The Best Low Interest Rate Credit Cards
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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 (also known as the Schumer 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 is determined in part by the Federal Government. The variable interest rates quoted by the credit card issuers will rise when the Prime Rate does.
The Lowest APR Cards on the Market
These cards currently have the lowest interest rates.
BankAmericard® credit card
The BankAmericard® credit card offers 0% Introductory APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.74% - 25.74% Variable APR will apply. A 3% fee applies to all balance transfers. It's great for people who want a low-interest card in case they have to carry a balance from time to time. There is no annual fee.
Click here to learn more and apply for the BankAmericard® credit card today!
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Tagged: Credit Cards, Debt Management, best credit cards, credit card balance transfers, credit card interest rates, lower interest rate
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.
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?
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.
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.
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.