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Best Low-interest Credit Cards
A low-interest credit card includes the following: introductory 0% APR for at least a year, a $0 annual fee, and a low APR after the intro period expires. But the best offers also come with many additional features - generous welcome offers, lucrative rewards programs, and high-level security measures.
Best Low-interest Credit Cards of November 2024
CitiⓇ Diamond PreferredⓇ Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
CitiⓇ Diamond PreferredⓇ Card
- The intro APR is 0% for 18 months, both for purchases and balance transfers.
- Using this card brings you a lot of discounts on tickets purchased through the Citi website.
- Identity theft protection services are included if you obtain this card.
Discover itⓇ Miles
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Discover itⓇ Miles
- Discover itⓇ Miles card does not come with any annual fees whatsoever, freeing up your overall budget.
- Consumers with excellent credit scores can get an APR as low as 11.99% - nearly unmatched by other cards.
- The ultra-generous welcome offer doubles the extra miles you’ve accumulated at the end of the first year.
Discover itⓇ Cash Back
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Discover itⓇ Cash Back
- The APR range of 11.99% - 22.99% is fairly low, providing you with comfortable rates even if you don’t have an excellent credit score
- Cash back rewards go up to 5% for some purchases
- The fact that there’s no annual fee further increases the appeal of this card
Bank of AmericaⓇ Cash Rewards credit card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Bank of AmericaⓇ Cash Rewards credit card
- The welcome bonus rewards you with $200 if you spend $1,000 in the first 90 days - easily achievable.
- 1-3% cash back rewards for various purchases save you a hefty sum of money in the long run.
- The preferred reward system increases cash back rewards by 25% - 75%.
Top Cards With Low Interest Rates in 2024:
- Citi Diamond Preferred Card - Best for a credit score above 720
- Discover it Miles - Best if you want top-grade security options
- Discover it Cash Back - Best for a cashback match bonus
- Bank of America Cash Rewards - Best if you're looking for a generous welcome bonus
Our Method for Evaluating Low-interest Credit Cards
Credit cards with low interest rates are reserved for clients who have excellent credit scores and no open debts or outstanding balances. However, these consumers face a fiercely competitive market, as there’s no reputable bank without a take on the low-interest credit card. In fact, the options and perks are so overwhelming that you would be hard-pressed to choose just one.
For instance, some banks offer cards with extremely low APR and an extended 0% intro period, but their rewards programs are limited. Others have great bonus programs, but their APR benefits are lackluster.
There’s a checklist to go through: Introductory APR offers should apply to both purchases and bank transfers for as long as possible. Does the bank charge high transfer fees, and can you look forward to a rewards scheme? If the offer is rounded off with efficient customer support and high-grade security measures, you just may have found the one.
Listed below are the critical factors that differentiate run-of-the-mill credit cards with low interest rates from the true industry leaders.
APR and Fees
APR and fees are the cornerstones of any credit card offer, and therefore the first things you should evaluate. A 0% intro offer is practically a given, and the interest rates should be low - as the name suggests - even after that expires.
The best cards usually have welcome APR offers that apply to both purchases and balance transfers. The average intro period lasts for 14 months, but some banks are more generous than others and extend it to 18 months, even.
We put the threshold for the minimum post-grace-period APR at 14% or less. Of course, the APR can go as high as 24% - too high if you are looking for this type of card. Your creditworthiness is the main factor when calculating these rates, but you should still look for the lowest ones in your range.
Transaction fees for purchases and cash advances, additional charges, and late payment penalties are all part of the deal.
Though usually not too exorbitant, these can stack up over time, so factor them into your decision. Thankfully, most come with a $0 annual fee, so you can probably put that out of your mind.
Rewards and Bonuses
On top of long intro periods, low standard APR, and no annual fee, the best cards come with welcome bonuses and lucrative rewards.
The cards from our list include various promotions for new users. Some of them offer a bonus amount you can claim after spending a certain amount of money.
Others match your spending with miles or points, and some even double them at the end of your first year as a cardholder.
Low-interest-rate credit cards also come with lucrative redemption options. Depending on your spending habits, some rewards might suit you better than others, so we made sure to provide you with a diverse assortment to choose from.
