The Best Low Interest Rate Credit Cards

By Jason Steele. Last updated 25 July 2016. 4 comments

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The only thing more challenging than managing credit card debt is getting out of it. To accomplish this important goal you need a sound budget, plenty of discipline, and a credit card with the lowest possible interest rate. (See also: The Best 0% Balance Transfer Cards)

How to Find the Lowest Interest Rates

Every bank is legally required to clearly disclose each card's Annual Percentage Rate, or APR. This is the rate you will see in the black and white box when you click on the "terms and conditions" link. While you might think these disclosures make choosing the lowest APR an easy task, it is not that simple. Most banks will disclose a range of possible rates, with each applicant being offered a particular APR according to his or her credit rating. Therefore, the lowest rates available will be granted only to those applicants with the highest credit scores, with all other cardholders receiving higher rates.

Another important aspect of a credit card interest rate is that nearly all of them will have a variable rate. The good news is that the CARD Act of 2009 prevents banks from arbitrarily raising their rates on cardholders in good standing. What you will find is that nearly every card on the market will offer a variable APR that is based on the Prime Rate. This rate, determined in part by the Federal Government, has stood at a record low of 3.25% since December of 2008. Nevertheless, the variable interest rates quoted by the credit card issuers will rise when the Prime Rate does. For example, if the Prime were to rise to 8.25%, as it did in June of 2006, cardholders would see their interest rate rise by 5% from the current rates.

Finally, the best interest rates offered for a particular card can vary based on the link you use to apply for it. I have even seen different rates for the same card depending on which browser I used!

The Five Lowest APR Cards on the Market

These cards currently have the lowest interest rates.

BankAmericard® Credit Card

BankAmericard Credit CardThe BankAmericard® credit card offers a competitive 11.24%-21.24% variable APR on purchases and balance transfers, with a 0% intro APR for 18 billing cycles on balance transfers made in the first 60 days. This no-frills card does not offer any rewards, but it can be a worthwhile tradeoff for people who want a low-interest card in case they have to carry a balance from time to time. There is no annual fee. See terms.

Click here to learn more and apply for the BankAmericard® Credit Card today!

Discover it® - 18 Month Balance Transfer Offer

The Discover it® - 18 Month Balance Transfer Offer not only comes with a great low interest rate, but it also comes with some great cash back rewards to boot. New cardholders will get to enjoy a 0% introductory APR on purchases (6 months) and balance transfers (18 months), and then a low 11.24%-23.24% variable APR will apply. Cardholders can also earn 5% cash back on purchases in bonus categories that change each quarter, up to $1500 per quarter when they sign up. Earn 1% cash back on all other purchases on the card. With Cashback Match™, an exclusive offer for new cardmembers, Discover will match all the cash back earned at the end of the first year — automatically. There is no annual fee.

Click here to learn more and apply for the Discover it® - 18 Month Balance Transfer Offer today!

Chase Slate®

With the Chase Slate®, you'll enjoy 0% intro APR for 15 months on both purchases and balance transfers, and the intro balance transfer fee is $0 when you transfer a balance during the first 60 days of account opening. After the introductory periods end, a variable APR of 13.24%-23.24% applies on balance transfers and purchases, and there will be a fee of either $5 or 5% of the amount of each transfer, whichever is greater. There is no penalty APR — paying late won't raise your interest rate. There is no annual fee, either.

Click here to learn more and apply for the Chase Slate® today!

Citi Simplicity® Card - No Late Fees Ever

The Citi Simplicity® Card - No Late Fees Ever offers 0% intro APR on purchases and balances for a whopping 21 months! After the intro period, the variable APR will be 13.24%-23.24%. While there is a balance transfer fee of $5 or 3% of the amount of each transfer (whichever is greater), there are no late fees, no penalty APR, and no annual fee. It doesn't get simpler than that.

Click here to learn more and apply for the Citi Simplicity® Card - No Late Fees Ever today!

BankAmericard Cash Rewards™ Credit Card

The BankAmericard Cash Rewards™ credit card has an intro offer of 0% APR on purchases and qualifying balance transfers for 12 billing cycles, then a variable APR of 13.24% - 23.24% applies. You earn 3% cash back for gas, and you earn 2% at grocery stores amd wholesale clubs (for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter).There is no annual fee. See terms.

Click here to learn more and apply for the BankAmericard Cash Rewards™ Credit Card today!

Although the best way to use a credit card is to avoid paying interest, most Americans are unable live up to this ideal. If you do have to carry a balance, your primary goal should be finding a card with the lowest interest rate. Doing so will help you to minimize the amount of interest that you owe, making it easier to pay off your credit card debt as soon as possible.

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Guest's picture

It's nice to see that my local credit union (Arkansas Federal) has a much better interest rate at 6.00% fixed (also not an introductory rate). I wonder if other credit unions or local banks have as good of rates? Anyone else getting better rates than 4% + prime?

Guest's picture

Finding the best low interest credit card is not easy. We have to compare many cards on various things as interest, annual fee, balance transfer fee, etc. So, I thank for your post on the best. Although we must to suit our financial capability and the goal of getting the low interest credit card.

Guest's picture

CommunityFirstBank in Harrison, Arkansas offers a Master Card with a no-teaser APR of 7.15%. No annual fee unless you opt for the rewards program. $35 annual fee with rewards.

Guest's picture
Alex @ Credit Card Xpo

While applying for a credit card with the lowest interest rate might be good for some people who don't always pay off their credit card bills and carry a balance each month. The lower the interest rate, the less interest charges they have to pay to the bank. However, if you are someone who always pay off their bills in full every month to avoid paying any interest charges, looking for a credit card with rewards is a better option.