Best Credit Card Rates

Fixed low interest rate credit cards are basically 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.

The longest 0% APR credit cards are the Citi Simplicity® Card (0% for 18 months on purchases and 0% for 18 months on balance transfers), the U.S. Bank Visa® Platinum Card (0% for 20 billing cycles on purchases and 0% for 20 billing cycles on balance transfers), and the Wells Fargo Platinum card (0% for 18 months on qualifying balance transfers and 0% for 18 months on purchases). They all have $0 annual fees, but watch out for transfer fees.

A long period of 0% interest can be really helpful if you need to make a big purchase but can't pay it all off right away. You can avoid interest entirely if you pay in full by the time the intro rate ends. And if you can't manage that, you'll at least have a smaller balance when interest kicks in.

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 up to 60 months of deferred interest. But those cards are best avoided because there's a chance you'll get blindsided by interest charges. So, they're not really eligible to be in the running for longest 0% APR.

Here are the longest 0% APR credit cards:

• Citi Simplicity® Card: 0% for 18 months on balance transfers and 0% for 18 months on purchases. 3% (min $5) transfer fee. $0 annual fee and no late fees. Requires good credit.
• U.S. Bank Visa® Platinum Card: 0% for 20 billing cycles on purchases and 0% for 20 billing cycles on balance transfers. 3% (min $5) balance transfer fee. $0* annual fee. Requires with good credit.
• Wells Fargo Platinum card: 0% for 18 months on purchases and 0% for 18 months on qualifying balance transfers. 3% intro for 120 days, then up to 5% (min $5) balance transfer fee. $0 annual fee. Requires good credit.
• HSBC Gold Credit Card: 0% for 18 months on purchases and 0% for 18 months on balance transfers. 4% (min $10) balance transfer fee. $0 annual fee. Requires good credit.

None of these cards offer rewards, but they're meant for financing rather than regular spending. And you can use a different card for purchases you'll pay in full each month. All of these cards also require good or excellent credit.

A good interest rate on a credit card is around 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%.

There are two ways to get the best possible credit card interest rate: 0%. 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.

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 Wells Fargo credit card interest rate depends on which card you get. The Wells Fargo Platinum card is one of the best financing options as it offers an introductory purchase APR of 0% for 18 months. After that, your remaining balance will accrue interest at a regular APR of 16.49% - 24.49% Variable, based on creditworthiness.

All Wells Fargo credit card interest rates are variable, meaning they change with the market. And most are expressed as a range. The better your credit is, the better your chances of getting a lower interest rate. Keep in mind that you'll need good or excellent credit to be approved for most Wells Fargo credit cards.

Here are the Wells Fargo credit card interest rates by card:

• Wells Fargo Platinum card: 16.49% - 24.49% Variable APR; intro APR of 0% for 18 months on purchases and 0% for 18 months on qualifying balance transfers. 3% intro for 120 days, then up to 5% (min $5) balance transfer fee.
• Wells Fargo Active Cash℠ Card: 14.99% - 24.99% Variable APR; intro APR of 0% for 15 months on purchases and 0% for 15 months on qualifying balance transfers. 3% intro for 120 days, then up to 5% (min $5) balance transfer fee.
• Hotels.com® Credit Card: 14.99% - 22.99% (V) APR. 5% (min $5) balance transfer fee.
• Wells Fargo Business Elite Signature Card: 7.24% (V) APR.
• Wells Fargo Business Platinum Credit Card: 11.24% - 21.24% (V) APR; intro APR of 0% for 9 months on purchases and 0% for 9 months on balance transfers. Balance transfer fee: Varies — refer to specific offer details.
• Wells Fargo Business Secured Credit Card: 15.15% (V) APR.

You always want to have the lowest interest rate possible, but that's also assuming you'll need to be paying interest. If you commit to paying off your card every month and not spending above your means, it won't matter what the interest rate is. And then, when you know you have a large purchase coming up that will take time to pay off, you can get a card with a 0% APR. Just make sure you pay off the balance before the 0% APR period ends.

The best 18-month interest free credit card is the Wells Fargo Platinum card because it offers intro APRs of 0% for 18 months on purchases and 0% for 18 months on qualifying balance transfers. There's a balance transfer fee of 3% intro for 120 days, then up to 5% (min $5), and the annual fee is $0.

Another good option is the U.S. Bank Visa® Platinum Card. It offers 0% for 20 billing cycles on purchases and 0% for 20 billing cycles on balance transfers. Its balance transfer fee is 3% (min $5). The annual fee is $0*.

In addition, 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.

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. None of them have an annual fee, either.

