6 Low Interest Rate Credit Cards – July 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. This site may be compensated through a credit card partnership.

Written By

Updated on Wednesday, July 1, 2020

Carrying a balance on your credit card is never ideal, but sometimes it’s unavoidable. And with credit cards that have interest rates as high as 25%, 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 six 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 six 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

Visa® Titanium Signature Rewards Card from Andrews Federal CU

Annual fee
$0
Regular Purchase APR
8.49% Variable

The Visa® Titanium Signature Rewards Card from Andrews Federal CU has the lowest ongoing APR on our list at 8.49% 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:

  • Ongoing Regular APR: 8.49% 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

TruWest Visa Platinum Card

Annual fee
$0
Regular Purchase APR
5.95% - 19.95% Variable

The regular purchase APR on the TruWest Visa Platinum Card has a wider range than the other cards on this list at 5.95% - 19.95% 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 Regular APR: 5.95% - 19.95% 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

Visa® Platinum Card from Trustmark Bank

Annual fee
$0
Regular Purchase APR
6.15%-11.15% 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 Regular APR: 6.15%-11.15% 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

BECU Visa® Credit Card from Boeing Employees CU

Annual fee
$0
Regular Purchase APR
6.90% to 17.90% Variable

The BECU Visa® Credit Card from Boeing Employees CU is an overall standout card with a reasonable APR and great additional benefits. 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 Regular APR: 6.90% to 17.90% 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

TruWest Platinum Points Visa Rewards Card

Annual fee
$0
Regular Purchase APR
7.90% - 14.90% 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 0% 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 Regular APR: 7.90% - 14.90% 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

Visa® Platinum Card from NIHFCU

Annual fee
$0
Regular Purchase APR
7.99%-16.99% 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 of $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 Regular APR: 7.99%-16.99% 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 offer or if you want to consider a balance transfer card. All of these cards are issued 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

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
13.99%-23.99% Variable
Intro Purchase APR
0% on purchases for 12 months
Intro BT APR
N/A
Annual fee
$95
Rewards Rate
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions and 1% Cash Back on other purchases.
Balance Transfer Fee
N/A
Credit required
good-credit
Excellent/Good

The Blue Cash Preferred® Card from American Express offers an intro APR of 0% on purchases for 12 months (after that, a 13.99%-23.99% Variable APR applies). 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%). 6% Cash Back on select U.S. streaming subscriptions and 1% Cash Back on other purchases. While there’s a $95 annual fee, if you utilize all the benefits provided by this card, it can be worthwhile.

To see rates & fees for the Blue Cash Preferred® Card from American Express, please click here.

Citi Simplicity® Card - No Late Fees Ever

Read Full Review

The information related to Citi Simplicity® Card - No Late Fees Ever has been independently 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 18 months on Purchases
Intro BT APR
0% for 18 months on Balance Transfers
Regular Purchase APR
14.74% - 24.74% (Variable)
Annual fee
$0
Balance Transfer Fee
Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good
The Citi Simplicity® Card - No Late Fees Ever one of the longest intro 0% APR periods for balance transfers on the market, at intro 0% for 18 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 Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.. There is also an intro 0% for 18 months on Purchases. After the intro periods end, the APR is 14.74% - 24.74% (Variable).

Sphere® Credit Card from Santander

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 that, a 14.74% to 24.74% Variable APR applies). 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 that, a 14.74% to 24.74% Variable APR applies). 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.

Wells Fargo Platinum card

Like the Sphere® Credit Card from Santander, the Wells Fargo Platinum card allows cardholders to enjoy an interest-free period on purchases and balance transfers for a year and a half. The card offers an intro APR on purchases of 0% for 18 months, then a regular APR of 15.49%-24.99% (Variable) applies. The card also offers an intro APR of 0% for 18 months on qualifying balance transfers, then a regular APR of 15.49%-24.99% (Variable).

Keep in mind, though, that the Wells Fargo Platinum card charges a balance transfer fee of 3% for 120 days, then 5%.

Chase Slate®

The Chase Slate® is one of our favorite balance transfer cards listed on our site. It offers a 0% Intro APR on Purchases for 15 months and a 0% Intro APR on Balance Transfers for 15 months (then, a 16.74% - 25.49% Variable APR applies). This isn’t the longest intro period, but this card comes with a standout feature of an 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 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.

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

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.

Do you have a question?