The Best Low Interest Rate Credit Cards

By Jason Steele. Last updated 23 April 2020. 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 Lowest APR Cards on the Market

These cards currently have the lowest interest rates.

Blue Cash Everyday® Card from American Express

The Blue Cash Everyday® Card from American Express offers 0% introductory APR on purchases and balances transferred within 60 days from account opening, for the first 15 months. After that, the variable APR is 12.99% – 23.99%. This card also awards 3% cash back on purchases made at U.S. supermarkets up to $6,000 per year in purchases (then 1%), 2% cash back at U.S. gas stations and select U.S. department stores, and 1% for all other purchases you make with the card. As a new cardholder, you can earn a $150 statement credit after you spend $1,000 in purchases with your card in the first 3 months. Terms apply. There is no annual fee for this card. See Rates & Fees.

For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.

USAA® Rate Advantage Visa Platinum® Card

Rather than a rewards card, the USAA® Rate Advantage Visa Platinum® Card offers a low variable APR of 6.90% - 23.90% for purchases and balance transfers. If you need a low-APR card, you migth qualify for one of the lowest APRs offered.

Info about the Blue Cash Everyday® Card from American Express and the USAA® Rate Advantage Visa Platinum® Card has been collected independently by Wise Bread. The issuers did not provide the details, nor are they responsible for their accuracy.

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The Best Low Interest Rate Credit Cards

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Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Guest's picture
JT

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
Guest

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.