Advertiser Disclosure

Best of

7 Low Interest Rate Credit Cards – May 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Carrying a balance on your credit card is never ideal, but sometimes it’s unavoidable. And with credit card interest charges that can be upward of 25.00% APR, it can be hard to get out of debt because a large portion of your payment goes to interest.

Currently, you may find yourself struggling to pay off your balance, but worry not — there are low interest cards that have APRs starting at around 6%.

Low-interest cards are a great way to save money on interest when you find yourself carrying a balance. The APRs on these cards max out around 18% on average. Some low-interest cards mentioned here even have 0% APR intro periods that are helpful if you have an existing balance on a credit card and want to transfer it, or if you plan on making purchases that you need several months to pay off.

The seven main cards in this post are from credit unions, which often have lower rates than large banks. But they require memberships, which are sometimes restricted to certain states. In this post, we’ll explain the seven lowest interest-rate credit cards and what’s required to qualify.

7 low interest rate credit cards

Barclaycard Ring® Mastercard®

The Barclaycard Ring® Mastercard® is a great option for consumers that want to avoid the uncertainty of an interest range. The APR is 14.24% Variable — meaning all cardholders receive the same rate. While this is a bit higher than the rate you may receive with other low interest cards on this list, you don’t have to worry about whether you qualify for the lowest APR or not.

Here are features to know about when using this card to pay off debt:

  • Intro purchase APR: N/A
  • Intro balance transfer APR: 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply.
  • Balance transfer fee: Promotional Balance Transfers that post to your account within 45 days of account opening: Either $5 or 2% of the amount of each transfer, whichever is greater.

How to qualify: There are no residence or affiliation requirements. Anyone can apply for this card if they meet the standard credit card requirements.

The information related to Barclaycard Ring® Mastercard® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. This offer and/or promotion may have since changed, expired, or is no longer available.

Visa® Titanium Signature Rewards Card from Andrews Federal CU

Visa® Titanium Signature Rewards Card from Andrews Federal CU

APPLY NOW Secured

on Andrews Federal Credit Union’s secure website

Visa® Titanium Signature Rewards Card from Andrews Federal CU

Annual fee
$0
Regular Purchase APR
7.99% - 18.00% Variable

The Visa® Titanium Signature Rewards Card from Andrews Federal CU has the lowest ongoing APR on our list at 7.99% - 18.00% Variable. If you qualify for the lowest rate and end up carrying a balance, you may be charged little interest (compared with higher APR cards). This card is a good option if you have existing debt on a credit card, because you can transfer it during the balance transfer intro period.

Here are features to know about when using this card to pay off debt:

  • Intro purchase APR: Introductory Rate Special Offer - 0% APR for 12 months
  • Intro balance transfer APR: Introductory Rate Special Offer - 0% APR for 12 months on balance transfers processed within 90 days of account opening
  • Ongoing APR: 7.99% - 18.00% Variable
  • Balance transfer fee: 1.50% of the transfer amount or $50; whichever is greater

How to qualify: Anyone can apply for this card, regardless of residence. If you don’t meet one of the several eligibility requirements, you can join the American Consumer Council for a one-time $5 donation if you have used a major consumer product or service in the past 12 months, such as a motor vehicle, insurance, or housing.

TruWest Visa Platinum Card

TruWest Visa Platinum Card

APPLY NOW Secured

on TruWest Credit Union’s secure website

TruWest Visa Platinum Card

Annual fee
$0
Regular Purchase APR
8.20% - 22.20% Variable

The regular purchase APR on the TruWest Visa Platinum Card has a wider range than the other cards on this list at 8.20% - 22.20% Variable. However, this card has the longest 0% APR period from a credit union at 0% introductory APR for 18 months on purchases and balance transfers. This is a large amount of time for you to carry a balance interest-free.

Here are features to know about when using this card to pay off debt:

  • Intro purchase APR: 0% introductory APR for 18 months
  • Intro balance transfer APR: 0% introductory APR for 18 months
  • Ongoing APR: 8.20% - 22.20% Variable
  • Balance transfer fee: 3% of the amount of each balance transfer

How to qualify: Unfortunately, not everyone can apply for this card. It is restricted to people who live, work, own a business, or go to school in select Arizona and Texas communities or who work for select employers. You can read more about membership eligibility on TruWest’s website.

