Best Credit Card Rates

Yes, there is a low fixed interest credit card. The Applied Bank Secured Gold Card has a fixed APR of 9.99%. However, this is a secured credit card, so you need to put down a minimum deposit of $200 upon approval. Some local banks and credit unions may also offer low fixed interest credit cards. But it is worth noting that fixed interest rates are very rare. 

Here's what you should know about fixed interest rate credit cards:

Fixed interest rate credit cards are almost extinct. And there's a fairly simple reason for that. Credit card companies lost the ability to change interest rates whenever they want when the CARD Act took effect in February 2010. In fact, they can only raise rates on existing consumer-card balances when the accountholder becomes 60+ days delinquent. The law does not cover small business credit cards.

As a result, credit card companies now use variable interest rates, which change based on a benchmark such as the Prime Rate, to make sure their offers keep pace with the broader economic climate. Of course, introductory interest rates are an obvious exception to this rule, since they have a set expiration date.

Although there aren't many low fixed interest credit cards, you can still find a lot of low interest credit card options that might suit your needs. 

The longest 0% APR credit card is the Wells Fargo Reflect® Card as it offers an introductory purchase APR of 0% for up to 21 months from account opening. That rate is coupled with a balance transfer intro APR of 0% for up to 21 months from account opening on qualifying balance transfers – subject to a balance transfer fee: 3% intro for 120 days, then up to 5% (min $5). Once the introductory periods are over, remaining balances are subject to a regular APR of 15.99% - 27.99% Variable. Given its $0 annual fee, the Wells Fargo Reflect card makes for a great option both for financing larger purchases and transferring pre-existing debt. There are several other options with long 0% intro APRs that are worth your consideration.

Here are the longest 0% APR credit cards:

These cards benefit from $0 annual fees and require good credit or better (a credit score of 700+) for good odds of approval. None of these cards offer rewards, but they're meant for financing rather than regular spending. You can always adopt the island approach and use a different rewards card for purchases you'll pay in full each month. All of these cards also require good or excellent credit.

It's important to note that some store cards may offer 0% interest for longer than 21 months, but they use deferred interest. That is, you earn interest on your balance during the 0% period but don't have to pay that interest if and only if you bring your balance to $0 before the 0% period ends. The JCPenney Credit Card is one example, offering 18 months of deferred interest. But those cards are best avoided, because not paying your balance in full by the end of the intro period allows for a high APR to retroactively apply to your entire original purchase amount – as if the low intro rate never existed.

A good interest rate on a credit card is anything below 14%. That is roughly the average regular interest rate on credit cards for people with excellent credit. Even a relatively good interest rate on credit cards for people with lower scores is not all that low. For example, credit card users with good or fair credit could pay interest at an annual rate of 20%+ and still have a below-average APR. Better-than-average for a credit card overall isn't much below 20%, either. That's why the best interest rate on a credit card is 0%.

How to Get a Good Interest Rate on a Credit Card

There are three ways to get the best possible credit card interest rate.

For starters, lots of credit cards offer 0% APR periods as introductory perks for new customers. They can be a great help to people looking to finance a large purchase or transfer a debt to pay it off faster. But those intro periods are always temporary. Most (but not all) 0% APR credit cards require good credit or better, too.

The second way to avoid credit card interest altogether is to pay your full statement balance by the due date every billing period. Setting up automatic monthly bill payments from a bank account can be a big help with that. You can also try the “Island Approach”, which is a method of using multiple credit cards for different expenses. For example, you could use your lowest-rate card—maybe even a card with a 0% APR period—for things you'll need to pay off over a period of time, and a rewards card for everyday purchases that you pay off every month. That way, you wouldn't pay interest at all, no matter what rate you have on the rewards card.

Ultimately, there is also a number of things you can do to raise your credit score and, in turn, get a better shot at a good interest rate on your next credit card. Because if a low credit card APR is your objective, it truly pays to have an “excellent” credit score of 750 or higher. 

The average credit card interest rate is 20.38% for new offers and 15.13% for existing accounts, according to WalletHub's Credit Card Landscape Report. The average interest rate among new credit card offers has increased by nearly two percentage points since 2010.

2022's Best Credit Card Rates

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One of the best 18+ months interest free credit cards is the BankAmericard® credit card because it offers intro APRs of 0% for 21 billing cycles on both purchases and balance transfers made in the first 60 days. The card's regular APR is 14.99% - 24.99% Variable. There's a balance transfer fee of 3% (min $10), and the annual fee of this card is $0.

Another good option is the Wells Fargo Reflect® Card. It offers an intro APR of 0% for up to 21 months from account opening on purchases and balance transfers. The card's regular APR is 15.99% - 27.99% Variable. There is also a balance transfer fee: 3% intro for 120 days, then up to 5% (min $5). The annual fee is $0.

The Best 18+ Months Interest Free Credit cards

Keep in mind that some store credit cards offer interest-free periods of 18 months or more. But that's typically deferred interest rather than true 0% interest. If you don't pay by the time the intro period expires, you owe interest from the date of purchase at the regular APR.

Ultimately, you can check our editors' latest picks for the best 0% APR credit cards on the market to weigh your options.

Chase credit card interest rates can be as low as 0% for as long as 15 months. The best Chase credit cards with 0% interest rates are Chase Freedom Flex℠ and Chase Freedom Unlimited®, offering 0% for 15 months on purchases and balance transfers. They also come with $0 annual fees.

Regular, ongoing Chase credit card interest rates can be as low as 15.49% (V) or as high as 25.99% (V), depending on the card and the applicant's credit standing.

