Best Low Interest Credit Cards of 2012

Low interest credit cards are a unique breed when compared to other types of credit cards. Rather than offer a rewards program or bonus for signing up, they simply reduce the amount of interest you’ll pay on a monthly basis. While most Americans would love to pay their balances in full and avoid paying interest charges, that’s simply not the case and in the long-run, you’ll find that low interest credit cards save you more than any other type of credit card.

The best low interest credit cards aren’t as strong as they used to be. When the Credit Card Act of 2008 went into effect, many issuers scrambled to keep their profits up and one of the ways they’ve done that is by increasing the interest rates on credit cards. However, if you dig deep enough, you’ll still find a decent amount of credit cards offering a lower interest rate than the rest.

PT’s Pick for Best Low Interest Credit Card

Penfed Promise Visa Card Medium PenFed Promise Visa Card – The best card on our list resides with the PenFed Promise Visa Card as it provides cardholders a very low intro APR of 7.49% during the first 36 months of card ownership. After that, the PenFed Promise Visa Card still maintains a very low 9.99% purchase APR. You won’t find a rewards program with this particular credit card and PenFed requires a direct or indirect relation with the Military or American Red Cross in order to be approved. If you don’t qualify, you can make a small $20 donation to become a PenFed Credit Union member (one time donation) and the Pen Fed Promise Visa Card does not have an annual fee.

Chase Freedom Visa - $200 Cash Back Big Chase Freedom® Visa – $100 Bonus Cash Back- The card with the best rewards program on our list today, the Chase Freedom Visa – $100 Bonus Cash Back offers cardholders a purchase APR of 11.99% – 22.99% variable, based on the consumers credit history. As the card name indicates, $100 cash back is earned when you spend at least $500 in the first three months of card ownership and the Chase Freedom Visa – $100 Bonus Cash Back includes 1% cash back on all purchases. A 0% intro APR on balance transfers for 12 months and on purchases for six months is included and 5% cash back can be earned on rotating categories each and every year. This card does not carry an annual fee.

Citi Platinum Select Mastercard Big Citi® Platinum Select® MasterCard® – The Citi Platinum Select MasterCard is ideal for consumers with a credit card balance elsewhere as a 0% intro APR for 18 months on balance transfers* is provided with this offer. The balance transfer fee is a low 3% ($5 minimum) meaning the money you can save on interest is enormous. Also included is a 0% intro APR on purchases for 18 months and after that, the purchase APR is 11.99% – 21.99%* variable, based on credit history. The Citi Platinum Select MasterCard lacks two things, one good and one bad. First, there is no rewards program included (although discounts on certain online purchases are available) but second, you won’t find an annual fee.

Discover More Card Big Discover® More® Card – The second large bonus opportunity on our list, the Discover More Card includes a variable APR of 10.99% – 20.99%* and an intro APR of 0% on balance transfers for 15 months and on purchases for 15 months. The balance transfer fee is 3%. 0.25% cash back is earned on the Discover More Card for the first $3,000 in purchases each year and 1% cash back is earned after that. 5% cash back categories are offered throughout the year and the Discover More Card has no annual fee.

Chase Sapphire Card Big Chase Sapphire® Card – A 15.24% variable* APR is offered with the Chase Sapphire and 25,000 bonus points are earned after making $3,000 in purchases during the first three months. Those 25,000 points can be redeemed for $250 in travel or cash back and one rewards point is earned on every dollar spent thereafter. The Chase Sapphire Card also offers cardholders 24/7 live customer service, meaning the phone number you are given is answered by a live representative each and every time. Finally, the Chase Sapphire Card carries NO annual fee.

Simmons First Visa Platinum Big Simmons First Visa® Platinum – You may never have head of Simmons First before but the Simmons First Visa Platinum actually carries the lowest purchase APR on our list and it’s not even close. All cardholders will receive a 7.25% APR and that includes to teaser or intro rates. The Simmons First Visa Platinum doesn’t sport a bonus offer or rewards program but with such a low APR, it doesn’t have to. Last but not least this card carries no annual fee, so it’s free to apply and be approved.

Slate from Chase Visa Slate℠ from Chase - You won’t find a lot of discussion on the Slate from Chase but this card includes a respectable purchase APR of 11.99 – 21.99% variable*, depending on your credit history. Also dependent on your credit history is the intro APR offer. Excellent and good credit applications will receive a 0% intro APR on balance transfers AND purchases for 15 months while applicants with average credit history will receive a 0% into APR on balance transfers only, for six months. The Chase Slate includes Blueprint, a feature that allows you to pay certain purchases off completely, while leaving others untouched and the Slate from Chase carries no annual fee.