Security Features
The lowest interest rate offers are usually reserved for clients with the best credit scores, and banks go to great lengths to make them feel safe. Industry-leading security features for protecting your personal information and transactions are par for the course.
Most of these cards have $0 fraud liability to protect you from any unauthorized charges, as well as additional identity theft tools and instant replacements for lost cards.
Additional Features
The next factor we considered was the extra benefits you get as a cardholder. A mobile app for iPhone or Android is a nice touch because it grants you access to your account at any time you want. Free overnight shipping and the option to schedule alarms for your payment dates are also lovely additions.
Credit Score Requirements
You would be wise to check your credit score to see if you meet the credit card criteria before applying if you want to have lower interest rates on a credit card. The lower threshold is usually somewhere around 690 or higher.
Customer Support
Considering how vital constant availability is for quality customer support when a card problem occurs, we evaluated our candidates based on their working hours. Aside from 24/7 service, we also considered the speed and demeanor of the bank representatives.
Detailed Reviews of Credit Card Companies with Low Interest Rates
Citi Inc. is a New York-based multinational banking company that had over 74 billion in revenue in 2019. Naturally, it has a card for every pocket depth, and for customers with excellent credit scores, it created the Diamond PreferredⓇ Card.
This card is provided by Mastercard, so you can be sure everything is above board, even if you haven’t worked with Citi before.
APR and Fees
The CitiⓇ Diamond PreferredⓇ Card bestows its benefits upon consumers who have an excellent credit score, from 720 points upward. The introductory period with this card lasts for 18 months - several billing cycles above the industry standard. You’ll have a 0% APR on both new purchases and card balance transfers during this time.
After the intro APR period expires, your rate switches to its regular value, anywhere between 14.74% - 24.74%, depending on your creditworthiness. Cash advances will carry 25.24% APR, also.
CitiⓇ Diamond PreferredⓇ charges a balance transfer fee for each transaction, and it will be the greater of 3% of the amount or $5. It’s similar for cash advances, except the share goes up to 5% or $10. On the bright side, with CitiⓇ Diamond PreferredⓇ, you won’t be paying an annual fee.
Rewards and Redemption
Although it saves you a lot of money on an annual level, the CitiⓇ Diamond PreferredⓇ Card falls short in reward terms. There is no welcome bonus and you can’t count on a cashback program, either. If these benefits are essential to your opinion of a credit card, other cards from our list will probably suit you better.
However, with this card, you’ll get access to the Citi Entertainment platform: It features discounted tickets for various events - concerts, sports games, etc., all packed together on an easy-to-use website.
Additional Benefits
The security program protecting your data and, more importantly, your money is an essential benefit with any card. Luckily, this credit card offers you identity theft and unauthorized access protection. Rest assured that if there’s a transaction made without your knowledge, you won’t be responsible for it.
Customer Support
The CitiⓇ Diamond PreferredⓇ Card has marvelous customer service. According to numerous client reviews found on Citi’s website, the representatives manning the phones 24/7 are both fast and knowledgeable.
Reasons to choose the CitiⓇ Diamond PreferredⓇ Card
The main reason is the extended 0% APR intro period, a benefit boosted by some excellent security features and round-the-clock customer support.
Reasons to avoid the CitiⓇ Diamond PreferredⓇ Card
Citi Diamond Preferred is not a good option for those looking for rewards. Aside from poor redemption options, the regular APR rates can become quite costly after the intro period expires.
Reasons to Apply:
- 18-month zero interest credit card
- $0 annual fee
- Citi Entertainment platform
Discover itⓇ Miles is a part of the Discover Card brand, founded by Sears.
APR and Fees
The card has an introductory APR rate - 0% on purchases and 10.99% on balance transfers for 14 months. After that, you can qualify for APR ranging between 11.99% and 22.99%.
If you have an excellent credit score and a good credit history, you can expect a lower rate.
The bad news is that it doesn’t apply to cash advances: With Discover it Miles, you’ll have a cash advance APR of 24.99%.
For each purchase, the balance transfer fee is 3%, while the cash advance fee will be 5% or $10, depending on what is greater. After this date, the balance transfer fee will rise to 5%.
Luckily, DiscoverⓇ Miles doesn’t charge any annual fees, and you won’t be penalized the first time you make a late payment.
