If you tend to carry a balance on your credit card each month, the interest costs can add up quickly. With responsible use by you, switching to a low interest credit card is a good way to save money on the things you purchase and you could also find a card where you could potentially earn some rewards in the bargain.
A number of credit cards with low interest rates are available to choose from but they’re not all the same. To save you the trouble of having to sift through dozens of credit card offers, we put together a list of what we think are the best low interest cards offers. The higher your credit score and the better your credit profile is, potentially the lower the rate you may qualify for. Keep in mind when credit card issuer’s are making a decision if you will be approved for one of their credit cards they use a variety of different types of credit scores and other criteria to make credit decisions including what terms, such as interest rate, you may be eligible for.
Here’s a look at a few cards we found and so you can compare.
Best Low Interest Credit Cards
1. OpenSky® Secured Visa® Credit Card
The OpenSky® Secured Visa® Credit Card issued by Capital Bank is a low interest credit card for individuals who are building or rebuilding their credit. Since it’s a secured card, you must put up a cash deposit to open an account, which doubles as your credit line. Credit lines range from as low as $200 to $3,000, depending on how much of a deposit you’re able to put down.
The card has a variable Annual Percentage Rate (APR) for purchases of 19.64%. Compared to other secured card options, this is one of the lower rates we found for people with less than perfect credit. There is a late payment fee of up to $38. The annual fee is $35.
This card is designed for people who are looking to establish credit for the first time or are in the process of rebuilding credit. Your best bet when using the card is to keep purchases to a minimum and pay the balance in full and on time every month. As far as any cash advances made with this card you will be charged interest on cash advances beginning on the transaction date.
Terms and conditions apply.
[Further Review: OpenSky® Secured Credit Visa® Card Review]
2. First Progress Platinum Prestige Mastercard® Secured Credit Card
If you think low interest credit cards for individuals with poor or bad credit automatically come with the highest rates, think again. The First Progress Platinum Prestige Mastercard® Secured Credit Card features a variable Annual Percentage Rate (APR) for purchases of 10.74%.
At $49, this card has the highest annual fee on our list but it may be one of the easiest to qualify for, especially if you have poor, bad, limited credit or no credit history. No credit history or minimum credit score is required for approval. Like the OpenSky® Secured Visa®, since it is a secured credit card too, this card requires a cash deposit made by you. Credit line is secured by your fully-refundable deposit of $200 – $2,000 submitted with your application. They have a nationwide program though not yet available in NY, IA, AR, or WI.
Terms and conditions apply.
Apply for a low interest credit card
If you’re ready to snag a credit card with low interest rates, take a look at your credit report to gauge which of these cards you may be able to qualify for. As we mentioned the higher your credit score and the better your credit profile is, potentially the lower the interest rate you may qualify for from the range that the cards offer. Remember that the card issuers look at a variety of criteria to determine if you will be approved for their credit card as well as what interest rate you are eligible for. Once you have an idea where you stand credit-wise, you can check out some low interest credit cards offers from our partners to compare and you may find a card that’s a fit for you.
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