Low Interest Credit Cards

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How to choose a low-interest credit card

By: Connor Wrenn

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Low interest cards can help you pay down your debt or reduce interest paid on large purchases paid off over several months. It can also be your go-to line of credit in case of emergencies. Additionally, they can help those with irregular incomes float their expenses until they get paid again. If one of those situations sounds like yours, consider the following factors to help you make the best decision

Balance transfer rates
If you’re trying to reduce interest on an existing balance, you’ll want to consider offers with an introductory APR period of 0 percent interest. Just look for an offers with a long introductory period (15-21 months), no annual fee, and terms that keep your balance transfer fee as small as possible

Ongoing interest rate
Listed as the APR on your offer, the interest rate determines what you’ll pay if you carry debt over the monthlong period. Credit cards offer a range of potential interest rates for a given product. Keep in mind, the card issuer will strongly consider your credit score if you are accepted for the card.

Other benefits
Some offers will provide additional security measures for the cautious types. These can include credit scores included on every monthly statement and the ability to quickly freeze your credit line in the event that your card security becomes compromised.

You can find offers that also come with rewards programs. You can find certain offers with cash back programs. However, the rewards program SHOULD NOT supersede the interest rate benefits. Interest rates on high-profile rewards program are very steep. Use these extraneous benefits as a tiebreaker between two cards with stellar interest terms.

Finally, look for offers with some leniency built in if you tend to be a bit forgetful with payments.

Want some more information?
You can read some individual reviews for low interest credit cards at our reviews section. You can get a better ideas of how products compare to one another so you can definitively decide on the best offer for your needs. Link to rate report to compare to our current national averages.

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