Visa® Platinum Card from Trustmark Bank

Visa® Platinum Card from Trustmark Bank

APPLY NOW Secured

on Trustmark Bank’s secure website

Visa® Platinum Card from Trustmark Bank

Annual fee
$0
Regular Purchase APR
8.40%-13.40% Variable

The Visa® Platinum Card from Trustmark Bank bank has a great low APR range. This is the best range on the list when considering both the minimum and maximum APR, and it benefits people who may not have the best credit because the highest interest rate is still lower than most credit cards. So what’s the catch? Unfortunately, this card has restricted membership (see below for details) and the 0% APR intro periods are very low compared to other cards.

Here are features to know about when using this card to pay off debt:

  • Intro purchase APR: 0% Introductory APR for the first six billing cycles
  • Intro balance transfer APR: 0% Introductory APR for the first six billing cycles
  • Ongoing APR: 8.40%-13.40% Variable
  • Balance transfer fee: None

How to qualify: Anyone can apply, however you can’t apply online. You either have to go to one of their locations or call and have an application mailed to you.

BECU Visa® Credit Card from Boeing Employees CU

BECU Visa® Credit Card from Boeing Employees CU

APPLY NOW Secured

on BECU (Boeing Employees Credit Union)’s secure website

BECU Visa® Credit Card from Boeing Employees CU

Annual fee
$0
Regular Purchase APR
9.15% to 20.15% Variable

The BECU Visa® Credit Card from Boeing Employees CU is an overall standout card with a reasonable APR and great additional perks. For example, there is a Reprice Program where BECU will lower your rates as your credit score improves. This is a great feature, especially for people who don’t qualify for the lowest rate. Additionally, there are limited fees, such as no balance transfer fee — allowing you to maximize savings when you transfer debt from another card.

Here are features to know about when using this card to pay off debt:

  • Intro purchase APR: 0% Introductory APR for twelve (12) months from date of account opening.
  • Intro balance transfer APR: 0% Introductory APR for twelve (12) months from date of transfer when transfers are completed within 90 days of account opening.
  • Ongoing APR: 9.15% to 20.15% Variable
  • Balance transfer fee: None

How to qualify: This card has restricted membership with several ways to qualify: you need to live in Washington State or select counties in Oregon, have a relationship with select employers or associations, or have a business or organization that meets certain requirements. Find out more about membership here.

TruWest Platinum Points Visa Rewards Card

TruWest Platinum Points Visa Rewards Card

APPLY NOW Secured

on TruWest Credit Union’s secure website

TruWest Platinum Points Visa Rewards Card

Annual fee
$0
Regular Purchase APR
10.15% - 17.15% Variable

The starting APR for the TruWest Platinum Points Visa Rewards Card is a bit higher than other low interest cards, but the max APR is fairly low. Similar to the TruWest Visa Platinum Card, the TruWest Platinum Points Visa Rewards Card has a long 00% introductory APR for 18 months on purchases and balance transfers. This card also comes with a rewards program where you can automatically earn up to one point per dollar spent, though we recommend using this card to pay down debt and not earn rewards.

Here are features to know about when using this card to pay off debt:

  • Intro purchase APR: 0% introductory APR for 18 months
  • Intro balance transfer APR: 0% introductory APR for 18 months
  • Ongoing APR: 10.15% - 17.15% Variable
  • Balance transfer fee:3%

How to qualify: Like the other TruWest card, this card is restricted to people who live, work, own a business or go to school in select Arizona and Texas communities or who work for select employers. You can read more about membership eligibility on TruWest’s website.

Visa® Platinum Card from NIHFCU

Visa® Platinum Card from NIHFCU

APPLY NOW Secured

on Nih FCU’s secure website

Visa® Platinum Card from NIHFCU

Annual fee
$0
Regular Purchase APR
10.24%-18.00% Variable

The Visa® Platinum Card from NIHFCU has the highest starting APR of all the cards on this list. However, there is a decent 0% intro rate for 12 months on purchases and balance trasnfers, and the balance transfer fee is lower than average at $10.00 or 2.00% of the amount of each balance transfer, whichever is greater.

