Best Low-Interest Credit Cards: Find the Lowest Rates for 2023
A low-interest credit card can save you money on interest charges, especially if you carry a balance. But finding the best low-interest credit card for your needs can be a challenge.
We’ve put together a list of the best low-interest credit cards for 2023, based on APR, fees and other factors.
What are the best low-interest credit cards?
- Discover it® Balance Transfer: Discover’s Balance Transfer card has a 0% introductory APR for 18 months on balance transfers. It’s a good choice for those who need to consolidate debt.
- Chase Slate: Chase Slate offers a 0% intro APR for 15 months on purchases and balance transfers. It’s a good option if you need to make a large purchase or pay down a balance.
- Citi Simplicity®: Citi Simplicity is a card with no annual fee and a 0% intro APR for 18 months on balance transfers. It’s a good choice for those who want to keep their costs down.
- Wells Fargo Reflect® Card: Wells Fargo Reflect offers a 0% intro APR for 21 months on purchases and balance transfers. It’s a good option if you need a longer introductory period.
- US Bank Visa® Platinum Card: US Bank Visa Platinum Card offers a 0% intro APR for 15 months on purchases and balance transfers. It’s a good option if you need a balance transfer card with a longer introductory period.
How to choose a low-interest credit card
Here are some factors to consider when choosing a low-interest credit card:
- APR: The APR is the annual percentage rate, which is the interest rate you’ll pay on your balance. The lower the APR, the less interest you’ll pay over time.
- Introductory APR: Many credit cards offer an introductory APR for a limited time. This can be a great way to save money on interest, but make sure you understand the terms and conditions before you apply.
- Fees: Some credit cards charge annual fees, balance transfer fees, or other fees. Make sure you understand all of the fees associated with a card before you apply.
- Credit limit: The credit limit is the maximum amount of credit you’re approved for. A higher credit limit can be helpful if you need to make a large purchase, but it’s important to be responsible with your credit.
- Rewards: Some low-interest credit cards offer rewards, such as cash back or points. While rewards aren’t as common on low-interest cards, it’s worth looking for a card that offers some type of reward.
Tips for getting the best low-interest credit card
Here are some tips for getting the best low-interest credit card:
- Shop around: Compare APRs and fees from multiple lenders before you apply for a card.
- Check your credit score: Your credit score is a major factor in determining the APR you’ll qualify for. Check your credit score before you apply for a card so you can know what to expect.
- Consider a balance transfer card: Balance transfer cards offer a 0% introductory APR on balance transfers, which can be a great way to save money on interest if you have high-interest debt.
- Read the fine print: Make sure you understand all of the terms and conditions of a credit card before you apply. Pay attention to the APR, fees, and other factors.
What to do if you have a low credit score
If you have a low credit score, you may have a harder time getting approved for a low-interest credit card. Here are some tips:
- Build your credit: There are a few things you can do to build your credit score, such as paying your bills on time, keeping your credit utilization low, and applying for new credit responsibly.
- Consider a secured credit card: A secured credit card requires you to put down a security deposit, which is used to cover your balance if you default. Secured credit cards can be a good way to build credit if you have a low credit score.
- Apply for a card with a lower credit limit: A lower credit limit can make it easier to get approved for a card.
Conclusion
Choosing the right low-interest credit card can save you a lot of money on interest charges. By comparing rates, fees, and other factors, you can find the best card for your needs.