Rewards and Redemption
For every dollar spent on purchases, Discover itⓇ Miles rewards you with 1.5 points. You can earn unlimited miles and redeem them at any time you want, without an expiration date looming.
The welcome bonus is even more generous, as it entails automatically doubling your bonus miles at the end of the first year or after 12 consecutive billing periods, with no cap. In other words, if you collect 20,000 miles, you’ll have 40,000 miles at the end of your first year as a cardholder.
If you’re not much of a voyager, you can redeem your miles for cash, use them for shopping on Amazon, or pay for something via PayPal.
Additional Benefits
Discover itⓇ Miles credit card users will enjoy lots of additional benefits. For instance, you’ll find the calculator on the website that helps you find out how many miles you can get for one year, with and without the Discover Match offer.
There’s also a mobile app for Android and iPhone that you can easily download to manage your account at any time you want.
Customer Support
High-quality credit card companies usually come with excellent customer service. Discover itⓇ Miles is no exception.
Reasons to choose Discover itⓇ Miles
If you want a card with lots of redemption options, you will like Discover itⓇ Miles. To protect your hard-earned reward points, it comes with top-level security and protection features that you will not find at any other bank.
The bank support team checks if your personal details appear on the dark web, and there’s a $0 fraud liability for unauthorized card activities. Moreover, if your card is stolen, you can activate the Freeze It option and prevent any further transactions.
Reasons to avoid Discover itⓇ Miles
Compared to other credit cards, the dollar-to-mile matching for this card isn’t as high as it could be. You will earn 1.5 miles for each dollar you spend, but with some other options, you can earn up to 3.
Reasons to Apply:
- Long 0% intro APR for purchases
- Good for travelers
- No expiration date on rewards
Discover itⓇ Cash Back is another financial product from the large Discover group. Like its Miles counterpart, this is a low-interest credit card that includes an introductory period of 0% APR on all purchases.
APR and Fees
For the first 14 months of being a cardholder, you’ll enjoy a 0% APR on every purchase and all balance transfers. Depending on your score, the standard APR can be as low as 11.99% and rise only to 22.99%.
Basically, the already low starting APR is complemented by a perfectly reasonable maximum APR. The cash advance APR is 24.99%.
As for the rest of the fees, there’s a 3% intro balance transfer fee. And every cash advance carries the greater of 5% of the amount or $10 in fees.
The first late payment doesn’t incur any penalties. However, don’t overdo it on this front, as every late payment after that will cost you up to $40 on top of your outstanding balance.
Rewards and Redemption
Tempting cashback promotions are truly what makes the Discover itⓇ Cash Back card shine, more than even its $0 annual fee. Once your card application is approved, you’ll be rewarded with the Cash Back dollar-for-dollar match bonus.
This credit card will give you an extra 100% cash back on everything you already earned through its cashback scheme during your first year.
Speaking of earning money back, you can get 5% quarterly cash back on funds spent in restaurants, stores, gas stations, etc., with a $1,500 cap every quarter. There’s also the option to earn 1% back instantly on any purchase you make.
Discover itⓇ Cash Back offers several options for redeeming your rewards. You can redeem the extra money any time you want by making deposits to your account, spending your cashback on Amazon or PayPal, or using it as a statement credit.
Additional Benefits
The Discover itⓇ Cash Back card is secured with industry-standard measures. Moreover, this card comes with several additional protective features: Share your Social Security number with the bank, and you’ll be notified if your personal details appear on the dark web.
With a powerful mobile app, you can freeze your card at any time in case you lose it. You’ll also get $0 liability on unauthorized purchases.
Customer Support
Discover itⓇ Cash Back users will get to enjoy excellent customer service, with operators available 24/7 via phone call. If you lose your card, the bank offers free overnight shipping to get your new credit card to you as soon as possible.
Reasons to choose Discover itⓇ Cash Back
This card is without a doubt an excellent opportunity to make some savings with its cashback program, especially with the bonus match offer to back it up.
Reasons to avoid Discover itⓇ Cash Back
The card isn’t a great fit for travelers, as none of its rewards can be redeemed for air miles.
Reasons to Apply:
- Long intro period
- Double cash back at the end of the first year
- Efficient customer support
The Bank of AmericaⓇ Cash Rewards credit card comes with a $200 cashback bonus and generous preferred rewards for loyal members.
