5  Best Low Interest Credit Cards

5 Best Low Interest Credit Cards

30
Hours
Researched
115
Products
Evaluated

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.

Why trust us: Faveable has spent thousands of hours researching, interviewing experts, and testing products to come up with carefully selected lists trusted by millions of consumers since 2013.

5 Best Low Interest Credit Cards

  • 5. HSBC Gold Mastercard® credit card
  • 4. Citi Simplicity® Card
  • 3. Blue Cash Everyday® Card from American Express
  • 2. Bank of America® Travel Rewards Credit Card
  • 1. Citi® Double Cash Card

HSBC Gold Mastercard® credit card

HSBC Gold Mastercard® credit card
Variable APR
14.24%, 20.24% or 25.24%
Cash Advance APR
27.24%
Rewards Rate
n/a
Annual Fee
$0
Intro APR
0% introductory APR on purchases and balance transfers for 15 months. Variable APR of 14.24%, 20.24% or 25.24% after the Introductory period.
Bonus Offers
n/a
86 % Editor Score
80 % User Score
236 Clicks

Why People Love it

  • Long introductory APR promotion
  • Light on the fees
  • Includes additional travel perks

  • No interest on purchases and balance transfers for 18 months
  • No annual fee or foreign transaction fees
  • Travel accident insurance, lost luggage protection, and more
  • No rewards program
  • Charges a balance transfer fee

Details

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 »

Best Balance Transfer Credit Card for Long-Term Use

Citi Simplicity® Card

Best Balance Transfer Credit Card for Long-Term Use: Citi Simplicity® Card
Variable APR
15.49% - 25.49%
Cash Advance APR
15.49% to 25.49%
Rewards Rate
n/a
Annual Fee
$0
Intro APR
0% on purchases and balance transfers for 18 months
Bonus Offers
n/a
82 % Editor Score
82 % User Score
223 Clicks

Why People Love it

  • Generous with fees
  • Extended introductory APR promotion
  • Set your own due date

  • No late fees or penalty APR
  • No annual fee
  • No rewards program
  • High balance transfer fee

Details

Application Process: Apply online and get a response within 60 seconds.

Bonus Offers: None.

Rewards: None.

Annual Fee: None.

Details:Citi Simplicity® Card »

Best Balance Transfer Credit Card from American Express

Blue Cash Everyday® Card from American Express

Best Balance Transfer Credit Card from American Express: Blue Cash Everyday® Card from American Express
Variable APR
14.74% - 25.74%
Cash Advance APR
26.99%
Rewards Rate
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
$0
Intro APR
0% on purchases and balance transfers for 15 months
Bonus Offers
$150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
80 % Editor Score
89 % User Score
229 Clicks

Why People Love it

  • Great rewards on everyday spending categories
  • Generous promotional APR and no annual fee
  • Bonus for new cardholders

  • Earn up to 3% cash back on everyday spending
  • Get extra cash back and discounts through Amex Offers
  • No annual fee
  • You could earn more rewards with the Blue Cash Preferred® Card from American Express
  • The card's APR is above-average
  • Its base rewards rate is mediocre

Details

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 »

Best Travel Rewards Credit Card with No Annual Fee

Bank of America® Travel Rewards Credit Card

Best Travel Rewards Credit Card with No Annual Fee: Bank of America® Travel Rewards Credit Card
Variable APR
16.49% - 24.49%
Cash Advance APR
19.49% to 26.49%, based on creditworthiness
Rewards Rate
1.5 points for every $1 you spend on all purchases
Annual Fee
$0
Intro APR
0% for the first 12 billing cycles
Bonus Offers
20,000 bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening - which can be redeemed for a $200 statement credit toward travel purchases
80 % Editor Score
93 % User Score
189 Clicks

Why People Love it

  • Offers a decent sign-up bonus and rewards rate for no annual fee
  • You can earn up to 2.625 points per dollar with Bank of America Preferred Rewards
  • Introductory APR promotion on purchases

  • Decent rewards for no annual fee
  • No foreign transaction fees
  • The card doesn't offer big rewards and perks like annual-fee travel cards
  • Rewards aren't as flexible as cash-back rewards

Details

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 »

Best Total Cash Back Card

Citi® Double Cash Card

Best Total Cash Back Card: Citi® Double Cash Card
90 % Editor Score
96 % User Score
255 Clicks

Why People Love it

  • Earn an industry-leading rewards rate
  • Get a pass on your first late fee
  • No annual fee

  • Get an effective 2% rewards rate on all purchases
  • No caps on rewards
  • The card no longer offers a 0% introductory APR promotion
  • Its APR is high

Details

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 »

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Article Staff

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.

Editor Jenna Holtz
Researcher Ronnie Langston
Art Director Cherry Barbacena

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5 Best Low Interest Credit Cards

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— Missy Missy Nolan

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