Updated: June 13, 2024
Advertising & Editorial Disclosure
MoneyGeek partners with leading industry experts and advertisers to help you get to your financial happy place. Our content is accurate when posted but offers may change over time. We may receive compensation for partner advertisements, but our editorial team independently reviews and ranks products. Learn more about our editorial policies.
MoneyGeek experts looked at several of the best low-interest-rate credit cards to find the top cards available. We compared cards based on their interest rates, rewards programs, and initial bonus offers. We looked for cards that offered 0% introductory APR offers as well.
Read more
Nearly a year and a half after initial pandemic lockdowns, American spending has soared. Simultaneously, credit card debt has fallen significantly. But as spending creeps back, a low-interest credit card may be favorable for consumers looking to finance a large purchase or home renovation project or refinance high-interest debt.
Americans pay hundreds of billions each year in credit card interest. However, low-interest credit cards can help you avoid excessive interest fees and give you great benefits at the same time.
Card Name | BT Offer Length | BT Offer | BT Fee | |
|---|---|---|---|---|
1. | 21 months | 0% Intro APR on balance transfers for 21 months then a 17.74% – 28.49% Variable APR afer that | $5 or 5%, whichever is greater | |
2. | 21 months | 0% Intro APR on balance transfers for 21 months then a 17.74% – 28.49% Variable APR afer that | Introductory Fee– either $5 or 3% of the amount of each transfer, whichever is greater for the first four months of account opening, after that balance transfer fee of $5 or 5% after first four. | |
3. | 18 billing cycles | 0% Intro APR on balance transfers | $5 or 3%, whichever is greater | |
4. | 18 months* | 0% Intro APR on balance transfers | 3% | |
5. | 18 months | 0% Intro APR on balance transfers | Intro balance transfer fee: 3% or $5 minimum, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5 | |
6. | 18 months | 0% Intro APR on balance transfers | Introductory Fee– either $5 or 3% of the amount of each transfer, whichever is greater for the first four months of account opening, after that balance transfer fee of $5 or 5% after first four. | |
7. | 18 months | 0% Intro APR on balance transfers | $5 or 3% of each transfer amount (whichever is greater) in the first 60 days. After that, either $5 or 5%, whichever is greater. | |
8. | 15 months | 0% Intro APR on balance transfers | $5 or 3% of each transfer amount (whichever is greater) in the first 60 days. After that, either $5 or 5%, whichever is greater. | |
9. | 15 months | 0% Intro APR on balance transfers for the first 15 months, then a 19.24% – 27.99% Variable | $5 or 3% of each transfer amount (whichever is greater) in the first 60 days. After that, either $5 or 5%, whichever is greater. | |
10. | 15 months | 0% Intro APR on balance transfers | Intro balance transfer fee: 3% or $5 minimum, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5 |
The links in the table above will take you to one of our partner's sites where you can compare and apply for a selected credit card.
Low interest rates are available on nearly any type of loan. Credit cards, mortgages, auto loans and student loans all have significant differences in interest rates. Still, with an excellent credit score and due diligence, you can find a product that fits your needs and gives you the low interest rate you desire.
A credit card with 0% interest on balance transfers or new purchases can be seen as nearly an interest-free loan. It is quite popular to put a large purchase or transfer an old credit card balance to one of these cards, to utilize an interest-free loan.
Citi® Diamond Preferred® Card - Best for balance transfers The Citi® Diamond Preferred® Card comes with an intro 0% APR offer on balance transfers for 21 months from the date of the first transfer. However, you need to pay balance transfer fees and must complete your balance transfers within four months from account opening. Its 0% APR offer on purchases lasts for 12 months from account opening. This card does not charge any annual fees.
Citi Simplicity® Card - Perfect for balance transfers The Citi Simplicity® Card’s 0% APR offer extends to 21 months for balance transfers and 12 months for purchases. You need to carry out your balance transfers within four months of account opening to take advantage of the offer, and you need to pay balance transfer fees. This card comes with no annual fees.
U.S. Bank Visa® Platinum Card - Ideal for purchases and balance transfers The no-annual-fee U.S. Bank Visa® Platinum Card comes with a 0% APR offer on purchases and balance transfers for the first 20 billing cycles. However, the offer only applies to balances transferred within 60 days of account opening, and you’re required to pay balance transfer fees. This card offers complimentary cell phone protection.
Wells Fargo Autograph Visa Card - Great for purchases and earning rewards The Wells Fargo Autograph Visa Card comes with an intro APR offer on purchases for 12 months but not on balance transfers. It’s also worth noting that not only will you be charged the regular APR for balance transfers, but you’ll also have to pay a balance transfer fee. You earn 3X points per dollar on restaurant, travel, transit, gas, phone plan and popular streaming service purchases. All other purchases earn 1X points per dollar. Additional benefits come in the form of cell phone protection, roadside dispatch and auto rental collision damage waiver. This card does not charge any annual fees.
