Best Low-Interest Credit Cards – Cards Offering Lower Rates
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With inflation remaining high this summer and the Federal Reserve already raising interest rates, it’s understandable that you’d want to find a low-interest credit card to avoid some of the rate hikes. While it’s best to avoid interest charges outright, if you’re going to incur them on purchases, it’s best to have a lower credit card interest rate to soften the blow.
When you’re looking for a new card, a low-interest rate is important, but it shouldn’t be the be-all-end-all factor in your decision. It’s just as important to consider other perks, such as the annual percentage rate (APR), cash back, potential balance transfer fees, and whether there are any other special offers during your introductory period, such as a low intro APR offer that could save you on interest for the first year.
Whether you’re looking at rewards credit cards with low interest or want a card with no annual fee, keep reading for our rundown of the best low-interest credit cards.
Overview of the best low-interest credit cards
Credit Card | Best For |
Citi® Diamond Preferred® Card | Entertainment buffs |
Blue Cash Preferred® Card from American Express | Everyday cash back |
Discover it Cash Back | Unlimited cash back your first year |
BankAmericard | No penalty APR rate |
Chase Freedom Unlimited® | Existing Chase customers |
Capital One Quicksilver Cash Rewards for Good Credit | Balanced rewards card |
Wells Fargo Reflect | Generous 0% APR offer |
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
Best low-interest credit cards
Citi® Diamond Preferred® Card
Citi® Diamond Preferred® Card
Card Name
Citi® Diamond Preferred® Card
APR
18.24% - 28.99%
Recommended Credit Score
Excellent, Good
Annual Fee
$0
Special Offer
0% Intro APR for 21 months on balance transfers
Special Offer Terms
from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.24% - 28.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
Rewards Rate
N/A
Terms
Why We Like It
- Free access to your FICO® Score.
- Special access to purchase tickets to concerts, sporting events, dining experiences and more through Citi Entertainment®.
Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
Card Name
Blue Cash Preferred® Card from American Express
APR
19.24% - 29.99%
Recommended Credit Score
Good, Excellent
Annual Fee
$0 intro annual fee for the first year, then $95.
Special Offer
Earn a $250 statement credit
Special Offer Terms
after you spend $3,000 in eligible purchases on your new Card within the first 6 months.
Rewards Rate
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions. 3% Cash Back at U.S. gas stations. 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 1% Cash Back on other purchases.
Why We Like It
- Buy Now, Pay Later options.
Discover it Cashback
Discover it® Cash Back Card
Card Name
Discover it® Cash Back Card
APR
18.24% - 27.24%
Recommended Credit Score
670 to 850
Annual Fee
$0
Special Offer Terms
0% intro APR for 15 months from date of account opening.
Intro Offer
0% Intro APR for 15 months on purchases and balance transfers and 3% Intro Balance Transfer Fee until November 10, 2023.
Rewards Rate
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations, up to the quarterly maximum when you activate. Earn 1% cash back on all other purchases – automatically. Unlimited Cashback Match.
Why We Like It
- No annual fee.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com,4 grocery stores, restaurants, gas stations, up to the quarterly maximum when you activate.
- Get an unlimited dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
Bank of America BankAmericard
BankAmericard Secured
Card Name
BankAmericard Secured
APR
26.24%
Recommended Credit Score
690+
Annual Fee
$0
Intro Offer
0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account.
Why We Like It
- No annual fee.
- Free monthly access to your FICO Score.
- Credit education topics.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
Chase Freedom Unlimited®
Chase Freedom Unlimited®
Card Name
Chase Freedom Unlimited®
APR
20.49% - 29.24%
Recommended Credit Score
Excellent, Good
Annual Fee
$0
Special Offer
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year)
Special Offer Terms
— worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.
Rewards Rate
Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
Terms
Why We Like It
- Higher cash back on travel purchased through Chase Ultimate Rewards®.
- No minimum to redeem for cash back.
- No annual fee.
- Monitor your credit for free access using Chase Credit Journey.
Capital One Quicksilver Cash Rewards for Good Credit
Capital One Quicksilver Cash Rewards for Good Credit
Card Name
Capital One Quicksilver Cash Rewards for Good Credit
APR
29.99%
Recommended Credit Score
Good
Annual Fee
$0
Special Offer
Earn unlimited 1.5% cash back
Special Offer Terms
on every purchase, every day
Rewards Rate
1.5 % Cash Back on every purchase, every day. 5 % Cash Back on hotels and rental cars booked through Capital One Travel (terms apply).