Here are features to know about when using this card to pay off debt:

  • Intro purchase APR: 0% intro rate for 12 months
  • Intro balance transfer APR: 0% intro rate for 12 months
  • Ongoing APR: 10.24%-18.00% Variable
  • Balance transfer fee:$10.00 or 2.00% of the amount of each balance transfer, whichever is greater

How to qualify: This card restricts membership to people in the biomedical and healthcare industries in Md., N.C., Va., W.Va., or Washington D.C. You can also qualify if a family member is a current NIHFCU member. Visit NIHFCU’s site for more details.

Other options

Below, we’ve compiled a few options if you want a 0% APR intro card or if you want to consider a balance transfer card. All of these cards come from major banks, so anyone can apply.

Cards with a 0% APR intro period on purchases and balance transfers

Blue Cash Preferred® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply | Rates & Fees

Read Full Review

Blue Cash Preferred® Card from American Express

Regular Purchase APR
15.24%-26.24% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
NEW 6% Cash Back on select U.S. streaming subscriptions & 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

The Blue Cash Preferred® Card from American Express offers an intro 0% for 12 months on purchases (after, 15.24%-26.24% Variable APR). This is a good amount of time for you to pay off new purchases you make without accruing interest charges. Plus, you can earn rewards on those new purchases — earn 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), and 3% cash back at U.S. gas stations. Cardholders also earn – NEW 6% Cash Back on select U.S. streaming subscriptions & 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more. While there’s a $95 annual fee, if you utilize all the benefits provided by this card, it can be worthwhile.

Citi Simplicity® Card - No Late Fees Ever

LEARN MORE 

The information related to Citi Simplicity® Card - No Late Fees Ever has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Citi Simplicity® Card - No Late Fees Ever

Intro Purchase APR
0%* for 12 months on Purchases*
Intro BT APR
0%* for 21 months on Balance Transfers*
Regular Purchase APR
16.24% - 26.24%* (Variable)
Annual fee
$0*
Balance Transfer Fee
5% of each balance transfer; $5 minimum
Credit required
good-credit
Excellent/Good
The Citi Simplicity® Card - No Late Fees Ever one of the longest intro 0% periods for balance transfers on the market, at intro 0%* for 21 months on Balance Transfers*. This is over a year and a half for you to rid yourself of debt. Note that there is a balance transfer fee of 5% of each balance transfer; $5 minimum. There is also an intro 0%* for 12 months on Purchases*. After the intro periods end, the APR is 16.24% - 26.24%* (Variable).

Santander Bank, N.A. is not accepting credit card applications at this time.

The Sphere® Credit Card from Santander has one of the longest balance transfer intro periods in our database at 0% intro APR on balance transfers for 18 billing cycles if taken within the first 90 days of account opening (after, 14.74% to 24.74% Variable APR). Although this is a great amount of time for you to pay off transferred debt, it comes with a hefty balance transfer fee at $10 or 4% of the amount of each transaction, whichever is greater. This is something to consider before choosing a card, but the balance transfer fee may be worth it if you’re saving money from high-interest payments with your current card. Purchases can also benefit from a 0% intro APR on purchases for the first 18 billing cycles (after, 14.74% to 24.74% Variable APR). There is also a rewards program: earn 1 reward point for every dollar spent, with no limits. However, we recommend using this card to pay off debt and not just to earn rewards.

How to qualify: This card is only available to people who live in: Conn., Washington D.C., Del., Maine, Md., Mass., N.H., N.J., N.Y., Pa., R.I., or Vt.

Chase Slate®

The Chase Slate® is one of our favorite balance transfer cards. It offers 0% Intro APR on Purchases for 15 months and 0% Intro APR on Balance Transfers for 15 months (after 17.24% - 25.99% Variable APR). This isn’t the longest intro period, but this card comes with a standout feature of an intro Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. This can save you on the typical 2-5% balance transfer fee many other cards charge.

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

The bottom line

If your goal is to reduce the amount of interest you pay on your credit card debt, look at cards with low APRs and membership requirements you can meet. Remember that your credit score will be a significant factor in the APR you receive, so be sure to look at both ends of the APR ranges when comparing cards since you may not receive the lowest rate.

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

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

TAGS: ,

Advertiser Disclosure

Best of

The Best 6-Year CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you want to earn the highest CD rates, you generally need to invest in a longer-term CD. When the bank or credit union gets to keep your money for an extended period of time, it rewards you with higher interest rates.

