7 Best Low Interest Credit Cards in 2020

When you’re in the habit of paying your monthly credit card balances in full, it might be tempting to ignore the APR on your favorite credit cards and think, why bother? best low interest credit cards

If, however, you occasionally leave a portion of your balance unpaid or intentionally use your credit card to pay for purchases over time, the APR may be the most important criteria to use when shopping for a credit card.

It’s important to seek out the lowest interest credit cards when possible.

Even if you’re diligent about paying your card off every month, it’s a good idea to familiarize yourself with your card’s APR, too. If an unexpected circumstance arises one day and you wind up carrying a credit card balance, you’ll need to know what you’re in for.

What is a Good Interest Rate on a Credit Card?

Credit cards are one of the most costly form of debt. While borrowers with good credit can find personal loans with interest rates around 8 to 9% and mortgage rates as low as 3 to 4%, credit card interest rates continue to stay in the double digits.

There’s been some talk of federal regulation to cap credit card APR at 15%; but until that day comes, it’s best to shop around.

A good interest rate on some of the best credit cards is somewhere in the ballpark of between 12 to 14% APR in the U.S. In some cases, you can find credit cards with interest rates of 10% or slightly lower at local credit unions, but these offers are rarely advertised nationally. In addition, such very low interest credit cards may not offer any kind of rewards program.

In either case, whether you qualify for an APR this low will all depend on your credit score. When shopping for credit cards, you’ll often see a range of APRs listed (for example, between 11.99% and 21.99%). What gives? Well, the bank offers the lowest rate to only the most creditworthy customers. Not surprisingly, many customers will end up with an APR toward the middle or higher end of that range.

What Are The Best Low Interest Credit Cards?

So, without further delay, here are the seven best low-interest credit cards that are currently on the market.

We’ve included the other bonuses and rewards that come with each to help you build your pros and cons lists. Let’s have a look:

Chase Freedom

Chase Freedom Credit Card
  • Intro APR: 0% Introductory APR on Purchases and Balance Transfers in the first 15 months with a 3% balance transfer fee
  • Normal APR: 16.49% – 25.24% variable APR
  • Credit Score Needed: Good to Excellent
  • Welcome Bonus: $150 cash bonus after spending $500 on purchases in your first three months
  • Rewards Rate: Earn 1% cash back on all purchases, plus 5% cash back on up to $1,500 in combined purchases in quarterly bonus categories
  • Annual Fee: $0 

Capital One® Quicksilver® Cash Rewards

Capital One Quicksilver Credit Card
  • Intro APR: 0% on Purchases and Balance Transfers for 15 months
  • Normal APR: 15.74% – 25.74% variable APR
  • Credit Score Needed: Good to Excellent
  • Welcome Bonus: $150 cash bonus after spending $500 on purchases within three months
  • Rewards Rate: Flat-rate 1.5% cash back on all purchases
  • Annual Fee: $0 

Citi Double Cash Card

citi double cash card
  • Intro APR: 0% on Balance Transfers for the first 18 months
  • Normal APR: 15.49% – 25.49% variable APR
  • Credit Score Needed: Good to Excellent
  • Welcome Bonus: None
  • Rewards Rate: 1% cash back on every purchase and an additional 1% when you pay them off
  • Annual Fee: $0

HSBC Gold Mastercard 

hsbc gold mastercard credit card
  • Intro APR: 0% Introductory APR on purchases and balance transfers for the first 18 months
  • Normal APR: 12.74% – 20.74% variable APR
  • Credit Score Needed: Good to Excellent
  • Welcome Bonus: None
  • Rewards Rate: None
  • Annual Fee: $0 

Discover It Balance Transfer Credit Card

  • discover it low interest credit cardIntro APR: 0% on Purchases for the first 6 months and 0% on Balance Transfers for the first 18 months
  • Normal APR: 13.49% – 24.49% variable APR
  • Credit Score Needed: Good to Excellent
  • Welcome Bonus: Automatic match for all the cash back you’ve earned at the end of your first 12 months, with no limit
  • Rewards Rate: 5% cash-back rewards up to $1,500 in spending on rotating bonus categories, plus 1% back on all other spending
  • Annual Fee: $0 

ABOC Platinum Rewards Mastercard®

ABOC Platinum MasterCard
  • Intro APR: 0% Intro APR on purchases and balance transfers for the first 12 months
  • Normal APR: 14.40% to 24.40% variable APR
  • Credit Score Needed: Good to Excellent
  • Welcome Bonus: $150 statement credit after you spend $1,200 on purchases within your first 3 months 
  • Rewards Rate: 1X rewards on spending
  • Annual Fee: $0 

Citi Simplicity Card 

citibusiness aadvantage platinum select world mastercard
  • Intro APR:  0% Intro APR for 21 months on balance transfers and 12 months on purchases 
  • Normal APR: 16.24% – 26.24% variable APR
  • Credit Score Needed: Good to Excellent
  • Welcome Bonus: None 
  • Rewards Rate: None
  • Annual Fee: $0

How can I get a credit card with low interest?

There are a few options to get a credit card with a low interest rate.

Apply for a Credit Card with a 0% Intro APR

The first thing to do is to apply for a credit card with a 0% introductory APR. Many cards offer an introductory interest period for the first 12-21 months from account opening.

After the intro period, your APR will rise to its normal variable rate, usually between 14-27%, depending on your score.

Apply for a New Low Interest Credit Card

The last way is to shop for a credit card with a low interest rate that we have already provided you with here.

For all three of these strategies, the best way to improve your odds of success is to protect your good credit score. To do this, be sure to make every payment on time and keep your credit utilization low.

Can you negotiate your credit card APR?

If you are not interested in signing up for a 0% Intro APR credit card and simply want to lower your current interest rate, you can often negotiate your APR with your credit card company.

To do this, you’ll want to know your existing APR ahead of time, the total amount of your balances, as well as the total amount you’ve paid on interest in the last year.

Be prepared to explain why you deserve it and have a copy of your most recent credit report nearby to back up your assertion. Tell the customer service representative that you speak to what your goals are, and be able to articulate how a lowered APR will help you get to your next step in the path to financial freedom.

You never know what you can get until you ask, and if you don’t call your credit card company now, you might be leaving money on the table, especially if you have a balance.

At the end of the day, if your credit card company isn’t willing to give in, the last and final trick to taking advantage of a low APR is by relying on a balance transfer credit card.

Most of our favorite balance transfer credit cards require at least fair to good credit. So if your score is in the mid 600s, it’s always worth checking for pre-approval on the credit card company’s website or by using a service like Credit Karma to assess your approval odds.

Remember – as with any strategy, when part of a well-considered financial plan, credit card debt does not have to be devastating. Finding a low interest credit card is a way of using other people’s money for little to no cost, all while propelling your life.

David Weliver

David Weliver

David Weliver is the Credit Cards Editor at Millennial Money. He is the Founder of Money Under 30 and is widely regarded as one of the top credit card rewards experts in the world. David has been writing about personal finance and credit cards since 2006 and been featured in The New York Times, NPR, USA Today, Forbes, and many others.
David Weliver

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Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

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