Best Low Interest Credit Cards
Every credit card on the market has different interest rates which can include introductory rate, balance transfer rate, cash advance rate and/or penalty rate. But to most regular purchases, a standard rate is applied termed as the Annual Percentage Rate (APR).
All credit cards offer variable interest rates based on the prime rate – 3.25%. Let’s look at some best low interest rate credit cards:
Best Low Interest Bank Credit Cards
First Command Platinum Visa Card
The card might not be very popular but has an astonishingly low APR of 6.25%.. The card has a standard rate that matches the prime rate plus 3%. The current rate of 6.25% applies to purchases, cash advances and balance transfers. Penalty interest rate is 18% plus there is no fee for balance transfer, over-limit or annual fee.
Simmons First VISA Platinum Credit Card
With a single 7.25% APR for approved customers, this is the first runner up in the list of best low interest rate credit cards. The card is only approved for customers with excellent credit.
The 7.25% rate equals prime rate plus 4%. It applies to new purchases and balance transfers. For cash advances and convenience checks, the APR is 11.25%. No balance transfer or annual fee is implied.
Iberia Visa Classic
This card also has a low standard APR of 7.25% so it is a close match with the Simmons First VISA Platinum Credit Card. The reason why it is 3rd on the list of best low interest rate credit cards is because its less qualified applicants may receive higher APR rates of 10.25%-13.25%.
All rates, 7.25%, 10.25% and 13.25% apply to new purchases and balance transfers.
Best Low Interest Credit Cards
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- No annual fee
- No foreign transaction fee or first late payment fee
- No Penalty APR
- 5% cash back on quarterly rotating categories
- 14 months of 0% interest on purchase and balance transfer
- Bonus rewards on restaurants and movies
American Express Blue Cash
- Unlimited 2% rewards on all department stores
- 3% cash back on grocery store
- 2% cash back on gas station
- 50 reward dollars after a purchase of $1,000 within 3months of the new card
Chase Freedom
- Cash back rewards
- 5% cash back on quarterly rotating categories
- Rewards cap: $1,500 in bonus spending per quarter
- No annual fee
- Sign up reward – $200
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