Credit Cards with Low Interest | An Expert Guide
Low APR cards can help you save money, if you're carrying a balance each month. Generally, you need to have good to excellent credit to qualify. Below our experts highlight the different types of low APR cards available, including when it makes sense to apply for cards with 0% introductory rates vs those with ongoing low rates. Click on the images below to get specific advice from our experts.
Browse ALL Expert Guides
There are no cards that match your search
Please revise your search criteria above and try again.
What To Look For When Applying
If you are looking for the lowest interest rate possible, carefully inspect the terms and conditions of the cards you are considering. These terms are always found in a standard format known as the Schumer Box. You should examine both the card's standard interest rate and any penalty interest rates that may apply. Rather than displaying a single standard interest rate, many cards will show multiple rates or a range of possible interest rates, with the exact rate given based on the cardholder's credit worthiness. In these cases, you will only receive the lowest interest rate offered if you have excellent credit.
What To Avoid When Applying
Having a credit card with a low interest rate is of vital importance if you incur interest charges by carrying a balance. When shopping for a card with the lowest interest rate, you should avoid reward credit cards, as they will always have a higher rate than similar products that do not offer rewards. In addition, if you are struggling with debt, you should also avoid credit cards that offer rewards as they can give you an incentive to spend more money. Finally, you should be aware of your credit history and credit score, and not apply for low interest rates that you are unlikely to qualify for.
Should You Apply For More Than One?
In general, applying for multiple low interest rate credit cards may not be beneficial to you. Applying for several accounts will ding your credit score. In addition, if you're looking for a card with a low interest rate, you are unlikely to receive a significantly lower rate from one card issuer over another, so you are best off simply choosing the single lowest offer you can find. Once your credit history improves significantly, then you can request a lower rate on your existing card, or apply for a more competitive offer.
When Is The Best Time To Apply?
If you carry a balance, then you should be using a card with the lowest interest rate possible. The better your credit history is, the more likely you are to be approved for a credit card with the most competitive interest rate. For example, using up a large percentage of your available credit may lower your credit score. If your credit score falls below an issuer's requirements, it can make it harder for you to be approved for a new card with the lowest available interest rate. While it's important to find the best way to pay down your debt, also make sure your credit score will meet the issuer's requirements before you apply.
Our credit experts would love to know what you think. Just remember to keep it clean, civil, honest, and avoid posting sensitive, private information. These responses are not provided or commissioned by the bank advertiser.
It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Please note that any Credit.com comments below are, of course, completely independent (not reviewed or endorsed by people representing financial institutions).
Okay, fire away!
*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.
†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.