Terms
Why We Like It
- No annual fees and no foreign transaction fees.
- Up to 6 months of complimentary Uber One membership.
- No rotating categories or sign-ups needed to earn cash rewards.
- No expiration or limits on cash back.
Wells Fargo Reflect
Wells Fargo Reflect
Card Name
Wells Fargo Reflect
APR
18.24%, 24.74% or 29.99%
Recommended Credit Score
690+
Annual Fee
$0
Intro Offer
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. Balance transfers made within 120 days from account opening qualify for the introductory rate.
Why We Like It
- 0% APR for 21 months
- 0 liability protection
- 24/7 Roadside Dispatch for emergency roadside assistance, towing or locksmith service
Best low-interest credit cards summary table
Credit Card | Variable APR | Perks | Minimum credit score required | Annual Fee |
Citi® Diamond Preferred® Card | 18.24% - 28.99% | Citi Entertainment | 690+ | 0 |
Blue Cash Preferred® Card from American Express | 19.24% - 29.99% | Everyday cashback | 690+ | 95 |
Discover it Cash Back | 16.74% to 27.74% | Unlimited cash back your first year | 690+ | $0 |
BankAmericard | 15.74% to 25.74% | No penalty APR rate for late payments, $100 statement credit with qualified purchases | 690+ | $0 |
Chase Freedom Unlimited® | 20.49% - 29.24% | Chase Unlimited Rewards | 690+ | 0 |
Capital One Quicksilver Cash Rewards for Good Credit | 29.99% | 1.5% Cash Back on every purchase, every day. | 690+ | 0 |
Wells Fargo Reflect | 17.74% to 29.74% | My Wells Fargo Deals | 690+ | $0 |
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
FAQs
What is APR?
APR stands for annual percentage rate, which uses a simple interest formula to determine how much interest you owe on a specific credit card or loan on an annual basis. Credit card companies charge different APR amounts, depending on whether you’re making a purchase (purchase APR) or taking advantage of cash advances or balance transfers.
Do I need a good credit score for these cards?
Most of the cards on this list require a credit score of at least 690, meaning that you have Good or Excellent credit to qualify for them. The higher your credit score, the better your credit limit and variable APR rate will also be.
How do I find out my FICO score or credit score?
Your credit score will play a role in what kind of interest rate you qualify for, so it’s important to determine your creditworthiness before responding to any credit card offers. You can sign up for a free credit monitoring website such as Credit Karma to find your FICO Score or credit score. You can also check your full credit report via annualcreditreport.com.
Should I only make minimum payments on my credit card?
In a word, no. If you don’t want to accrue interest on your purchases, paying off your card in full at the end of each month is important. While technically it’s possible to make new purchases and time them with your billing cycles to avoid paying interest on some of your balance, general personal finance wisdom is to always pay your cards in full to avoid running the risk of an interest charge.
Why you should (or shouldn’t) use these credit cards
If you’re planning on a big purchase that you anticipate needing longer than a billing cycle, a low-interest credit card can be a real lifesaver when responsibly managing your debt. For example, you can find a card with 0% or low APR in the first year and make sure to pay off all your purchases during that minimal APR period to access an interest-free loan.
Of course, this plan only works if you can manage your personal finances responsibly. If you don’t pay off everything before your intro APR lapses, you might be hit with penalty APR, or, at the very least regular APR charges on your balance. This can dig you deeper into debt, so think carefully about your willpower before putting your credit history at risk and opening a new card you can’t fully manage.
The bottom line
So, should you get one of the above credit cards? Low-interest credit cards can be a great tool while you’re working to rebuild your credit (thanks to 0% APR on balance transfers) or if you’re budgeting for a large expense. Even so, it’s best not to use credit cards as a crutch and pay them off in full each billing cycle—even if you’re enjoying 0% APR.
Of course, since some of the cards on this list also have perks like cash back or access to special travel rewards, there are reasons to select these cards beyond just having low APR rates. For example, if you’re like me and are about to travel for multiple weddings in the fall frequently, you may want to look at a card with travel perks and 0% APR for a certain period of time to have a bit more breathing room during your travels.
Remember that getting access to 0% APR for even 21 months doesn’t mean you won’t be charged interest forever. It’s best to establish smart habits with your credit cards to avoid prolonging how long you’re in debt.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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