74% (variable) APR applies.

There is a balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater. The card’s annual fee is $0.

The Citi Simplicity® Card , issued by our partner Citi, is a great option if you have a large amount of high interest debt that you need to pay down or if you have a tendency to miss your payment due date.

Along with offering one of the longest introductory periods currently available for balance transfers and purchases, the card provides helpful tools, such as automatic account alerts and the ability to choose your payment due date. However, if you do happen to pay your bill late, you will not be hit with late fees or penalty APRs, but there is a balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater..

You won’t earn a sign-up bonus or rewards on the purchases you make with the Citi Simplicity® Card . That said, it’s best to prioritize paying off your full balance before the intro purchase or balance transfer offer ends over earning rewards on new purchases.

Citi Simplicity® Card benefits include:

  • Citi® Identity Theft Solutions. You can contact a Citi® Identity Theft Solution Specialist to assist you with identifying compromised accounts and advise you on filing police reports and taking steps to recover from identity theft.
  • 24/7 customer service. Get help with almost any account question by calling the customer service number on the back of your card and speaking with a representative at any time.
  • Choose your payment due date. Have the flexibility to change your due date to a day that works for you. There are select available due dates in the beginning, middle or end of the month. Keep in mind, not all dates are available and it may take up to two billing cycles to process your request. You can only change your due date twice a year.
  • Automatic account alerts. Set up alerts to remind you about balance levels, payment due dates and when you go over your limit.

If you need a long period of time to pay off transferred credit card debt without incurring interest charges, the Citi Simplicity® Card could be a great fit.

Cardholders get long windows of intro APRs for both purchases and balance transfers with the Citi Simplicity® Card , including:

  • 0% for 18 months on purchases. After, a 14.74% - 24.74% (variable) APR applies.
  • 0% for 18 months on balance transfers. After, a 14.74% - 24.74% (variable) APR applies.

There is a balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater. The card’s annual fee is $0.

The Citi Simplicity® Card , issued by our partner Citi, is a great option if you have a large amount of high interest debt that you need to pay down or if you have a tendency to miss your payment due date.

Along with offering one of the longest introductory periods currently available for balance transfers and purchases, the card provides helpful tools, such as automatic account alerts and the ability to choose your payment due date. However, if you do happen to pay your bill late, you will not be hit with late fees or penalty APRs, but there is a balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater..

You won’t earn a sign-up bonus or rewards on the purchases you make with the Citi Simplicity® Card . That said, it’s best to prioritize paying off your full balance before the intro purchase or balance transfer offer ends over earning rewards on new purchases.

Citi Simplicity® Card benefits include:

  • Citi® Identity Theft Solutions. You can contact a Citi® Identity Theft Solution Specialist to assist you with identifying compromised accounts and advise you on filing police reports and taking steps to recover from identity theft.
  • 24/7 customer service. Get help with almost any account question by calling the customer service number on the back of your card and speaking with a representative at any time.
  • Choose your payment due date. Have the flexibility to change your due date to a day that works for you. There are select available due dates in the beginning, middle or end of the month. Keep in mind, not all dates are available and it may take up to two billing cycles to process your request. You can only change your due date twice a year.
  • Automatic account alerts. Set up alerts to remind you about balance levels, payment due dates and when you go over your limit.

Best For Intro 0% APR for purchases

Capital One Quicksilver Cash Rewards Credit Card

Capital One® Quicksilver® Card

Apply Now
on Capital One's secure site
Introductory APR 0% intro on purchases for 15 months
Annual Fee $0
Regular Purchase APR 15.49% - 25.49% (Variable)

If you plan on making a large purchase such as a new appliance or laptop soon, the Capital One® Quicksilver® Card offers the opportunity to pay off new purchases for more than a year without incurring interest charges.

With a APR offer of 0% intro on purchases for 15 months, the Capital One® Quicksilver® Card can help you spread payments out during that window of time. After, an APR of 15.49% - 25.49% (variable) applies. You can also earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

The annual fee is $0, and cardholders earn 1.5% cash back on every purchase, every day.

The Capital One Quicksilver Cash Rewards Credit Card offers a straightforward approach to earning rewards with 1.5% cash back on every purchase, every day.

There are three Quicksilver cards, with each geared toward consumers with varying levels of credit scores. The Capital One QuicksilverOne Cash Rewards Credit Card is designed for those with average/fair/limited credit, the Capital One Quicksilver Cash Rewards for Good Credit for those with good credit and the Capital One Quicksilver Cash Rewards Credit Card is for those with excellent/good credit.

With the Capital One® Quicksilver® Card, cardholders are eligible for a signup bonus and an introductory 0% APR for purchases. While the other cards do not offer a bonus or 0% APR offer, they all come with similar cashback rewards programs.

