What Are the Best Low-Interest Credit Cards?

Low-interest credit cards are an excellent option for those who carry a balance on their credit cards. With a low APR, you could save a significant amount of money in interest charges each year. In this article, we will explore what low-interest credit cards are and what some of the best options available are.

What are low-interest credit cards?

Low-interest credit cards are credit cards that offer a lower than average APR (annual percentage rate). The APR is the amount of interest you will pay on your credit card balance each year. The lower the APR, the less you will pay in interest charges. Low-interest credit cards are an excellent option for those who carry a balance on their credit cards, as they can help save money in interest charges.

What are the best low-interest credit cards?

1. Citi Simplicity Card - This card offers a 0% intro APR on purchases and balance transfers for 18 months, followed by a variable APR of 14.74% - 24.74%. It also has no late fees, penalty rates, or annual fees.

2. Chase Freedom Unlimited - This card offers a 0% intro APR on purchases for 15 months, followed by a variable APR of 14.99% - 23.74%. It also offers a $200 bonus after spending $500 on purchases in the first three months.

3. Discover it Cash Back - This card offers a 0% intro APR on purchases and balance transfers for 14 months, followed by a variable APR of 11.99% - 22.99%. It also offers 5% cashback on rotating categories and 1% cashback on all other purchases.

How to apply for a low-interest credit card

To apply for a low-interest credit card, you will need to meet the credit requirements set by the credit card issuer. This typically involves having a good to excellent credit score. You can apply for a low-interest credit card online or by visiting a branch of the credit card issuer.

Tips for using a low-interest credit card

To make the most of a low-interest credit card, it's important to pay your balance in full each month to avoid accruing interest charges. If you do carry a balance, try to pay more than the minimum payment each month to pay off your balance faster. You should also avoid making new purchases on the card until your balance is paid off.

Annual fees and how to avoid them

Some credit cards come with annual fees, which are fees you pay each year to use the card. To avoid annual fees, look for credit cards that don't have them or negotiate with your credit card issuer to have the fee waived. You can also cancel a credit card before the annual fee is due to avoid paying it.

Conclusion

Low-interest credit cards can be a great option for those who carry a balance on their credit cards. The best low-interest credit cards offer a low APR, no annual fees, and other perks like cashback rewards. To make the most of a low-interest credit card, it's important to pay your balance in full each month and avoid making new purchases on the card until your balance is paid off.