Chase Credit Cards with Low Interest Rates:

Chase has a whole load of credit cards co-branded with various companies as well, too many to list. But the Chase credit card interest rates for the co-branded cards don't differ too wildly from the other cards. The lowest rate among them is 0% for 6 months on purchases for the Disney Premier Credit Card. Once the introductory period is over, remaining balances will be subject to the card's regular APR of 16.24% - 25.24% (V) (depending on creditworthiness).

When shopping for a Chase credit card, don't just look at the regular APR and intro APR. Make sure you also take into account other interest rates and costs, like those associated with cash advances or late payments.

The best cash advance credit card is the PenFed Platinum Rewards Visa Signature® Card because it has a 0% cash advance fee and a low cash advance APR: 17.99%. All PenFed cards have 0% cash advance fees and fairly low cash advance APRs. But this is very uncommon for other issuers. Cash advance fees are typically 3%-5%, and cash advance interest rates are usually over 20%.

Unfortunately, no credit card offers free cash advances. All credit cards charge interest on cash advances, at least. And that interest always starts accruing the moment you take out the advance. But if you get a card with no fee and pay off the balance right after doing a cash advance, you shouldn't have to deal with much in the way of extra costs.

Best Cash Advance Credit Cards of 2022

• PenFed Platinum Rewards Visa Signature® Card: 0% cash advance fee. 17.99% cash advance APR. $0 annual fee. Requires excellent credit.
• PenFed Power Cash Rewards Visa Signature® Card: 0% cash advance fee. 17.99% cash advance APR. $0 annual fee. Requires excellent credit.
• DCU Visa® Platinum Rewards Credit Card: 0% cash advance fee. 13.50% - 18% (V) cash advance APR. $0 annual fee. Requires excellent credit.
• DCU Visa® Platinum Secured Credit Card: 0% cash advance fee. 13.75% (V) cash advance APR. $500 minimum security deposit. $0 annual fee. Bad credit accepted.
• PNC Premier Traveler® Visa Signature Credit Card: $5 cash advance fee. 18.24% (V) cash advance APR. $85 annual fee, waived the first year. Requires excellent credit.
• Simmons Bank Visa®: 3% (min $4) cash advance fee. 17.25% - 25.25% (V) cash advance APR. $0 annual fee. Requires excellent credit.

Some of the best cash advance credit cards also offer some excellent rewards. For example, the PNC Premier Traveler card offers 30,000 miles for spending $3,000 in the first 3 months. And it gives 2 miles / $1 on all purchases.

The PenFed Platinum Rewards Visa offers 5 points per $1 spent on gas and electric vehicle charging stations, 3 points per $1 at supermarkets and restaurants, 3 points per $1 on cable, satellite and other pay television/radio/streaming services, as well as 1 point per $1 on all other purchases. And it gives a 15,000 points for spending $1,500 in the first 3 months. Only PenFed members can get the card, but anyone can join PenFed, all you need to do is simply fund a savings account with at least $5.

The Mastercard interest rate could be anywhere between 9.99% to 36%, depending on the card and each applicant's creditworthiness. However, keep in mind that the interest rate isn't actually set by Mastercard. The issuers are in control of setting the rates. As a card network, Mastercard is more about where the card is accepted than anything else.

What you should know about credit cards' interest rate:

• Generally, the better your credit history, the better the interest rate. For example, the Bank of America® Customized Cash Rewards credit card interest rate ranges from 16.99% to 26.99% Variable, depending on your credit. 
• Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like the Capital One Platinum Secured Credit Card: 28.49% (V). 
• Rewards cards like the Citi Premier® Card – 18.99% to 26.99% (V) – often have higher maximum interest rates to compensate for the additional benefits. This could also be a sign that more than just people with good credit can get approved.
• Credit cards will always have multiple interest rates. There are separate rates for purchases, balance transfers, cash advances and late payments. Cash advance APRs range from 24.99% to 26.99%. Penalty interest rates for late payments can be a maximum of 29.99%. The Citi Simplicity® Card doesn't have a penalty interest rates, for example.
• Nearly all Mastercard interest rates are variable rather than fixed. Variable rates are tied to an index rate, usually the prime rate that banks use for their most creditworthy customers. 

If a Mastercard with the lowest possible interest rate is your priority, you may need to look beyond the big banks and explore options from credit unions. Credit unions have specific membership requirements, so check to make sure you're eligible.

Hi! Yes! It is definitely worth calling and asking them. You may need to make more than one call until you get a person who has the authority to make that change, but it can't hurt to call and ask. I'd do a bit of research first to see what the interest ranges are that the credit card company operates in so that you know where you might fall. You could also send an email or letter to ask.

You also might want to see if there is a format or form provided online by your credit card company to request a lowered interest rate – that site will provide specific information to help you succeed in your request. 

I feel as if it never hurts to ask for discounts and good deals. Many of us shy about doing this - I often am - but if you can get your courage up and try, you may be successful. Good luck to you!

There are credit cards with no interest in the short term, but there is no credit card with no interest forever. A number of credit cards do have introductory 0% APR offers, giving an average of 12 months with no interest on purchases and 13 months with no interest on balance transfers. However, once the introductory rate expires, the card's regular interest rate goes into effect.

Plus, even credit cards offering a promotional 0% APR will still charge a separate, and usually higher, interest rate on cash advances. Others will also impose a penalty APR for late payments.

The good news is that you can avoid paying interest altogether, regardless of the interest rates a credit card may charge. As long as you pay your credit card balance in full by the payment due date every month, the issuer won't charge interest. Consider setting up automatic monthly payments for the entire balance so you don't forget.

Also, don't use the card for cash advances, or for balance transfers not subject to an introductory 0% APR. Interest accumulates daily on both cash advances and balance transfers, starting on the transaction date, and will be added to your statement balance at the end of the billing period.