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Lowest Interest Rate Credit Cards
22 Aug 2019

Top 5 Lowest Interest Rate Credit Cards

Did you know the average credit card debt per U.S. household is $6,741! Are you tired of racking up debt from high-interest rates? That $25 shirt wound up being so much more thanks to high-interest? We have you covered!

In this article, we will cover the lowest interest rate credit cards so you’ll have peace of mind and avoid wracking up debt. You can then save that money for a rainy day! Read on to discover the top 5 best low-interest credit cards!

Lowest Interest Rate Credit Cards

1. Penfed Promise Visa® Card

How does a credit with no fees(none) sound? Not only that, but you will also get a $100 sign-on bonus. There’s no penalty APR, so no worrying about a late payment!

Keep in mind there’s no introductory purchase APR so that’s one con of this card.

Here are the many perks explained:

  • Introductory APR: No regulatory introductory APR! The transfer balance APR is 4.99% for the first 12 months!
  • Regular APR: It varies from 11.99% to 17.99%, depending on interest rates and your credit standing.
  • Key Fees: None!
  • Bonus: Don’t forget that sign up bonus! This card is one of the few low-interest cards that have a sign-on bonus.

2. Lake Michigan Credit Union Prime Platinum Visa Credit Card

So you want a card that you can carry balances at a low rate? It has rates that start at 8.50% APR! This card is one of the few low apr credit cards, so it’s hard to beat! You do have to live in Florida or Michigan and make a $5 charitable donation to fight ALS to join.

Features explained:

  • Sign up bonus: None.
  • Introductory APR: None at this time.
  • Regular APR: It’s as low as 8.50%! If late there might be an 18% APR charge after 60 days.
  • Key Fees: None! Heading overseas? There’s up to a 2% transaction fee for overseas. Other fees, of course, may apply so always check terms and conditions!
  • Bonus: Car rental insurance, which is included for rentals paid in full. You’ll also get 24/7 member service and emergency card replacement! Which gives you piece of mind if your card is ever misplaced!

3. Wells Fargo Platinum Visa® Credit Card

How does a 0% introductory APR on balance transfers and purchases sound? If you’re thinking of larger purchases too this is the card for you because of the 0% APR. Also, there’s no annual fee or APR penalty either!

It’s one of the best low interest credit cards out there! One con of this card is there’s’ a high cash advance APR.

  • Sign up: No sign-up bonus.
  • Introductory APR: 0% balance transfer and APR for the first 18 months!
  • Regular APR: The balance transfer and variable purchase after the introductory APR, they range from 13.74% to 27.24%. This varies depending on interest rates and your credit history.
  • Key Fees: How does no annual fee sound? Balance transfers are whichever is higher, 3% of the amount transferred or $5 for the first 120 days. After 120 days it’s whichever is higher, $5 or 5%. Cash advances are $10 or 5% depending on which is higher. For foreign transactions, it’s 3% of the total amount. If they’re late or returned payments it’s up to a $37 fee.
  • Bonus: You’ll have access to your FICO® score online through the Wells Fargo website. You’ll also have a cell phone protection plan that’s up to $600 for reimbursement for damaged or stolen phones. There’re a $25 deductible and free digital budgeting tools.

4. Citi Simplicity® Card

Are you ready for a card that has 0% introductory APR for balance transfers and purchases? How about a card with no late payment fee or an annual fee? There’s also no penalty APR!

  • Sign up: No bonus for signing up.
  • Introductory APR: For the first 21 months there’s 0% APR from the date of your first transfer. Within 4 months you open this card, eligible balance transfers must be completed.
  • Regular APR: After the introductory APR period, the regular APR ranges from 16.99% to 26.99%. This varies depending on your credit history.
  • Key Fees: No late or annual fee, what’s not to love? Balance transfers are $5 or 5% o20.24f the transferred amount, whichever is higher. Foreign transactions are 3% of the amount.
  • Bonus: How aggravating is it to call in and not get a live agent? Well, with Citi you can say representative and it’ll skip the automated part! There’s also $0 liability for unauthorized charges and you get to choose your payment due date!

5. HSBC Gold Mastercard®

How does a card with an 18 month 0% introductory APR sound? That includes both balance transfers and purchases! It’s considered one of the low apr credit cards out there. If you’re trying to keep debt down and buy larger purchases this is a safe and great option for you!

Are you looking to use your card overseas? There’re no foreign transaction fees, several shopping perks, and one late fee waived per year!

  • Sign up: No sign-up bonus.
  • Introductory APR: On balance transfers and purchases it’s 0% for the first 18 months! Balance transfers have to be done within 60 days opening your account.
  • Regular APR: The balance transfer APR and variable purchase APR is 14.24%, 20.24% or 25.24% APR depending on your credit history and current interest rates. Cash advance APR is 27.24%, and there’s no penalty APR!
  • Key Fees: No foreign transaction fee or annual fee! Cash advances and balance transfers cost 4$ of the transaction amount of $10, whichever is higher.
  • Bonus: There’s an extended warranty option up to 1 year after the warranty expires. There’s also price protection within 60 days of buying a covered item.

Next Steps

These cards are some of the lowest interest rate credit cards out there! As you can see they all have their pluses and minuses depending on what’s most important to you.

Take your time looking over each card and its perks before deciding which card is the right fit for you. Really think about what’s important to you. If you see yourself traveling overseas then the HSBC Gold Mastercard® might be for you.

Each card offers great APR options and they’re the lowest rate credit cards out there. You’ll also avoid wracking up debt thanks to the low interest rates and several perks of each card!

If you’d like even more information about credit cards and which one is best, check out our learning center.