The best low interest credit card for first-timers is the BankAmericard® Credit Card for Students because it offers an introductory APR of 0% for 21 months on purchases and 0% for 21 months on balance transfers. The card’s regular APR is 15.74% - 25.74% (V). The regular APR will apply to any remaining balance and all new transactions after the intro rates expire. The BankAmericard® Credit Card for Students also has a $0 annual fee and reports account information to the major credit bureaus, giving first-timers the chance to build their credit history.
If you’re not a student, a low interest credit card worth considering is the First Hawaiian Bank Heritage Credit Card. There are no 0% APR offers, but it does come with an introductory rate of 2.99% for 8 months on new purchases and 2.99% for 8 months on balance transfers, followed by a regular APR ranging from 18% (V). The First Hawaiian Bank Heritage Credit Card also reports account information monthly to the major credit bureaus and comes with a $0 annual fee.
As a newcomer to credit, understand that it will be difficult to get approved for a card with a low ongoing APR. However, you won’t have to worry about the interest rate as long as you pay your balance in full and on time every month. Interest charges will not apply in that case.
There is no minimum credit score to get a credit card, if any credit card will do. Some credit card companies don’t even check applicants’ credit history, and the main approval requirement is that you earn more money than you spend. So it’s certainly possible to get a credit card even if you have a very low credit score or no credit score at all.… read full answer
But there is a difference between getting approved for a credit card in general and getting one of the better offers.
The credit score needed for credit card approval ultimately depends on which specific card you want to get. Most of the time, credit card companies have a credit score tier they’re looking for, and applicants will need a score in the required tier (or higher) for a good chance of approval. The tiers are bad, fair, good and excellent.
The thing is, credit cards require scores that are a bit higher than the traditional minimum for each tier in the overall credit score range, according to WalletHub’s research. So for each credit tier, you can see a “traditional” score range and a “WalletHub recommended” score range below.
Here is the credit score needed for a credit card at each level:
One way to estimate your credit card approval odds is to check for pre-approval. Many major issuers will allow you to check for free. It won’t hurt your credit score. And you’ll get a pretty good idea of your chances. Plus, if you’re not sure what your score is yet, you can check your latest credit score for free on WalletHub. You’ll also get personalized credit card recommendations with high approval odds.
Just remember that having a qualifying credit score does not guarantee credit card approval. The credit card application process takes many other factors into account. Payment history, existing debt and income play big roles, too.
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