Review featured cards from our partners below. Advertiser Disclosure†
The best thing you can do when you get your credit card bill is pay it off and in full immediately. But let's face it, that's not always possible. Emergencies happen, and so do impulse purchases and poor financial planning, for that matter. They happen to the best of us. If you're not able to pay your balance in full, then you are going to have to pay interest on the unpaid balance. So if you anticipate being in that situation from time to time, then a low-interest credit card could help you pay less in interest charges.
If you're in the market for a credit card with a low interest rate, there are some important questions to consider. Back to top.
Credit card interest rates -- also known as an APR or Annual Percentage Rate -- are determined in part by your credit score. Generally speaking, the higher your credit score, the lower your interest rate. But some credit cards -- generally those geared toward people with better-than-average credit -- often have lower interest rates. Conversely, cards geared toward people with poor credit usually come with higher interest rates.
What's the Best Way to Use Low-Interest Credit Cards? As noted earlier, the best way to use any credit card -- low interest or otherwise -- is to pay off the balance in full every month. Going over your credit limit or paying your bill late will result in fees and can damage your credit. If you have to carry a balance for a period of time, aggressively pay down the balance as quickly as you can. The longer you carry that balance, the more you will pay in interest, low APR or not. Back to top.
First, you'll want to search for a credit card for which you are likely to qualify. Credit.com's free Credit Report Card provides an easy-to-understand breakdown of your credit standing, along with your free credit scores. It will also match you with credit cards for which you are likely to qualify. You can also use a credit card comparison tool, like this one, and filter the results to show only low-interest credit cards. Once you have your results you'll be able to compare interest rates as well as any associated fees and other features. Back to top.
*For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While Credit.com always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
** FICO scores and credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card offer.
†Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which Credit.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not include all credit card companies or all available credit card offers.