Eric Rosenberg
11 min
686
After 30 hours of research evaluating 115 products, we picked Citi® Double Cash Card as our top choice.
Living life on borrowed funds doesn’t come cheap. The average credit card interest rate is around 17%, and some cards have rates nearly double that.
Not sure how your credit card’s interest rate affects you? We’ll break it down a bit:
Let’s say you owe $1,000 on a credit card with a 17% APR on purchases. You can calculate your daily APR by dividing 365 into 17, which equals approximately $0.046575.
That means you pay $0.046575 in interest each day. Maybe that doesn’t sound like much, but multiply that number by 30 or 365, and you’ll see just how much credit cards cost over time.
Want to avoid racking up interest on your credit card purchases? Just pay off your purchases before each billing cycle ends rather than carrying a balance.
If that’s not an option, consider applying for low interest credit cards or 0 interest credit cards. You generally need excellent credit to qualify for low interest credit cards, so you might have to repair your credit before you apply. We recommend starting with one of the cards on our list of the best credit cards for bad credit.
Ready to stop forking over so much money for hefty APR fees? Check out the best low interest credit cards below!
Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
This article was last updated June 13, 2019 but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
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Have trusted our product reviews
Application Process: Apply online, and get a decision within 60 seconds or less.
Rewards: None.
Bonus Offers: None.
Annual Fee: None.
Details:HSBC Gold Mastercard® credit card »Application Process: Apply online and get a response within 60 seconds.
Bonus Offers: None.
Rewards: None.
Annual Fee: None.
Details:Citi Simplicity® Card »Application Process: Apply online and get a response within 60 seconds.
Bonus Offers: You'll earn $150 in Reward Dollars after you spend $1,000 in the first three months.
Rewards: Earnn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%); 2% cash back at U.S. gas stations and at select U.S. department stores; 1% back on other purchases.
Annual Fee: None
Details:Blue Cash Everyday® Card from American Express »Application Process: Apply online and receive a response in as little as 60 seconds.
Rewards: Earn unlimited 1.5 points per dollar spent on all purchases. Points can be applied towards statement credit or any travel purchases, including flights, hotels, vacation packages, cruises, rental cars or baggage fees.
Bonus Offers: Receive 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days, which can also be used as a $250 statement credit toward travel purchases. Also get an additional 10% customer points bonus on every purchase when you have an active Bank of America checking or savings account. If you're a Preferred Rewards client, you could increase that bonus to 25% - 75%, depending on how much is in your account. For a card with no annual fee, we think the bonus offers are pretty legit!
Annual Fee: None.
Details:Bank of America® Travel Rewards Credit Card »Application Process: Apply online, and get a decision within 60 seconds or less.
Rewards: Earn 1% cash back when you make a purchase, then 1% back when you pay it off. You can claim your rewards as a statement credit, gift card, or a check in the mail, with a minimum cash back redemption amount of $25 required.
Annual Fee: None.
Details:Citi® Double Cash Card »Vote to enter our $100 Amazon Gift Card giveaway.
Missy Nolan is a single mom who is too sleep-deprived to come up with a clever bio at the moment. She has been a professional writer for more than 10 years and loves staying home with her 3 kids. Well, most of the time. Missy rocks at parenting, baking, cooking, saving cute outfits she'll never wear on Pinterest, and sipping her beloved secret-menu Starbucks Pink Drink while strolling through Target.
She's your go-to girl for advice or feedback on any of the things listed above, as well as tips on healthy living, bargain hunting, marketing, and finances. Connect with Missy here or at MakeItWithMissy.com, a food blog that features healthy recipes and grocery deals.
You can also find Missy on Legit Lender, Health.com, The Nest, Catalogs.com, and OneSpace.
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5 Best Low Interest Credit Cards
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