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Low Interest

Low Interest Credit Cards

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How to Get Low Interest Rate Credit Card

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.

However, 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.

Featured Offer

Barclaycard Ring The featured credit card with a low interest rate is the Barclaycard Ring MasterCard.

With a low variable APR of just 8%, this card is suited for people who tend to carry a balance month to month. While credit card users should try to pay off their balance, this card acknowledges that isn't always possible. For long-term debt holders, the Barclaycard Ring is the low-interest card to consider.

A Creative Premise with an Unclear Payback

Working against the Barclaycard Ring is the fact it doesn't have a conventional rewards program. But it does offer a potential that some users may like. Barclaycard tells users that they can earn money through its Giveback profit-sharing feature. The feature is not based on actual profits of the program but on a calculation (available at Barclaycard Ring’s website) that determines the “profit share.” The Giveback program is an interesting idea, but it’s difficult to forecast how much rewards cardholders will actually earn. Those more interested in cashback rewards than low interest rates should opt for a card with a conventional rewards program.

Why You Might Want to Look Elsewhere

As with any credit card offer, the Barclaycard Ring comes with its set of nuances that may not make it the perfect fit for everyone, but it is worth considering for its headline-worthy low interest rate. The APR is close to half of what some competing credit cards charge.

It’s hard to beat the allure of this card’s 8% variable APR when you think about how long you’ll be owning the card. However, unlike most credit cards that offer the more enticing – but temporary – 0% introductory APR, the Barclaycard Ring begins charging interest on balance transfers right away. Whether you're better off depends on the size of your balance and how much time you need to pay it off (most credit cards with a 0% intro APR have a balance transfer fee, usually 3%; find out more about the balance transfer game).

Chase Slate
Apply for Chase Slate
If you prefer a 0% intro APR, you might want to consider the Chase Slate, which offers 0% intro APR on purchases and balance transfers for 15 months. After the introductory period ends, a variable APR of 12.99%, 17.99% or 22.99% depending on your creditworthiness. Plus, there is no balance transfer fee for transfers made within the first 60 days.

Which card to get depends on a consumer’s long-term debt goals. Someone who is planning to carry debt because of a sudden surge in purchases (for example, they need to buy a bunch of appliances when they move into a new house and want to spread payments over a period of months) may be better off with a 0% intro APR instead, as long as the debt is paid off before the introductory period ends. But those who know that realistically they will keep adding to their debt pile over the next couple of years could, in the long run, pay less in interest charges with a card with a low interest rate.

Bottom Line

Barclaycard Ring
Apply for Barclaycard Ring MasterCard
If you plan on carrying a balance on your credit card from one month to the next, a card with a low interest rate such as the Barclaycard Ring is worth owning.

However, if you consistently pay your balance in full each month, you should look at a rewards credit card instead.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.


Low Interest on Purchases

Barclaycard Ring MasterCard
Read ReviewApply for Barclaycard Ring MasterCard
At Barclaycard's Secure Site
  • No Balance Transfer Fees - start saving immediately!
  • A low variable APR on balance transfers and purchases
  • No Annual Fees
  • Choose your card benefits and features
  • Get rewarded through the new Giveback™ program, where Barclaycard Ring members get money back for good performance
  • Get exclusive access to our online community and vote on the card features you like and view the financials of the Barclaycard Ring MasterCard online
  • Learn more about personal finance from Barclaycard and other members
  • Complimentary FICO® Credit Scores as a benefit to active cardmembers. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.
Our Review: With a low 8% variable APR on purchases and a community-driven approach for its fees and benefits, the Barclaycard Ring MasterCard might be the world's best social credit card... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
8% (Variable)
$0

U.S. Bank Visa Platinum Card
Read ReviewApply for U.S. Bank Visa Platinum Card
At U.S. Bank's Secure Site
  • 0% Intro APR* on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 9.99%-20.99%
  • No annual fee*
  • Online bill pay for a fast and convenient way to pay bills online with your U.S. Bank Visa® Platinum
  • Zero fraud liability* for unauthorized transactions if your card is ever lost or stolen
  • Fraud Protection detects and notifies you of any unusual card activity to help keep your account safe
  • Chip technology for enhanced card security
  • Online banking and mobile apps* for your smartphone or tablet provide complete, 24/7 access to your account
Car Rental Insurance$0 Fraud Liability
Our Review: With free access to your monthly credit score and no annual fee, the US Bank Platinum Visa Card is a good choice for those who plan to carry a balance. The lack of rewards makes it less than ideal for those who don't carry a balance. However, if you’re paying down some debt, the intro APR and low regular APR make this card the way to go... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 15 billing cycles*
0% for 15 billing cycles*
9.99% - 20.99%* (Variable)
$0*


Read Review
Our Review: With its 21-month introductory APR on purchases and balance transfers, the Citi Diamond Preferred Card is a great pick for people who carry a balance. While this card does offer a few other benefits, such as a concierge service, its main attraction is its introductory APR. That is a long time in the world of credit cards. This is an opportunity for you to get a break from high interest charges, whether you are trying to make a dent in your debt or if you need to make a bunch of big ..... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0%* for 21 months*
0%* for 21 months*
11.99% - 21.99%* (Variable)
$0*