Capital One® Quicksilver® Card benefits include:

  • Foreign transaction fees: None
  • Extended warranty
  • Travel accident insurance
  • Virtual card numbers from Eno
  • Credit monitoring through CreditWise

If you plan on making a large purchase such as a new appliance or laptop soon, the Capital One® Quicksilver® Card offers the opportunity to pay off new purchases for more than a year without incurring interest charges.

With a APR offer of 0% intro on purchases for 15 months, the Capital One® Quicksilver® Card can help you spread payments out during that window of time. After, an APR of 15.49% - 25.49% (variable) applies. You can also earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

The annual fee is $0, and cardholders earn 1.5% cash back on every purchase, every day.

The Capital One Quicksilver Cash Rewards Credit Card offers a straightforward approach to earning rewards with 1.5% cash back on every purchase, every day.

There are three Quicksilver cards, with each geared toward consumers with varying levels of credit scores. The Capital One QuicksilverOne Cash Rewards Credit Card is designed for those with average/fair/limited credit, the Capital One Quicksilver Cash Rewards for Good Credit for those with good credit and the Capital One Quicksilver Cash Rewards Credit Card is for those with excellent/good credit.

With the Capital One® Quicksilver® Card, cardholders are eligible for a signup bonus and an introductory 0% APR for purchases. While the other cards do not offer a bonus or 0% APR offer, they all come with similar cashback rewards programs.

Capital One® Quicksilver® Card benefits include:

  • Foreign transaction fees: None
  • Extended warranty
  • Travel accident insurance
  • Virtual card numbers from Eno
  • Credit monitoring through CreditWise

Best For Low APR small business credit card

Discover it® Business Card

Highlights
  • INTRO OFFER: Get an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year, automatically. And no limit to how much we’ll match. So you could turn $350 cash back into $700 with Cashback Match™.
  • Earn 1.5% cash back on every dollar spent on all purchases.
  • Redeem your cash back for any amount, any time. Your rewards never expire.
  • Track business expenses. Download transactions easily into Quicken, QuickBooks, and Excel.
  • Add up to 50 free employee cards.
  • No annual fee.
  • 100% U.S. based customer service. Talk to a real person at any time, day or night.
  • Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.

The Discover it® Business Card not only offers a very reasonable APR for business owners of 12.99% - 20.99% variable, it also offers a intro APR of 0% for 12 months. There is no penalty APR, where if you miss a payment, the issuer will jack up your interest rate as a result.

The Discover it® Business Card charges a $0 annual fee, and there is no late payment fee the first time you forget to make a payment.

If you’re considering opening a business credit card, the Discover it® Business Card is a good starter product since it allows you to earn 1.5% cash back on every dollar spent on all purchases.

While that’s hardly the highest rate you’ll find on the market, you will get an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year, automatically. And no limit to how much we’ll match. So you could turn $350 cash back into $700 with Cashback Match™. That effectively turns your earnings into a 3% reward rate for the first year– and there are no limits.

Beyond year one, the regular cashback earnings rate is so-so at best. You can find better offers on the market, especially if you’re open to exploring cards with annual fees.

The other potential drawback is that if your company does a lot of business travel, this card might not offer the best value for your spending. In that case, you may want to consider cards that award points/miles that can be used to book flights and hotels, and access benefits like free checked baggage, airline lounge access and more.

Like other business credit cards, you can add employee cards to your account and assign them spending limits, while their purchases help you rack up more cash back.

Discover also makes it easy to export transactions into your financial accounting programs (Quicken, Excel and QuickBooks). This can be very helpful for bookkeeping or come tax time.

Discover it® Business Card benefits include:

  • A late pass: If you accidentally miss a payment, Discover will not charge you a late fee for your first offense. (That said, late payments will ding your credit score, so try to avoid that even if you do get a free pass.)
  • Free credit score: Get access to your Credit Scorecard that includes your FICO® Credit Score, number of recent inquiries and more.
  • Easy redemption: You can redeem rewards for cash in any amount at any time. If you choose to redeem for gift cards instead, you can do so in increments of $20.

The Discover it® Business Card not only offers a very reasonable APR for business owners of 12.99% - 20.99% variable, it also offers a intro APR of 0% for 12 months. There is no penalty APR, where if you miss a payment, the issuer will jack up your interest rate as a result.

The Discover it® Business Card charges a $0 annual fee, and there is no late payment fee the first time you forget to make a payment.

If you’re considering opening a business credit card, the Discover it® Business Card is a good starter product since it allows you to earn 1.5% cash back on every dollar spent on all purchases.

While that’s hardly the highest rate you’ll find on the market, you will get an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year, automatically. And no limit to how much we’ll match. So you could turn $350 cash back into $700 with Cashback Match™. That effectively turns your earnings into a 3% reward rate for the first year– and there are no limits.

Beyond year one, the regular cashback earnings rate is so-so at best. You can find better offers on the market, especially if you’re open to exploring cards with annual fees.

