What Are the Best Low Interest Credit Cards Available?

As an expert in credit cards, I can confidently say that low interest credit cards are a great option for consumers who want to save money on interest charges. In this article, we will explore thebest low interest credit cardsavailable, as well as some tips for applying for credit cards and using them responsibly.

Low Interest Credit Cards: What Are They?

Low interest credit cards offer a lower interest rate than the average credit card. Typically, these cards have an interest rate of 0% to 14%, compared to the average credit card rate of 16%. This means that if you carry a balance on your credit card, you will pay less interest over time.

Best Low Interest Credit Cards Available

1. Chase Freedom Unlimited: This is a great card for those who want to earn cash back rewards while also enjoying a low interest rate. The card offers 0% APR for the first 15 months, and a variable APR of 14.99% to 23.74% after that. Additionally, you can earn 1.5% cash back on all purchases.

2. Citi Double Cash Card: This card offers a unique cashback program that rewards you twice for each purchase. You can earn 1% cash back when you make a purchase and another 1% cashback when you pay it off. The card also offers a 0% APR for the first 18 months, and a variable APR of 13.99% to 23.99% after that.

3. Discover it Cash Back: This card offers a 0% APR for the first 14 months, and a variable APR of 11.99% to 22.99% after that. You can earn 5% cash back on rotating categories each quarter, and 1% on all other purchases.

Tips for Applying for Credit Cards

When applying for a credit card, it's important to keep in mind that your credit score plays a big role in whether you will be approved or not. Make sure that you have a good credit score before applying for a credit card. Additionally, make sure to read the terms and conditions of the card carefully to avoid any surprises later on.

Using Credit Cards Responsibly

Using a credit card responsibly means paying your balance in full each month and only using the card for purchases that you can afford to pay off. It's also important to keep your credit utilization rate low, which means that you are not using too much of your available credit. This can help improve your credit score over time.

Saving Money with Credit Cards

One way to save money with credit cards is to take advantage of rewards programs. Many credit cards offer cash back, points, or miles for purchases made with the card. Additionally, some credit cards offer benefits like travel insurance, purchase protection, and extended warranties, which can help save money in the long run.

Avoiding Credit Card Fees and Risks

When choosing a credit card, it's important to be aware of any fees associated with the card, such as annual fees, balance transfer fees, and foreign transaction fees. Additionally, it's important to be aware of the risks associated with credit cards, such as identity theft and fraud. Make sure to regularly monitor your account for any unauthorized charges and report them immediately.

Credit Card Company Recommendations

While there are many credit card companies to choose from, some of the most popular include Chase, Citi, and Discover. These companies offer a variety of low interest credit cards with great rewards programs and benefits. However, it's important to do your own research and choose a card that meets your specific needs and preferences.

In conclusion, low interest credit cards are a great option for those who want to save money on interest charges. When applying for a credit card, make sure to have a good credit score and read the terms and conditions carefully. Use credit cards responsibly by paying your balance in full each month and taking advantage of rewards programs. Finally, be aware of any fees and risks associated with credit cards and choose a card that meets your specific needs and preferences.