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
Capital One® VentureOne℠ Rewards Credit Card – While Capital One isn’t known for their low interest rates, the Capital One VentureOne Rewards Credit Card sports a very respectable 11.9%–19.9% variable APR. In addition, the rewards program is top notch as 1.25 miles are earned on every dollar spent and all Capital One credit cards are foreign transaction fee free, meaning any international purchases can be made without fees being attached. Included in this offer is a 0% intro APR on purchases until June 2014 and the Capital One VentureOne Rewards Credit Card has no annual fee.
Citi Simplicity® Visa Card – The Citi Simplicity Visa Card 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 12.99% – 21.99%* variable, based on credit history. The Citi Simplicity Visa Card 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, late fees or over limit fees.
Simmons First VISA Platinum Credit Card – 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.
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