Updated January 7, 2016

How to Get a Credit Card with Low Interest Rate

If you plan on carrying a balance on your credit card from one month to the next, your best bet is a card with a low interest rate. It will help minimize the interest you pay and free up your funds. But which one should you choose? Compare introductory annual percentage rates (APRs), regular APRs, and annual fees to determine the right card for you.

Tip: If you consistently pay your balance in full each month, you should look at a rewards credit card instead. That way, you can earn cash back, free travel, or other perks.

What to Look For in a Low APR Card

There are a couple of things to consider:

  • An introductory period. Many credit cards offer a 0% introductory APR period, where there is no interest for new purchases or balance transfers during the promotional period. This is great if you have some large purchases coming up or if you have existing credit card debt This gives you time to pay off your balance interest-free.

  • Low ongoing APR. If you usually do not pay off your credit card bill in full each month, look for a card with a low ongoing APR. This will help minimize the amount of interest you pay in the long run.

What Credit Score Do You Need

Usually, you need a good to excellent credit score to qualify for low interest credit cards. This usually means a credit score of around 680 and higher. Though some cards have approved people with scores in the lower 600s. For the lowest interest rates, you usually need excellent credit.

Low Interest

Infographics: The Power of the Extra Dollar

Credit Card Debt Statistics

Nobody wants to pay more than they have to. But paying even just an extra dollar on all your long-term loans or credit card bills can save you money in the long run.

Average Credit Card Debt

The average credit card debt in America is $6,028 per person. We dive deeper into the facts behind this number. Read on to see how you compare.

About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.