Read Review
Introductory Bonus Cash BackCash Back RewardsBonus Cash BackNo Limits on RewardsExtended WarrantyPurchase ProtectionReturn Protection$0 Fraud Liability
Our Review: A generous cash back and promotional low interest offer makes the Discover It Card the go-to card to keep more money in your pocket. When you consider the rewards, low fees, and good customer service, it’s pretty easy to see why Discover It is one of the most popular cash back credit cards available... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 12 months
0% for 12 months
10.99% - 22.99% Variable*
$0

Low Interest on Balance Transfers

U.S. Bank Visa Platinum Card
Read ReviewApply for U.S. Bank Visa Platinum Card
At U.S. Bank's Secure Site
  • 0% Intro APR* on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 9.99%-20.99%
  • No annual fee*
  • Online bill pay for a fast and convenient way to pay bills online with your U.S. Bank Visa® Platinum
  • Zero fraud liability* for unauthorized transactions if your card is ever lost or stolen
  • Fraud Protection detects and notifies you of any unusual card activity to help keep your account safe
  • Chip technology for enhanced card security
  • Online banking and mobile apps* for your smartphone or tablet provide complete, 24/7 access to your account
Car Rental Insurance$0 Fraud Liability
Our Review: With free access to your monthly credit score and no annual fee, the US Bank Platinum Visa Card is a good choice for those who plan to carry a balance. The lack of rewards makes it less than ideal for those who don't carry a balance. However, if you’re paying down some debt, the intro APR and low regular APR make this card the way to go... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 15 billing cycles*
0% for 15 billing cycles*
9.99% - 20.99%* (Variable)
$0*


Read Review
Introductory Bonus Cash BackCash Back RewardsBonus Cash BackNo Limits on RewardsExtended WarrantyPurchase ProtectionReturn Protection$0 Fraud Liability
Our Review: A generous cash back and promotional low interest offer makes the Discover It Card the go-to card to keep more money in your pocket. When you consider the rewards, low fees, and good customer service, it’s pretty easy to see why Discover It is one of the most popular cash back credit cards available... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 12 months
0% for 12 months
10.99% - 22.99% Variable*
$0


Read Review
Introductory Bonus Cash BackCash Back RewardsGas RewardsNo Expiration on RewardsDining RewardsCar Rental Insurance$0 Fraud Liability
Our Review: Do you eat out and drive a lot? If you want cash back rewards without having to think too much, the Discover It Chrome could be the right fit for you... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 12 months
0% for 12 months
10.99% - 22.99% Variable*
$0


Read Review
Our Review: With its 21-month introductory APR on purchases and balance transfers, the Citi Diamond Preferred Card is a great pick for people who carry a balance. While this card does offer a few other benefits, such as a concierge service, its main attraction is its introductory APR. That is a long time in the world of credit cards. This is an opportunity for you to get a break from high interest charges, whether you are trying to make a dent in your debt or if you need to make a bunch of big ..... Read full review
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0%* for 21 months*
0%* for 21 months*
11.99% - 21.99%* (Variable)
$0*

Low Interest Credit Cards Benefits

Top 3 Benefits of Low Interest Credit Cards

Credit cards with low interest rates are a great way for consumers to increase their buying power while saving money.

  • Saves money

    If you plan on carrying a balance on your credit card – and who doesn’t nowadays – then the interest rate associated with that card becomes extremely important. The higher the rate, the more you will have to pay for using the card for your purchases.

    Just think, when you purchase a $1,200 TV using a credit card with a 24% APR, you will spend $576 in interest if you pay off that purchase over a two-year span. If you purchase that same TV with a low interest credit card that has an APR of 11%, you will spend just $264 in the same time period. That’s a savings of $312. Now, apply that savings to all of your small and big purchases, and you can see how low interest rates credit cards can save you money.

    You will also save money with a low interest credit card if you use it for balance transfers. A balance transfer is when you utilize your low rate card to pay off other credit cards. This can save you big money depending on the rate of the card that you are paying off. As demonstrated by the above example, cutting your APR in half can seriously decrease your interest paid over time.

    Estimate Your Balance Transfer Savings

    Enter information about your existing credit card(s)
    CardBalanceAPR (Interest Rate)
    #1$ %
    #2$ %
    #3$ %

    Enter information about the card you're transferring to
    Enter the intro APR on Balance Transfers (Interest Rate): %
    Enter the length of the intro period: months
    Enter the regular APR (Interest Rate): %
    Enter the annual fee:$
    Enter the balance transfer fee (% of balance): %
    Enter monthly payment:$

  • Lowers minimum payment

    Credit cards with low interest not only save you money in the long run, they can also free up cash every month. This is because lower interest results in lower monthly payments.

    Minimum payments are a specific percentage of what you owe. The less you owe in interest, the less you will owe overall for your credit card. This means you have more money each month to pay other bills and do something fun with your friends and family.

  • Pays off debt faster

    Low interest credit cards make it easier and faster to pay off your credit card debt. As mentioned previously, the credit cards can be used to complete balance transfers. When you transfer balances from your high rate cards, your debts will get the lower interest rate. So if you continue to pay the same amount each month that you were paying under the higher rate cards, your debts will be paid in full much faster.

    For example, say you had a $1,000 balance on a 21% APR card. Minimum monthly payments for that card were $40; making just the monthly payments would take you 7 years and 11 months to pay off the card. If you were to do a balance transfer to a low interest credit card with an APR of 9.9%, but continued making the same monthly payment, you would pay off the debt in 6 years instead. That’s paying off the debt almost 2 years earlier while still saving big money.


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

†Advertiser Disclosure: The card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

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.