HECTOR MOLINA, High School Econ Teacher
@hectormolina
The best low interest credit card for fair credit is the Petal 2 Visa Credit Card because it is possible to get an interest rate below 15%, depending on your overall creditworthiness. That is the low end of a range from 12.99% to 26.99% (V), however, so it might be optimistic to assume you’ll get a rate that low. The Petal 2 Visa Card’s annual fee is $0.
It’s worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. Fair credit won’t qualify you for too many of the 0% APR deals offered by a lot of credit cards these days. And with a fair credit score, you probably won’t get the lowest APR available from the Petal 2 Visa Credit Card.
Store credit cards can offer deferred interest to people with fair credit. But you should be careful with deferred interest deals – if you don’t pay the full amount by the time the deferred interest period is over, you’ll owe your balance plus all the interest you would have accrued since you made the purchase.
FRANKIE SOLOMON, Member
@solosolosolo
The lowest interest options for fair credit are secured credit cards, meaning you’ll have to put down a deposit in the amount of the credit limit you want. So financing a big purchase on one of these cards wouldn’t get you ahead. It would require you to pay more of a deposit - which means you aren’t really getting a loan - plus an annual fee. If you’re planning on financing a purchase, you’re better off just paying for the purchase up-front.
ARCHIE CONWAY, Retired Financial Advisor
@ArchieBunker
Several student credit cards have 0% intro APRs, which could help you save on a big purchase or two if you’re in school and have built a fair credit score already. But hardly any credit cards offer low regular APRs, whether you have fair credit or great credit. Paying your credit card bill in full and earning rewards is the way to go.
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