Best Low Interest Credit Cards

Just because a company is providing you a credit card it doesn’t mean that you have to grab one immediately. When you make financial decisions without analyzing every aspect, you will get into trouble. So, if you are looking for a credit card, go out and shop for low-interest credit cards. Low interest will ensure that your debts remain in control.

In this article on low-interest credit cards, we will compare a few credit cards that offer the lowest APR. Along with that, we will also take a look at the various features that these cards offer.

Low-Interest Credit Cards Comparison

In the comparative table below we will compare only the APR offered by various cards. Let us begin.

Card Name Lowest APR (Variable) Highest APR (Variable)
PenFed Promise Visa® Card 9.74% 17.99%
Capital One® VentureOne® Rewards Credit Card 13.74% 23.74%
Discover it® Chrome 13.74% 24.74%
Discover it® Cash Back 13.74% 24.74%
Barclaycard Ring® Mastercard® 13.99%

So, why are there separate columns for the lowest and highest APR? A credit card issuer will always check your credit history and credit score. Depending on your creditworthiness, a credit card issuer will offer you either the lowest APR or the highest APR, or anything in between.

The term ‘variable’ means that the APR or Annual Percentage Rate can vary. The APR is calculated using the Prime Rate of the USA. If the Prime Rate changes, the APR will also change. It simply means that if Prime Rate increases (or decreases), both the lowest and the highest APR will increase (or decrease).

Low Interest Credit Cards – Features at a Glance

Let us now take a quick look at the various features that these credit cards (listed in the table above) offer.

PenFed Promise Visa® Card

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PenFed Promise Visa® Card is offered by Pentagon Federal Credit Union. There are various offers that you get access to when you get this low interest credit card for the first time. They are:

  • Introductory APR of 4.99% if you opt for balance transfer. This rate will stay for 12 months. After that, the APR will increase to the range mentioned above in the table.
  • In the first 90 days after receiving the card, if you spend $1,500, you will be eligible for a statement credit of $100.
  • The card is free of any kind of fees, period.

Capital One® VentureOne® Rewards Credit Card

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Offered by Capital One Financial Corporation, the Capital One® VentureOne® Rewards Credit Card comes with the following perks:

  • APR of 0% for 12 months but only for purchases. After that, the usual APR (as in the table above) will apply.
  • You can transfer the balance from another card to this card, but the only perk you get is that there will be no transfer fee at all.
  • There is no annual fee associated with the card.
  • For every dollar you spend, you will earn 1.25 miles every day.
  • Within the first 90 days of receiving the card, if you spend $1,000, you will get 20,000 miles as a bonus. The bonus miles equal to $200 expenses in travel.
  • You can redeem the bonus rewards by staying at any hotel, by flying with any airline of your choice. You can redeem the rewards anytime you want.

Discover it® Chrome

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Discover it® Chrome from Discover Bank has the following features to offer:

  • APR of 0% in case you want to transfer your balance to the Chrome card from any other credit card. This introductory offer remains active for only 14 months.
  • Transferring balance will, however, cost some money and the charge is 3% of the amount you transfer.
  • The card has no annual fee.
  • The card also does not have any fee for transacting in foreign countries.
  • For the first late payment, there is no late payment fee.
  • For the first year, all cash backs will automatically double.
  • The card also offers free FICO credit score.

Discover it® Cash Back

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Discover it® Cash Back from Discover Bank has some great features to offer. They include:

  • The card offers 1% cash back on all purchases with no upper limit set to the spending.
  • The card offers 5% cash back on all purchases that fall in the categories of quarterly rotating spending such as gas station or department store purchase. There is an upper limit of $1,500 per quarter.
  • You will get 0% APR for 14 months in you transfer your balance.
  • There will be no charges if you use the card for transactions in foreign countries.
  • There is no annual fee associated with the card.
  • All cash backs earned throughout 12 months gets doubled automatically at the end of 1 year.
  • You will get access to FICO credit score for free.

Barclaycard Ring® Mastercard®

low-interest-credit-cards

Barclaycard Ring® Mastercard® often dubbed as ‘first social credit card.’ The reason for that name is that the card is built around a user community that is known for sharing financial advice and tips. This low interest credit card comes with some benefits that include the following:

  • If you transfer your balance from another card, you will get 0% APR for 15 months. After that, the APR will switch to that mentioned in the table above. Good news is that there is no fee for transferring balance. However, the transfer must take place within 45 days from the date you get the card.
  • The card offers cash advance, but there is a cost of $3 regardless of the advance amount.
  • There is no fee for transacting in foreign countries using the card.
  • There is no annual fee associated with the card.
  • Free FICO credit score.

Conclusion

The list of low interest credit cards mentioned above is in no way a complete one. There are many other cards that you can get. For instance, you may opt for Citi® Diamond Preferred® Card, Capital One® Quicksilver® Card, Citi Simplicity® Card, etc. Before you go ahead and pick a low interest credit card, make sure that you do a comparative study and figure out which one serves your purpose in the best possible way. There is no point in making a wrong financial decision.

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