Wells Fargo Reflect® Card - Perfect for balance transfers and purchases The Wells Fargo Reflect® Card comes with an intro 0% APR offer on purchases and balance transfers for 18 months. The bank extends the offer by three months if you make all your payments on time, taking the total to 21 months. You get 120 days to carry out balance transfers to take advantage of the offer. While you need to pay balance transfer fees for each balance transfer you carry out, you pay no annual fees. Added benefits include complimentary roadside dispatch and cell phone protection.
Citi® Double Cash Card - Best for balance transfers and cash back The Citi® Double Cash Card’s intro 0% APR offer applies on balance transfers for 18 months. You need to complete the transfer process within four months from account opening, and you’ll need to pay a balance transfer fee. This no-annual-fee card lets you earn up to 2% cash back on all purchases. You earn 1% when you make purchases and an additional 1% when you make your payments.
Chase Slate Edge℠ - Great for balance transfers and purchases The no-annual-fee Chase Slate Edge℠ Card comes with a 0% APR offer on purchases and balance transfers for 18 months. Using this card to transfer balances requires that you pay balance transfer fees. If you spend at least $1,000 each year and make all your payments on time, you get the ability to lower your regular APR by 2% every year until it reaches a predetermined minimum threshold. Making your payments on time and spending at least $500 within the first six months qualifies you for an automatic higher credit limit review.
Chase Freedom Unlimited - Great for purchases, balance transfers and cash back The no-annual-fee Chase Freedom Unlimited Card comes with a 0% APR offer on purchases and balance transfers for 15 months. Balance transfer fees apply. You can earn up to 5% cash back on category-based spending. Bonus categories include travel, dining and drugstore purchases. You also stand to earn a spend-based welcome bonus.
Chase Freedom Flex℠ - Perfect for balance transfers, purchases and cash back The Chase Freedom Flex℠ card charges no annual fees. It comes with a 0% APR offer on purchases and balance transfers for 15 months. You need to pay balance transfer fees when transferring balances from other cards. This card offers 5% cash back on different quarterly bonus categories and up to 5% cash back on bonus categories that stay the same at all times. A spend-based welcome bonus is also there for the taking.
Wells Fargo Active Cash® Card - Best for purchases, balance transfers and cash back You pay no annual fees to use the Wells Fargo Active Cash® Card. Its 0% APR offer on purchases and balance transfers stays in place for 15 months. All purchases you make using this card come with 2% cash back. Meeting a simple spend-based requirement earns you a welcome bonus. This card also offers complimentary cell phone protection.
For those interested in reducing the amount they pay in credit card interest, the best way to avoid interest altogether is to pay your credit card balance in full. While that isn’t always possible, the next best thing is to consider a credit card with zero interest or low interest rates.
A low-interest-rate credit card is an excellent product to have in your wallet to give yourself spending flexibility. In addition, using your credit card responsibly and ensuring your statement is paid on time each month can quickly improve your credit score.
However, just because a card has a low-interest rate doesn’t mean that any extra money out of your pocket is a good thing. When looking for a low-interest credit card, be sure to read the terms and conditions of each credit card carefully.
If the card advertises an APR over 12%, that would be considered a high-interest rate. Anything below 10% is regarded as a low-interest credit card.
If you have a large purchase coming up, or revolving credit card debt, consider sitting down and running the numbers of how much interest you would accrue with a low-interest-rate credit card. Interest rates are important, but what you’ll spend in interest overall is just as crucial to consider.
Here are a few benefits to having a low-interest credit card.
Low-interest-rate credit cards are simple products. The credit card issuer offers you flexible spending and repayment terms while you pay them an interest rate for the service.
The benefit of using a low-interest-rate credit card is that you have flexibility with how much you pay back over time without unreasonably high interest rates. This strategy is typically good for a large purchase — such as a TV or appliance — that you plan to pay off relatively quickly. Once your monthly balance is calculated, you’ll be charged interest on the amount not paid off.
For example, let’s say you have a $1,000 balance on a low-interest credit card, and you only pay $100 per month at a 9% interest rate. Your total amount of interest you will pay is $36 over 11 months. For many, this interest rate is nominal compared to the overall balance.
However, with that same $1,000 balance on a card with an 18% interest rate, paying $100 per month will cost you $75 over 11 months. That’s double the interest accrued on a low-interest credit card.
It can be challenging to decipher the differences between low-interest-rate credit cards and regular credit cards. The standard interest rate for many credit cards will hover around 18%, which is high. At that interest rate, it’s not advised to have a revolving balance. Additionally, it’s rare to see a credit card ever advertised as “low interest.”
The chart below can help you distinguish between low interest rates, somewhat high interest rates, high interest rates and extremely high interest rates.
Credit Card Rate | APR |
|---|---|
Low-Interest | 0-9% |
Somewhat High-Interest | 10-14% |
High-Interest | 15-18% |
Extremely High-Interest | 19%+ |
A low-interest credit card is a great tool to utilize when you need short-term financing for a purchase.
If you regularly carry balances on your credit card, it’s best to strategically have them on low-interest credit cards to avoid spending more money on interest than necessary. Additionally, you may also qualify for a 0% introductory APR where you can transfer your balance to a card that won’t accrue any interest for a select period.
