There are two types of low interest credit cards: 1) those with regular APRs well below the market average for the credit standing needed to get approved; and 2) those with the longest 0% intro periods available. The first group of low interest cards is best for people who occasionally don’t pay their monthly bills in full. And the second group is best for folks who want to reduce the cost of existing debt (via balance transfer) or avoid interest on an upcoming big-ticket purchase.
WalletHub’s editors compared 1,000+ offers to find the best low interest credit cards for both groups.
Here Are 2017’s Best Low Interest Credit Cards:
|Best For...||Card Name||Intro APR||Regular APR||Annual Fee||Credit Required||Editors' Rating|
|New Purchases||Citi® Diamond Preferred® Card||0% for 21 months||13.49% - 23.49% (V)||$0||Good||5 Stars|
|Balance Transfers||Chase Slate®||0% for 15 months||15.74% - 24.49% (V)||$0||Good||5 Stars|
|Low Regular Rate||Barclaycard Ring Mastercard®||0% for 15 months||13.74% (V)||$0||Excellent||4.7 Stars|
|Fair Credit (Honorable Mention)||USAA Rate Advantage Platinum Visa®*||N/A||7.65% - 24.65% (V)||$0||Fair||2 Stars|
|Bad Credit (Honorable Mention)||primor® Secured Visa Gold Card||N/A||9.99%||$49||Bad||2.7 Stars|
*Only available to the military community: current and former members as well as immediate family.
Whenever you carry a balance on a credit card from month to month, make sure to do so with a purpose (and a credit card calculator). Have a good reason for getting into debt and a specific plan for how and when you’re going to get out of it. For example, getting a 0% credit card before a big-ticket purchase and paying off your balance before the 0% term ends is a great approach. Racking up expensive interest charges simply because you’re spending above your means is not.
Finally, it’s important to note that the best low interest credit cards don’t necessarily have the absolute lowest APRs on the market. Rather, they combine a very low APR with other attractive terms, such as no annual fee or lenient approval requirements. If you’re interested in finding out which cards have the lowest of the low regular APRs, here they are:
5 Credit Cards with the Lowest Interest Rates
|Card Name||Annual Percentage Rate||Min. Credit Required|
|Simmons Bank Visa® Platinum||8.00% (V)||Excellent|
|First Command Bank Platinum Visa® Credit Card||8.75% (V)||Excellent|
|Simmons Bank Visa® Platinum Rewards||10.00% (V)||Excellent|
|EverCard® Visa® Platinum Credit Card||10.75% (V)||Excellent|
|First Command Bank Classic Visa® Credit Card||12.75% (V)||Excellent|
If you have good credit or a connection to the military, you may also want to consider the likes of the U.S. Army Warrant Officers Association Platinum Rewards Credit Card and the Coast Guard Auxiliary Platinum Rewards Credit Card. Both have 10.74% variable APRs and require only good credit for approval. They're also both issued by Pentagon Federal Credit Union (PenFed), which anyone can join with a one-time payment of $17.