Regular, ongoing Chase credit card interest rates can be as low as 13.24% (V) or as high as 23.99% (V), depending on the card and the applicant's credit standing.

Chase Credit Card Interest Rates:

• Chase Freedom Flex℠: 0% for 15 months on purchases; 14.99% - 23.74% (V) regular APR
• Chase Freedom Unlimited®: 0% for 15 months on purchases; 14.99% - 23.74% (V) regular APR
• Chase Sapphire Preferred® Card: 15.99% - 22.99% (V) regular APR
• Chase Sapphire Reserve®: 16.99% - 23.99% (V) regular APR
• Ink Business Unlimited® Credit Card: 0% for 12 months on purchases; 13.24% - 19.24% (V) regular APR
• Ink Business Cash® Credit Card: 0% for 12 months on purchases; 13.24% - 19.24% (V) regular APR
• Ink Business Preferred® Credit Card: 15.99% - 20.99% (V) regular APR

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 14.24% - 22.24% (V) on the Amazon.com Credit Card and the highest is 23.99% (V) on a number of cards.

When shopping for a Chase credit card, don't just look at the regular APR and intro APR. Make sure you know the other rates, like those for cash advances or late payments, too.

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

• 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. 11.25% - 18% (V) cash advance APR. $0 annual fee. Requires excellent credit. 
• DCU Visa® Platinum Secured Credit Card: 0% cash advance fee. 11.50% (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. 15.99% (V) cash advance APR. $85 annual fee, waived the first year. Requires excellent credit.
• Simmons Bank Visa®: 3% (min $4) cash advance fee. 12.25% (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 / $1 spent on gas, 3 points/$1 at supermarkets and 1 point / $1 everywhere else. And it gives a 15,000 points statement credit for spending $1,500 in the first 3 months. Only PenFed members can get the card, but anyone can join PenFed with a $17 one-time donation to the National Military Family Association or Voices for America's Troops. U.S. military or government employees and their families join for free.  

Mastercard interest rates are 9.99% to 36%, depending on the card and each applicant's creditworthiness. 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. Setting specific interest rates is a card issuer's job, though, not Mastercard's.

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 13.99% to 23.99% Variable, depending on your credit. Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like the Secured Mastercard® from Capital One: 26.99% (V). Rewards cards like the Citi Premier® Card – 15.99% to 23.99% (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.

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!

The best credit card rate for good credit is 0%. Most 0% APR credit cards require good credit or better for approval. But 0% rates are only temporary. Once they expire, you'll pay the regular APR. In that sense, a good credit card rate for good credit is below 20%.

That's generally the starting point for people with credit scores from 700 to 749. Interest rates are usually listed as a range. So the higher your credit score, the better your chances of securing an interest rate at the low end of the range. Other factors such as your income and debt level also play a part in determining your interest rate.

Here are some good credit card rates for good credit:

• 0% APR for 14 months on purchases and balance transfers: Discover it Cash Back. Regular APR: 13.99% - 24.99% (V). 3% transfer fee. 5% cash back on purchases in categories that change quarterly and 1% on everything else. No annual fee.
• 0% APR for 18 months on balance transfers: Citi Double Cash. Regular APR: 15.49% - 25.49% (V). 3% transfer fee ($5 minimum). 2% cash back on all purchases; 1% when you buy and 1% when you pay. No annual fee.
• 0% APR for 12 months on purchases and balance transfers: EveryDay Credit Card from American Express. Regular APR: 14.99% - 25.99% (V). $0 transfer fee for the first 60 days. 10,000 bonus points when you spend $1,000 in the first three months. 2 points per $1 on the first $6,000 per year at supermarkets and 1 on everything else. No annual fee.
• 0% for 20 months on purchases and balance transfers: US Bank Visa Platinum Card. Regular APR: 11.99% - 23.99% (V). 3% transfer fee ($5 minimum). No rewards. No annual fee.
• 0% for 12 months on purchases and 21 on balance transfers: Citi Simplicity. Regular APR: 15.99% - 25.99% (V). 5% transfer fee ($5 minimum). No rewards. No annual fee.
• Regular APR: 14.74% - 24.74% (V): Capital One Venture Rewards. No introductory 0% APR. 50,000 bonus miles when you spend $3,000 in the first three months, worth $500 in travel. 2 miles per $1 on all purchases. No annual fee for first year, $95 after.

A good credit card rate for good credit can save you money if you're paying down debt. But if you pay your credit card balance in full every month, a credit card's interest rate will never be an issue. Maintaining a good payment history and reducing your debt-to-credit ratio will help raise your credit profile. In turn, it will improve your chances of qualifying for credit cards for excellent credit.