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6 Low Interest Rate Credit Cards – July 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% 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% introductory APR 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.

6 low interest rate credit cards

 

Visa® Titanium Signature Rewards Card from Andrews Federal CU

Visa® Titanium Signature Rewards Card from Andrews Federal CU

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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

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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. The card offers 0% introductory APR for 18 months on purchases and balance transfers, which is a large amount of time for 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

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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% introductory APR 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

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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

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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

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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 transfers and a balance transfer fee pf $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 there are no membership restrictions to apply.

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

Blue Cash Preferred® Card from American Express

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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

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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
16.99% - 26.99%* (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 16.99% - 26.99%* (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]

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Best Savings Account Bonus Offers

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.

There’s no shortage of checking account bonus offers, with everyone from small local banks to the big household names offering hundreds of dollars to new customers. Banks know it’s hard to get you to leave your old bank, especially when you’re comfortable with the accounts you have. But what better way to entice you than with a big cash bonus?

You’ll find these bonus offers attached to more checking accounts than savings accounts. After all, checking accounts are a crucial part to banking, as they allow you to easily access your money for purchases and transfers.

That’s not to say there aren’t any opportunities to earn money with a new savings account. We’ve found five of the best savings account bonus offers as of the date of publishing. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Make sure it’s a bank you actually want to do business with.

Further, double check that you’ll be happy with the new account for months to come. It can take months to meet the offer requirements and even longer to actually receive the bonus. If there’s a monthly fee on the account, you could be stuck paying that unnecessary fee, especially if you can’t meet the balance requirements to waive it. You may not even be happy with the interest rate on the account, which might make the savings account bonus offer not entirely worth it.

The 5 best savings account bonus offers in 2019

Methodology

To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the five biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.

Citi — $500 bonus with $15,000 minimum deposit

Offer ends 6/30/2019

Offer rules: You must be a new Citibank customer and open a Citibank Account Package, which includes a checking and savings account. Within 30 days of opening these accounts, you must deposit at least $15,000 in either of these two accounts with money new to Citibank, and maintain a minimum balance across both accounts of $15,000 for 60 days.

After meeting the above requirements, you’ll get $400 in bonus money deposited into your checking account (or savings account if you’ve closed the checking account). If you make at least two ACH deposits into the checking account portion of the Account Package within 60 days of opening the account, you’ll receive an additional $100.

Who’s eligible: You must be a new customer to Citibank and enroll in the bank’s “$400/$500 Checking and Savings Offer” either in person, over the phone, or online.

Account details: There’s a $25 monthly maintenance fee, which you can avoid be keeping a minimum of $10,00 deposited across both accounts (which you’ll want to do anyone in order to qualify for the bonus, which requires a minimum of $15,000). You may not want a checking account and are free to close it, but keep in mind in order to get the $100 bonus (to bring the total amount to $500) you need to make the ACH deposits into a checking account, not a savings account.

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Discover — $200 bonus with $25,000 minimum deposit

Offer ends 8/5/2019

Offer rules:Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by August 5, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by August 19, 2019.

If you can’t meet that minimum amount, you can earn a $150 bonus instead by depositing at least $15,000 into the new account by August 19, 2019.

The bonus will be credited to your account by September 2, 2019.

Who’s eligible: You must be a new Discover savings customer to qualify for this savings account bonus offer. You must not have had a savings account that was co-branded or an affinity account provided by Discover either.

You can apply for the offer with the code “MM719” either online or by phone.

Account details: Discover’s Online Savings Account earns at a competitive interest rate of 2.10% on all balances. There are no fees associated with this account. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.

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on Discover Bank’s secure website

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Chase — $150/$350 bonus with $10,000 minimum deposit

Offer ends 7/15/2019

Offer rules: In another bonus offer from Chase, you can get $150 when you open a new Chase Savings account. You’ll need to deposit at least $10,000 in new money (not previously held with Chase or its affiliates) within 20 business days and maintain at least that minimum balance for 90 days.

Want to do more banking with Chase and open a Chase Total Checking account, too? Opening both a new checking and savings account can get you a $350 bonus, as long as you follow the above savings account rules and set up direct deposit on your new checking account.

Who’s eligible: You’re eligible for the Chase Savings account bonus offer if you are not already a Chase savings customer. You also cannot have had an account that was closed within 90 days or with a negative balance.

If you close this new savings account within six months after opening, Chase will deduct the bonus amount from the account at closing.

Account details: The Chase Savings account earns interest at a nominal rate of 0.01% APY, which isn’t ideal for savings growth. There is a $5 monthly fee on the account. You can waive the fee with one of the following, each statement period:

  • A daily balance of at least $300
  • At least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card
  • An account owner who is younger than 18
  • Linking this account to a Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account

You could also face a $5 fee for each excessive transaction you make over the six-transfer limit per statement cycle.

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BBVA — $100 bonus with $10,000 minimum deposit

Offer ends 8/31/2019

Offer rules: You can earn the $100 bonus by opening a new BBVA Money Market Account and bringing the balance to at least $10,000 by August 31 and maintaining that so you have at least that much in the account on November 30.

Who’s eligible: This bonus offer is available to residents of all states except Alabama, Alaska, Arizona, California, Colorado, Florida, Hawaii and Texas.

Further, you must be a new BBVA consumer money market account customer who has not had a BBVA money market account or received a money market account cash bonus in the past 12 months.

Account details: The BBVA Money Market Account earns interest at a competitive rate of 2.50% APY on balances $10,000 and over. Any balances below that will still earn at the solid rate of 2.00% APY.

There is a $15 monthly Service Charge that you can waive by maintaining an account balance of at least $10,000 or with an automatic recurring $25 monthly transfer from a BBVA checking account.

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on BBVA’s secure website

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Associated Bank — $100 bonus with $10,000 minimum deposit

Offer ends 12/31/2019

Offer rules: Opening a new Associated Bank Money Market account can get you a $100 bonus. You’ll need to deposit at least $10,000 in new money (held outside Associated Bank) at opening and maintain at least that much in the account for 90 days to receive the bonus.

The bonus will be paid within 120 days of account opening if you meet the requirements. The account must be open at that time. You must also keep the account open for at least 12 months.

Who’s eligible: You can redeem this offer online or by taking a coupon sent via email to an Associated Bank branch. This offer is limited to one per household. Households who have or have had an Associated Bank Money Market account within the last six months do not qualify. You must be 18 years or older to apply for the bonus. If you close the new account within 12 months of opening, Associated Bank can deduct the bonus amount from your funds at closing.

Account details: The Associated Bank Money Market account is a true money market account, with the ability to write convenience checks and access Associated Bank and MoneyPass ATMs. It earns interest, too, between 0.05% and 1.00% APY. You can earn at higher rates by having a higher balance and a qualifying Associated checking account.

The money market account does charge a $16 fee, which you can waive by maintaining a $1,000 minimum balance.

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on Associated Bank, NA’s secure website

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How do these accounts compare to the best online savings accounts?

When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.

Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.

Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.

Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.

Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.

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

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