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The credit card APR range for some of the greatest low interest credit cards starts at 12% to 14%. For their most creditworthy members, many well-known credit unions provide credit cards with interest rates that range from 5.99% to 8%.
You’ll save a lot of money on the debt you’re trying to pay off if you choose a credit card with a low interest rate. A few cards have a low rate of 8.99%. For instance, you would pay about $0.24 every day (8.99%/365) to pay off a debt of $1,000. Not receiving awards will be more than made up for by the low APR.
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What Do You Know About Low Interest Credit Cards?
You can completely eliminate interest by paying off your credit card balance each month in full, but we are aware that’s not always possible. A low-interest credit card can help you save money and pay off your amount more quickly if you occasionally carry a balance. Use our credit card interest calculator to see how much you can save with a low interest credit card.
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Borrowing money is more expensive when interest rates are high and less expensive when interest rates are low. Make sure you fully comprehend how the interest rate will impact the total amount you owe before accepting a loan.
It’s crucial to reduce your exposure to interest charges or completely eliminate them given the expense of credit card interest. By August 24, 2022, Bankrate expects the average credit card interest rate will be 17.85 percent variable.
The most reliable way to prevent interest is to make a timely, full payment on your account each month, which is the strategy we advise. On the other hand, if you do carry a load, a low-interest credit card could be able to save you money on interest.
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Low Interest Rate Credit Cards
| Card Name | Variable APR | Best For |
| Discover it Cash Back | 14.24%-25.24% | First year rewards |
| Chase Freedom Unlimited | 17.24%-25.99% | High earning potential |
| Wells Fargo Reflect Card | 15.99%-27.99% | Long into APR offers |
| Citi Diamond Preferred Card | 16.74%-26.74% | Balance transfer |
A Closer Look To Top 4 Low Interest Credit Card
Discover it Cash Back
- What we like best about the card: Discover it Cash Back card is one of the low interest credit cards which is best for the end of the first year, Discover will double all the cash back you’ve accrued. This benefit is called Cashback MatchTM. Furthermore, if you frequently maximize bonus categories, the first-year Cashback Match incentives can be a true bonanza.
- Who this card is suitable for: Anyone seeking a cash back credit card with low interest rates who is willing to wait for the sign-up bonus.
- Alternatives: The Petal® 2 “Cash Back, No Fees” Visa® Credit Card may be a less complicated choice than the Discover it Cash Back card if you want to earn cash back but don’t want to deal with the hassle of activating bonus categories every quarter, monitoring spending restrictions, and changing your spending habits.
Chase Freedom Unlimited
- What we love about the card: The Chase Freedom Unlimited card is one of many that is eligible for the Pay Yourself Back feature from Chase, which lets you exchange rewards for statement credits that are applied to certain eligible purchases.
- Returns: This is one of the low-interest credit cards which offers a significant cash back returns if you manage your spending responsibly and take full advantage of the higher-rate categories.
- Who this card is suitable for: Those who want to earn significant cash back with no limits or spending caps on regular transactions as well as in specific higher-rate categories.
- Alternatives: A flat-rate cash back card like the Capital One Quicksilver Cash Rewards Credit Card may be more appropriate for your everyday spending if you don’t spend much on travel, dining out, or shopping at pharmacies.
Wells Fargo Reflect Card
- What we love about the card: The opportunity to use up to 21 months to pay off debt or expenses. If you require a long-term reprieve from paying interest fees, this card is a fantastic choice.
- Who this card is suitable for: Anyone wishing to refinance high-interest debt or fund a sizable purchase is an excellent candidate for this card.
- Alternatives: The Chase Freedom Unlimited Card may be a better option if you don’t mind a small introductory APR period, especially if you desire the ability to collect rewards.
Citi Diamond Preferred Card
- How this card is among the best low interest credit cards: Few cards can compare to its introductory bonus for balance transfers (21 months at 0 percent intro APR, 16.74 percent to 26.74 percent variable APR after).
- Who this card is good for: Anyone looking for a short-term (but still significant) break from interest, as it can prevent them from paying interest for well over a year.
- Alternatives: Because the Citi Diamond Preferred lacks a rewards programme, those seeking cash back, points, or miles may prefer the Citi Rewards Card, which offers 2X points at supermarkets and gas stations (on up to $6,000 in purchases annually, then 1X points), 1X points on all other purchases, and temporarily 5X points at restaurants (on up to $6,000 in purchases, then 1X points) for the first 12 months.
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Frequently Asked Questions
1. Can I negotiate my interest rate on a credit card?
Ans. Generally speaking, yes. When reducing credit card debt, a low interest rate may be a very useful tool, and often negotiating with your card provider is the best way to make that happen. Take the required measures to conserve money because paying interest costs you money.
2. What is the lowest interest credit card available?
Ans. Theoretically, any credit card can be low interest as pay off your balance in full every month. Unless you never carry a balance, your interest rate is zero percent.
3. Will credit card companies waive interest?
Ans. If you do not regularly miss payments and do not generally pay interest, there is a possibility that your issuing bank may nullify your interest payment.