The other potential drawback is that if your company does a lot of business travel, this card might not offer the best value for your spending. In that case, you may want to consider cards that award points/miles that can be used to book flights and hotels, and access benefits like free checked baggage, airline lounge access and more.

Like other business credit cards, you can add employee cards to your account and assign them spending limits, while their purchases help you rack up more cash back.

Discover also makes it easy to export transactions into your financial accounting programs (Quicken, Excel and QuickBooks). This can be very helpful for bookkeeping or come tax time.

Discover it® Business Card benefits include:

  • A late pass: If you accidentally miss a payment, Discover will not charge you a late fee for your first offense. (That said, late payments will ding your credit score, so try to avoid that even if you do get a free pass.)
  • Free credit score: Get access to your Credit Scorecard that includes your FICO® Credit Score, number of recent inquiries and more.
  • Easy redemption: You can redeem rewards for cash in any amount at any time. If you choose to redeem for gift cards instead, you can do so in increments of $20.
The information related to the Discover it® Business Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

How to get the most value out of a low interest card

Follow the tips below so you get the most value out of your low interest card:

  • Keep your balance under control. Even if you must carry a balance, don’t let that balance keep growing. Plan a concrete amount that you can pay each month and stick to it – and if you can, make more than the minimum payment, because when you only pay the minimum, much of your payment goes toward interest charges rather than the principal of the debt.
  • Set up autopay. This is a good way to ensure you always pay on time, which is the most important thing you can do to build a good credit score.
  • Pay on time. If you decide not to set up autopay, then make sure you’re aware of your due date. Paying late can result in you losing any intro 0% APR offers your card has.
  • Transfer balances quickly. If your card offers an intro 0% APR period, be aware that there might be a limited window of time to take advantage of the 0% APR offer. Many cards require you to transfer a balance within 60 days to qualify for the intro APR.
  • Continue to make payments on any transferred balances. If you request a balance transfer, be aware that you might still have a final payment due on your old card.

Low interest credit card FAQs

The interest rate on your credit card is listed on your credit card statements is your annual percentage rate, or APR. If you want to understand your daily interest rate, just divide your APR by 365 (20%/365 = 0.055% daily interest rate), which will then be applied to your average daily balance (total balance each day/number of days in the billing cycle). Generally, you can expect to be charged interest if you don’t pay your balance off in full before the due date. However, most credit cards have a grace period where if you pay off your balance in full before the due date, you will not incur interest charges. Any balance remaining will be assessed interest.

For some financial products, such as car loans and mortgages, the interest rate and the APR can differ. However, for credit cards, they’re the same thing.

There’s no federal law that limits the interest rate a credit card company can charge, according to the Consumer Financial Protection Bureau (CFPB). However, companies are subject to state laws in which they have their headquarters. Credit union credit cards, however, are subject to a federal law that currently caps interest rates at 18%.

Credit card issuers will base your APR on a variety of factors. In general, the better your credit score, the more likely you are to be approved for a lower APR; however, there is no guarantee. A study by LendingTree found that the average APR offered to those with really good credit was 15.69%, while the average APR offered to those with bad credit was 23.05%.

Fixed-rate cards are less common than they used to be before the Credit CARD Act of 2009. Now, most credit cards are variable-rate cards, which means their APRs fluctuate based on an index such as the prime rate. However, you can sometimes still find fixed-rate credit cards these days, generally through credit unions.

Your APR should be listed on your credit card statement. If you can’t locate it, call the number on the back of your credit card to find out.

Probably not. Most credit cards with good intro 0% APR offers require a good credit score or better. A good credit score is one that’s anywhere from 670 to 739 – above that, and your score is considered very good or excellent.

Glen Luke Flanagan

Overview

Glen Luke Flanagan covers credit card news for LendingTree.com. He joined the team in June 2019. His work ranges from reviews of new cards to in-depth pieces on protecting your financial information, and his background is in journalism and government communications. 

Experience

As a journalist in North Carolina and South Carolina, Glen covered topics including city government, state government, local businesses, public safety and more. During his time at The State newspaper, Glen’s work appeared on the websites of newspapers across the United States owned by The McClatchy Company. His reporting at The News Herald and The State newspaper won awards from the North Carolina Press Association and the South Carolina Press Association, respectively.

Education

Glen earned his B.A. in media studies with a concentration in journalism from Radford University, graduating summa cum laude in May 2014. After graduation, he participated in a Dow Jones News Fund training and internship. Out of more than 600 applicants, only 86 were accepted into the DJNF program that summer. He was later one of approximately two dozen fellows selected from journalists across the country to participate in the University of South Carolina’s 2016 Media Law School, which was sponsored by the American Board of Trial Advocates. This program gave fellows an intensive crash course in public records, bankruptcy law, podcasts and more.

Read More

The above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.