Higher rates can make a 6-year term an appealing choice when considering CDs. However, there aren’t as many 6-year CDs available as with other CD terms. Most banks don’t offer this particular term, often maxing out at five years or skipping to 7-year CDs. In our analysis, we managed to find nine great choices when sorting through long-term CD data from DepositAccounts.com, a LendingTree-owned company.

To find the best 6-year CDs, we first looked at the highest 6-year CD rates available nationwide. Then we ranked each by APY, taking the accounts’ minimum deposit requirements into consideration for wider availability. We also made sure to include institutions with great health ratings so you know you’re working with a reputable bank with FDIC or NCUA insurance.

The Best 6-year CD rates

Institution

APY

Minimum deposit amount

INOVA FCU

3.25%

$200

Chartway FCU

3.10%

$500

Goldman Sachs Bank USA

3.05%

$500

Third Federal Savings and Loan

2.90%

$500

Evansville Teachers FCU

2.90%

$1,000

New Buffalo Savings Bank

1.76%

$1,000

MySavingsDirect

1.65%

$1,000

1st Source Bank

1.50%

$500

EmigrantDirect

1.50%

$1,000

INOVA FCU— 3.25% APY, $200 minimum deposit

Earn the best 6-year CD rate from Inova FCU. You need at least $200 to deposit and open up INOVA’s 6-year certificate. The penalty for an early withdrawal from this account is equal to 180 days’ of dividends.

Headquartered in Indiana, INOVA Federal was originally founded to serve the employees of Miles Laboratories in 1942. You can join INOVA through your employer or other organization, or through an immediate family member who is already an INOVA member.

Learn more Secured

on INOVA Federal Credit Union’s secure website

NCUA Insured

Chartway FCU— 3.10% APY, $500 minimum deposit

You can take advantage of Chartway FCU’s longest share certificate term of 71 months starting with $500. It earns at a competitive rate, which applies to certificates between 60 and 71 months. The penalty for making an early withdrawal from a 71-month certificate will equal 180 days’ worth of interest.

Chartway FCU started as NorVA N.A.S. Federal Credit Union by civilian workers at the Norfolk Naval Air Station in 1959. Today, you can join Chartway if you live, work, go to school or worship in select areas in Texas, Utah or Virgina, you work for a select partner employer or you have an immediate family member who is a member. You may also join by donating $10 to the We Promise Foundation, Chartway’s philanthropic arm.

Learn more Secured

on Chartway Federal Credit Union’s secure website

NCUA Insured

Goldman Sachs Bank USA— 3.05% APY, $500 minimum deposit

A big name in the online banking space, Goldman Sachs Bank USA, also known as Marcus by Goldman Sachs, offers consistently competitive rates. This includes its high-yield 6-year CD, the longest term among its offerings. It requires an initial deposit of at least $500 within 10 days after opening the account. Marcus by Goldman Sachs makes a 10-day CD rate guarantee, so if the rate increases during that period, you can snag that higher rate.

Just be careful of making an early withdrawal from the 6-year CD as it will trigger a penalty of 365 days’ worth of simple interest on the principal.

An entirely online bank, Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA, the banking branch of investment giant Goldman Sachs, which traces its history back to 1869.

Learn more Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

Third Federal Savings and Loan— 2.90% APY, $500 minimum deposit

The 72-month standard CD is the longest term offered by Third Federal Savings and Loan. It earns at a competitive rate and requires only $500 to open and start saving. The penalty for an early withdrawal from a 72-month CD equals 18 months’ interest.

Third Federal is based in Cleveland, where it was founded back in 1938.

Learn more Secured

on Third Federal Savings And Loan (OH)’s secure website

Member FDIC

Evansville Teachers FCU— 2.90% APY, $1,000 minimum deposit

The 6-year certificate is Evansville Teachers FCU’s longest term and earns at a competitive interest rate alongside the credit union’s other certificates. You’ll need at least $1,000 to open an account. The penalty for an early withdrawal will equal either $100 or 180 days’ worth of interest, whichever is greater.

