Do you constantly run credit card balances? Need more time to pay off a big purchase than offered by zero percent APR cards? Then you should check out our Guide to Low Interest Rate Credit Cards.
A low interest credit card can help you save a substantial amount on interest. This in turn will help you pay down and pay off your debts.
When you finance a large purchase or make a balance transfer to a card with an introductory 0% APR offer, you need to worry about failing to pay in full before the offer period expires.
This is because the interest on the unpaid portion of your balance will relate back to the date of the purchase or transfer -- and not the date the offer expires. At typical rates of 15% to 25% APR, this can amount to serious cash.
In many cases, you may be better off starting out with a low interest rate credit card. If you are lucky, you may even find one of these cards with a 0% intro APR offer.
Best Low Interest Rate Credit Cards
Here are our top recommendations for low interest credit cards to help you pay down debt and save money.
Barclaycard Ring™ Mastercard®
The Barclaycard Ring™ Mastercard® is one of the most unique credit cards on the market.
At first glance, it seems like any other low interest rate credit card, but it's actually the "first social credit card." The card is built around a community of cardholders who share advice and have a say in the card's features.
Cardholders also participate in the Giveback™ program, a unique profit-sharing program in which Ring cardholders receive a share of Barclaycard's profits based on their activity level in the community and the number of new cardholders they refer.
The Ring™ card currently has has a 0% Introductory APR for the first 15 months on purchases. Plus, you'll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR of 13.74% will apply.
This card also has no annual fee, no foreign transaction fee, and no balance transfer fee.
Let me say that again. There are no balance transfer fees. Pretty nice for a low interest rate card with a 0% APR intro offer.
And you will never face a penalty APR for a late payment. Rather than a high cash advance APR most cards charge, the Ring™ has a flat $3 fee per cash advance.
Taking all that into account, you can see why we love this card.
Lake Michigan Credit Union Prime Platinum Visa
This Lake Michigan Credit Union Prime Platinum Visa has a variable 6.25% APR -- among the lowest you will find anywhere.
This card also has no annual fee.
The ultra-low interest rate comes in place of any rewards and there is no 0% intro period. This means you will pay interest on any new purchases or balance transfers from the beginning.
Still, it's hard to beat a 6.25% interest rate. especially if you are paying 16+% on existing credit card debt or want to finance a large purchase over a long period of time.
If you live in lower Michigan or make a one-time $5 donation to the ALS Foundation, you can join the Lake Michigan Credit Union.
PenFed Promise Visa
The PenFed Promise card has an introductory APR on balance transfers (but not purchases) of 4.99% for 12 months. After that, the ongoing APR is 10.24% to 17.99%.
The PenFed Promise Visa, like the Barclaycard Ring MasterCard®, offers a low APR and no fees.
This card is free of annual fees, cash advance fees, balance transfer fees, and even late fees.
It's also one of the few low interest rate cards with a sign-up bonus: spend $1,500 during the first 90 days and you can get a $100 statement credit.
If you a member of the Pentagon Federal Credit Union (active military, veterans, and Pentagon building employees), you can qualify for one of the industry's best low interest rate credit cards.
BBVA Compass Visa Signature
You probably haven't heard of the BBVA Compass Visa Signature card. But it's worth a look.
This card has an 0% intro APR offer of 6 months on purchases. It also offers 0% to 3.99% intro APR financing on balance transfers for 12 months.
On top of that, BBVA Compass Visa Signature comes with a regular APR as low as 9.49% for those who qualify.
This is one of the lowest interest rates available and beats many major competing cards if you have excellent credit.
There's no penalty APR, either, if you ever miss a payment.
Along with a competitive low regular APR, the BBVA Compass Visa Signature has a rewards program. You can earn 1 CompassPoint per $1 spent. Your points can be redeemed for hotel stays, gift cards, airfare, and more.
Navy Federal nRewards Secured Credit Card
If you have bad credit, it can seem nearly impossible to find a credit card with a low interest rate.
Navy Federal Credit Union members do have a great option available: the Navy Federal nRewards Secured card.
This card offers an APR as low as 8.99% along with 1% back on all purchases.
The card does require a fairly high refundable security deposit of $500 in your Navy Federal Savings account to qualify.
On the other hand, this card has no annual fee.