Keep in mind that if you’re a loyal and on-time paying customer, a credit card issuer may lower your interest rate if you ask. Issuers spend millions of dollars in advertising to get your business, so it benefits them to lower your interest rate rather than lose your business.
Low-Interest-Rate Credit Cards for Paying Down Debts
If paying interest is a regular occurrence for you, think about getting a low-interest rate credit card to pay down your debt. Given that many credit cards come with APRs of around 18%, transferring such debt to a card with a low interest rate or even an introductory 0% APR rate can save you a significant amount of money each month.
Low-Interest-Rate Credit Cards for Financing Big Purchases
A low-interest-rate credit card can be a convenient way to make a large purchase without accruing excessive interest. For example, you could use the Simmons Rewards Visa Signature® Card to make the purchase and benefit through its modest variable purchase APR. Alternatively, you may transfer a balance from an existing card to make use of its 0% APR offer on balance transfers for 12 months.
Low-Interest Rate Credit Cards for Carrying a Balance
Carrying a balance on a credit card is usually best avoided. However, paying some interest can be a small cost for much-needed financial flexibility. In such a case, a credit card with a 9% APR and a $2,000 revolving balance only accumulates $15 per month in interest if you pay $150 each month.
The best way to reduce your interest payments is to bring down your outstanding balances as quickly as possible. To do this, you need to pay more than the minimum monthly payment, and ideally, as much as possible. Negotiating with your card’s issuer for a lower interest rate is an option, although there’s no guarantee that this will happen. You may also think about consolidating debt from multiple cards and moving it to a balance transfer card.
How Much You Will Pay With Your Current Credit Card | How Much You Will Pay When You Transfer Your Balance |
|---|---|
Current outstanding balance: $13,000 | Balance transfer amount: $13,000 Total savings: $2,266.50 |
Our lists of the best credit cards are based on publicly available data from card issuers and other reputable sources like the Consumer Finance Protection Bureau.
We review each card's fees, interest rates, rewards, benefits and more to assign a rating for each feature. These ratings are stack ranked and weighted for each card category to determine our top selections for each type of user.
Because card details change regularly, we revisit our data each month to update our ratings, recommendations and other card information as needed. Learn more about our data collection and ranking process.
We’ve asked financial experts from around the country a few important questions about low-interest credit cards and how they work to help you with the decision-making process.
Low-interest credit cards can seem to be too good to be true, but they aren't. Low-interest options are an excellent choice for those who want purchasing power at a relatively small cost.
Here are a few of the most commonly asked questions about low-interest-rate credit cards.
Currently, the Citi® Diamond Preferred® Card and the Citi Simplicity® Card offer the longest 0% interest offers on balance transfers — at 21 months. However, their 0% APR offers on purchases only last 12 months. The U.S. Bank Visa® Platinum Card scores better when it comes to purchases. Its 0% APR offer for 20 months applies to both balance transfers and purchases.
To qualify for a low-interest-rate credit card, you’ll likely need at least a credit score of 600. However, keep in mind that your credit score isn’t the only factor considered when you apply.
Someone could be denied a low-interest-rate credit card because of a low credit score, high debt-to-income ratio, lack of employment history, delinquency or bankruptcy.
If you’re paying an exorbitant amount of interest on credit card debt, you may want to consider transferring some of your revolving debt onto a low-interest credit card. Alternatively, consider taking out a personal loan to consolidate and pay your debt.
It’s unlikely, but it’s worth a shot. Worst case scenario, you’ll be denied for the low-interest credit card. If that is the case, consider a secured credit card to help build up your credit score.
Low-interest-rate credit cards are a good option for nearly everyone as they charge lower interest fees than other credit cards.
Yes. As long as you pay your credit card statement on time, a low-interest credit card can help you build a positive credit history.
It is highly unlikely. It’s best to stick with secured credit cards to begin building back your credit score.
Yes, many low-interest credit cards offer rewards. Be sure to look at each card individually to see what type of rewards it offers.
There are several credit cards available that offer introductory 0% interest offers. The pitfall of these credit cards is that the low introductory offers are only for a finite amount of time. Once the time is up, the credit card will return to a normal interest rate.
Interest rate fluctuation on credit cards is very normal and occurs in reaction to federal interest rates dictated by the Federal Reserve.
Low-interest-rate credit cards are a great way to lower your expenses each month. The best way to save money is to avoid accruing interest altogether. When that isn’t an option, paying lower interest on your balances is always better.
Remember that as a customer of the credit card companies, they want to work with you. If you’re struggling to pay off credit card debt, or simply need your interest rates lowered, don’t hesitate to give customer service a call. It could help you out more than you think.
About Brett Holzhauer, CPFC
Brett Holzhauer is a Certified Personal Finance Counselor (CPFC) and a personal finance reporter at MoneyGeek. He has written for several leading publications, including Forbes Advisor, LendingTree, CNBC and ValuePenguin.
Holzhauer has a journalism and mass communications degree from the Walter Cronkite School of Journalism and Mass Communications at Arizona State University.