ETFCU was founded in 1936 by several teachers in Evansville, Ind. who needed better financial services. Today, you can be eligible for Evansville Teachers FCU membership not just as a teacher, but also through select employers or organizations, or a family or household member. You may also join by donating $5 to the Mater Dei Friends & Alumni Association.

Learn more Secured

on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

New Buffalo Savings Bank— 1.76% APY, $1,000 minimum deposit

With at least $1,000, you can start saving your money in a 6-year CD from New Buffalo Savings Bank at a pretty solid rate. Interestingly, no matter which term you have, the early withdrawal penalty will equal six months’ of interest.

New Buffalo Savings Bank was founded in 1921, and maintains its headquarters and a few branches in the New Buffalo, Mich. area.

Learn more Secured

on New Buffalo Savings Bank’s secure website

Member FDIC

MySavingsDirect— 1.65% APY, $1,000 minimum deposit

MySavingsDirect offers a wide range of MyTerm Certificates of Deposit. Its 6-year term falls in between its range of 60 to 120 month terms available at the given APY. Plus, interest is compounded daily for faster savings growth. You’ll need at least $1,000 to open an account. Making an early withdrawal from this account will trigger a penalty of 180 days’ worth of interest.

MySavingsDirect is a digital-only division of Emigrant Bank which dates back to 1850.

Learn more Secured

on MySavingsDirect’s secure website

Member FDIC

EmigrantDirect—1.50% APY, $1,000 minimum deposit

EmigrantDirect offers a lower but still decent rate on its 60- to 120-month certificates of deposit, including its 6-year term. You need $1,000 to open an account here. The penalty for early withdrawals will be an amount equal to 180 days’ interest.

Like MySavingsDirect, EmigrantDirect is another digital-only division of Emigrant Bank.

Learn more Secured

on EmigrantDirect.com’s secure website

Member FDIC

1st Source Bank— 1.50% APY, $500 minimum deposit

You can get started with 1st Source Bank’s 6-year CD with just $500. The penalty for an early withdrawal is 12 months’ interest earned on the amount withdrawn.

1st Source Bank was established back in 1863 in South Bend, Ind. It has branches in Florida, Indiana and Michigan.

Learn more Secured

on 1st Source Bank’s secure website

Member FDIC

Is it worth getting a 6-year CD?

It can be worth getting a 6-year CD if you’re signing up for the highest rates on our list. Perhaps it would make a solid addition to a CD ladder you’re building. Let’s say you have $1,000 to deposit into a CD. Depositing that into the highest-earning 6-year CD above, at 3.25% APY, will result in $215 total interest earned. Making that same deposit into the best 5-year CD at 3.35% APY yields about $182.

But this is just looking at the top rates for both terms. In truth, 6-year CD rates aren’t always competitive enough to make them a reliable investment. In fact, 5- and 7-year CD terms consistently have much better rates, despite the small one-year difference.

When we compare 6-year CD rates with 5-year CD rates, the 6-year yields struggle to keep up. You can see above that the best 6-year CD rates jump from 3.25% APY at the top all the way to just above 1%. Meanwhile, all the best 5-year CD rates offer a much better savings opportunity ranging between 3.35% and 3.20% APY. No matter which 5-year CD you pick from the list, you’re bound to yield some solid earnings.

We tend to expect that the longer the CD term, the higher the rate will be, but we just don’t see that when comparing 6-year CDs with other long-term CDs. On the whole, 6-year CD terms are bookended by better-earning products. Opening 5- and 7-year CDs will give you a wider product selection to choose from and a better chance at growing your savings.

Alternative long-term investments

Other than 5- and 7-year CDs, Ken Tumin, founder of DepositAccounts.com (which similar to MagnifyMoney, is owned by LendingTree) suggests turning to individual bonds to beef up your savings. “Much like a CD ladder, the same technique can be used with individual bonds (Treasury, municipal, corporate, etc.) to build steady savings over time,” he offered. Note that non-Treasury bonds do have some default risk that CDs don’t carry when they have FDIC/NCUA insurance.

Another alternative to a bond ladder is a mutual fund or an ETF of bonds. Unlike a ladder, the value of a bond mutual fund or ETF fluctuates with interest rates. This can give you the chance to boost your savings when interest rates go down. However, the opposite is also true, where the value of your bonds decrease when interest rates rise.

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

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

TAGS: