Compare low interest credit cards | finder.com

Compare low interest rate credit cards

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Find an APR as low as 8.74% variable.

With good to excellent credit, you have a higher chance of getting a below-average credit card APR. Here are our picks for cards with low interest.

Our pick for a low interest rate

PenFed Gold Visa® Card

  • 0% APR promo balance transfer rate for 12 months now through September 30, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 9.24% to 17.99%. APR will vary w/the market based on prime rate. 3% balance transfer fee per transaction. Subject to credit approval. $100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening.
  • Rate and offers current as of June 1, 2019 and subject to change.
  • No annual fee
  • No foreign transaction fee
  • No cash advance fees
  • Chip enabled for added security
  • Federally insured by NCUA
  • Variable rate as low as 9.24% APR
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Compare low interest credit cards

Credit card APRs can vary widely — from as low as around 8% to as high as the 30% mark. Here are a few cards with below-average interest rates.

Name Product Annual Fee Purchase APR Balance Transfer APR Filter values
$0
9.24% to 17.99% variable
0% intro for the first 12 months (then 9.24% to 17.99% variable)
Low APR on all purchases including cash advances.
$0
11.99% to 17.99% variable
4.99% intro for the first 12 months (then 11.99% to 17.99% variable)
Earn a $100 bonus after spending $1,500 on purchases in the first 90 days from account opening.
$0
11.99% to 17.99% variable
0% intro for the first 12 months (then 11.99% to 17.99% variable)
2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases made with your card.
$0
11.99% to 17.99% variable
0% intro for the first 12 months (then 11.99% to 17.99% variable)
Earn 5x points on gas at the pump and 3x points on groceries. Earn 1x points on all other purchases.
$0
12.99% to 17.99% variable
0% intro for the first 12 months (then 12.99% to 17.99% variable)
25,000 bonus points when you spend $2,500 in the first 90 days from account opening.

Compare up to 4 providers

Best low interest credit cards

You’ll typically find the lowest interest rates with credit unions. With major credit card providers, you’ll likely receive a purchase and balance transfer APR of at least 14% — potentially much higher.

The following cards are market-leading choices for a low APR.

Best for lowest fixed interest rate (range of APRs): UNIFY Financial Federal Credit Union Fixed Rate Visa® Credit Card

You’ll find a range of ongoing interest rates with this card. But if you have excellent credit, you could score an ongoing APR on all balances as low as 9.49% fixed. Your APR won’t fluctuate based on the prime rate.

Best for lowest fixed interest rate (one APR): Cencap Federal Credit Union Visa credit card

While this card doesn’t offer the lowest APR on the market, it does have a big advantage. You don’t have to wonder what interest rate you’ll receive; you’ll get a low, 9.9% fixed APR on purchases and balance transfers.

Best for lowest variable interest rate (range of APRs): UNIFY Financial Credit Union Variable-Rate Visa® Credit Card

With stellar credit, you might shoot for an even lower interest rate. UNIFY Financial Credit Union offers a card with an APR as low as 8.74% variable on all balances.

Best fair-credit card with low APR: DCU Visa® Platinum Secured Credit Card

Even if you need a secured card to rebuild your credit, you don’t have to pay an exorbitant interest rate. The DCU Visa® Platinum Secured Credit Card is a no-annual-fee option that offers a 13.75% variable APR on all balances.

Best for 0% intro APR and low ongoing APR: HSBC Gold Mastercard® credit card

The HSBC Gold Mastercard® credit card offers a superb intro APR. Though a few cards offer a comparable deal, HSBC’s product may give you the best ongoing interest rate: as low as 13.24% APR variable on purchases and balance transfers.

Methodology

To select our best picks, we compared credit cards on the market with low interest rates. We narrowed our winners to cards with standout APRs.

  • Best for lowest fixed interest rate (range of APRs).
    This was the card with the lowest potential fixed APR on purchases and balance transfers among the products we evaluated.
  • Best for lowest fixed interest rate (one APR).
    This was the card with the lowest fixed APR on purchases and balance transfers among the products we evaluated.
  • Best for lowest variable interest rate.
    This was the card with the lowest potential variable APR on purchases and balance transfers among the products we evaluated.
  • Best fair-credit card with low APR.
    We looked for a widely available secured card with a lower-than-average purchase and balance transfer APR. While we found an option with a lower interest rate, it has an annual fee. We consider DCU’s card to be superior because it doesn’t have an annual fee. This represents significant savings, especially when a consumer’s secured-card credit limit is typically around $200 to $300.
  • Best for 0% intro APR.
    A few cards offer 0% intro APR for 18 months. However, we chose HSBC’s product because it offered the lowest potential ongoing APR on purchases and balance transfers among the cards we evaluated.

How we selected our top cards

To select our best picks, we compared credit cards on the market with low interest rates. Then we narrowed our winners to cards with the best APRs.

What’s changed in 2019

A credit card with a low APR regardless of your credit score doesn’t come out often. This year, we kept the same credit cards as they still stand out from the competition.

What is a low interest rate?

As of this writing, the average credit card APR is around 17%. If you have average credit, it’s not uncommon to receive an APR several points higher than this.

If you have good or excellent credit, however, you might be able to get a below-average interest rate. The lower the APR, the higher the credit score you may need. APRs tend to bottom out at around 7% to 8%.

How to choose a low-interest credit card

  • Check your credit score.
    Once you know your credit score, you’ll have a better understanding of the range of APRs you might receive. While nothing is guaranteed, you should generally seek a lower-than-average interest rate only if you have at least a good credit score.If a card has a wide range of possible APRs, you’ll typically have a better shot at the lowest interest rate if you have an excellent credit score (720+).
  • Compare low-interest credit cards.
    Consider whether you want a 0% intro APR. If you don’t want one, look for a card that offers a low normal purchase and balance transfer APR.Low-APR cards tend not to offer many bells and whistles. However, you can tiebreak between similar cards by comparing annual, balance transfer, foreign transaction and late fees.
  • Apply for your chosen card.
    Many low-interest cards are issued by credit unions, which may limit membership. Check if you’re eligible to apply for the card you’ve chosen.If you’re eligible, apply with details like your contact details, Social Security number, gross annual income and employment details.
  • Wait to hear back.
    In some cases, you may receive an immediate decision. If the card issuer needs to review your application, you may need to wait a few days to a few weeks.If you’re approved, you’ll typically see your card in the mail within 7 to 10 days.

Bottom line

To get a low interest rate, you’ll typically need a good or excellent credit score. Look into credit-union cards, which may offer competitive rates.

If you need more options, check out our guide to the best credit cards.

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