APR and Fees
The first thing we looked into for this credit card is its intro APR. Bank of AmericaⓇ Cash Rewards has a short welcome period: You’ll have a 0% APR on new purchases and balance transfers for the first 12 billing cycles.
After that expires, the bank will calculate the standard APR based on your credit score. If it’s good or excellent, your credit card will have low interest, on the bottom end of its 13.99% to 23.99% range.
Bank of AmericaⓇ Cash Rewards doesn’t have an annual fee. It does have a 3% or $10 - whichever is greater - fee on every cash advance or transfer. Purchases will carry the greater between a 5% share or $10. There’s also a 3% foreign transaction fee.
Rewards and Redemption
A particularly likable feature of this card is its generous welcome bonus. As soon as you get a card, you qualify for a bonus of $200. To get it, you just need to spend $1,000 in the first 90 days.
On top of the welcome bonus, this card offers an exciting reward program. You will get 3% cashback every time you make a purchase in the spending categories of your choice - travel, drugstores, inventory purchasing, online shopping, gas stations, dining, and more.
Next, you’ll get 2% cashback each time you make purchases at grocery stores and wholesalers clubs. Finally, 1% cash back awaits after all other purchases you make. Remember that 3% and 2% cashback apply only for the first $2,500 in the first quarter.
This Bank of America card also has an additional reward program: If you qualify for preferred rewards, you can earn between 25%-75% more cashback from every purchase you make.
Additional Benefits
You can check your account at any time you want, track your credit score, or pay your bills thanks to its excellent online and mobile banking options. You can also set reminders so as not to miss any due payment dates. Bank of AmericaⓇ Cash Rewards is a contactless credit card, meaning you can pay your bills faster.
This card also comes with an excellent protection program and plenty of educational material on protecting yourself from identity theft. The card offers a wide range of security measures that you can employ if you lose your credit card.
Customer Support
Fast and polite operators will handle your concerns, and you’ll find an extensive FAQ section with thorough explanations on how to get the maximum from this Bank of America card.
Reasons to choose Bank of AmericaⓇ Cash Rewards
The Bank of AmericaⓇ Cash Rewards credit card is a great option for those looking for no annual fees and a generous welcome bonus. The preferred rewards program is another good reason to apply for this card.
Reasons to avoid Bank of AmericaⓇ Cash Rewards
The card offer includes an intro APR of only 12 billing cycles. Compared to other cards on our list, this period is significantly shorter than the average.
Reasons to Apply:
- Preferred rewards program
- Cashback rewards on various purchases
- Informative website
How to Get a Card With a Low Interest Rate?
In a nutshell, your creditworthiness determines whether you’ll get a low interest rate or not. It means that the bank checks your credit score, your income, and your debts. Based on these parameters, the bank calculates rates.
If you don’t have any open debts and don’t carry a balance on your credit card, you are indeed a good candidate for a lower interest rate on credit cards. As a rule, your credit score shouldn’t be less than 690, and the higher it is, the better your chances of qualifying for the most affordable rates.
Almost every card offers a relatively long intro period during which you won’t pay APR on your purchases or balance transfers. After that, the card’s standard APR applies, and it varies between banks. Make sure to know what you’re getting yourself into before applying for a card.
For example, some banks offer longer than average APR grace periods on both purchases and balance transfers, with $0 annual fees and a tempting welcome bonus, but your regular APR might be quite high.
On the other hand, the lowest regular APR credit cards sometimes have a really short intro period. Before choosing what you think is the right option, consider how you will use the credit card.
Maybe you need to pay off a debt, and a credit card with a low interest rate for a limited period suits you just fine? In that case, a 0% APR intro is a better option than cards with a low standard APR. However, the latter is better if you plan on using it even after the intro period.
FAQ
What is considered a low-interest credit card?
A low-interest credit card usually has a 0% APR intro period for either purchases or balance transfers, or both. With the best cards, your intro APR can last up to 18 months.
Low-interest cards also come with an average regular APR lower than 14%.
How can I get a credit card with low interest?
To get a card, you need to check your FICO first. The minimum credit score that you need to have to obtain a low interest rate card is 690. Of course, the better your credit score is, the lower your rate will be.