10 Best Low Interest Credit Cards of September 2024
Updated: Sep 20, 2024
A low interest credit card saves you money by reducing the cost of debt: When you're paying less in interest, you can pay back what you've borrowed more quickly. A card with a low introductory APR period might save you the most on interest in the short term. Look for a card with an introductory interest-free period longer than a year. If you tend to carry a balance most months, a card with a low ongoing interest rate will work to your advantage in the long run.
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A low interest credit card saves you money by reducing the cost of debt: When you're paying less in interest, you can pay back what you've borrowed more quickly. A card with a low introductory APR period might save you the most on interest in the short term. Look for a card with an introductory interest-free period longer than a year. If you tend to carry a balance most months, a card with a low ongoing interest rate will work to your advantage in the long run.
Why trust NerdWallet
400+ credit cards reviewed by our team of experts (See our top picks)
80+ years of combined experience covering credit cards and personal finance
27,000+ hours spent researching and reviewing financial products in the last 12 months
Objective comprehensive ratings rubrics (Methodology)
NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America" and many other national, regional and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
400+ credit cards reviewed by our team of experts (See our top picks)
80+ years of combined experience covering credit cards and personal finance
27,000+ hours spent researching and reviewing financial products in the last 12 months
Objective comprehensive ratings rubrics (Methodology)
NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America" and many other national, regional and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.
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NerdWallet's Best Low Interest Credit Cards of September 2024
BankAmericard® credit card: Best for Long intro period + straightforward benefits
Chase Freedom Unlimited®: Best for All-around cash back
U.S. Bank Visa® Platinum Card: Best for Long intro period + low intro fee
Bank of America® Unlimited Cash Rewards credit card: Best for Simplicity + relationship rewards
Blue Cash Everyday® Card from American Express: Best for Grocery and gas rewards
Bank of America® Travel Rewards credit card: Best for Travel rewards
Capital One Quicksilver Cash Rewards Credit Card: Best for Simple cash back
Bank of America® Customized Cash Rewards credit card: Best for Customizable cash back
Wells Fargo Reflect® Card: Best for Longest 0% intro APR period
Capital One SavorOne Cash Rewards Credit Card: Best for Food and entertainment
Best Low Interest Credit Cards From Our Partners
Credit card | NerdWallet rating | Annual fee | Intro APR | Regular APR | Learn more |
|---|---|---|---|---|---|
Find the right credit card for you.
Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.
Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.
Long intro period + straightforward benefits
All-around cash back
Long intro period + low intro fee
Simplicity + relationship rewards
Grocery and gas rewards
Travel rewards
Simple cash back
Customizable cash back
Longest 0% intro APR period
Food and entertainment
FULL LIST OF EDITORIAL PICKS: BEST LOW INTEREST CREDIT CARDS
Before applying, confirm details on the issuer’s website.
» CREDIT CARDS WITH AN INTRODUCTORY APR PERIOD
Wells Fargo Reflect® Card
Our pick for: Longest 0% intro APR period
The Wells Fargo Reflect® Card has one of the longest intro APR periods on the market — approaching almost two years. You'll be hard-pressed to find a longer interest-free promotion, and it applies to both purchases and balance transfers. Read our review.
BankAmericard® credit card
Our pick for: Long intro period + straightforward benefits
The BankAmericard® credit card isn't flashy, nor does it aim to be. You get one of the better introductory APR periods available, providing plenty of time to whittle down debt or finance a large purchase. And that's about it. Read our review.
U.S. Bank Visa® Platinum Card
Our pick for: Long intro period + low intro fee
A lengthy introductory APR period for both purchases and balance transfers has made the U.S. Bank Visa® Platinum Card a NerdWallet favorite. Read our review.
Chase Slate Edge℠
Our pick for: Long intro period + interest-saving incentives
The $0-annual-fee Chase Slate Edge℠ is light on flash but features an excellent intro APR period on purchases and balance transfers, plus some other potential incentives for paying on time. Read our review.
Bank of America® Travel Rewards credit card
Our pick for: Travel rewards
One of the best no-annual-fee travel cards available, the Bank of America® Travel Rewards credit card gives you a solid rewards rate on every purchase, with points that can be redeemed for any travel purchase, without the restrictions of branded airline and hotel cards. Bank of America® has an expansive definition of "travel," too, giving you additional flexibility in how you use your rewards. Read our review.
Chase Freedom Unlimited®
Our pick for: All-around cash back
The Chase Freedom Unlimited® was already a fine card when it offered 1.5% cash back on all purchases. Now it's even better, with bonus rewards on travel booked through Chase, as well as at restaurants and drugstores. On top of all that, new cardholders get a 0% introductory APR period and the opportunity to earn a sweet bonus. Read our review.
Capital One SavorOne Cash Rewards Credit Card
Our pick for: Food and entertainment
Some credit cards reward you well for going out, others for staying in. The Capital One SavorOne Cash Rewards Credit Card is the rare card that does both. It offers a terrific cash-back rate not only on dining and entertainment but also at grocery stores and on popular streaming services. Toss in a good bonus offer and intro APR period, and this card is a winner. (see rates and fees). Read our review.
Capital One Quicksilver Cash Rewards Credit Card
Our pick for: Simple cash back
The original 1.5% flat-rate cash-back card still holds its own in a now-crowded field. The Capital One Quicksilver Cash Rewards Credit Card offers a compelling combination of a good rewards rate, redemption flexibility, sign-up bonus and introductory APR period (see rates and fees). Read our review.
Bank of America® Unlimited Cash Rewards credit card
Our pick for: Simplicity + relationship rewards
The Bank of America® Unlimited Cash Rewards credit card is one of many 1.5% flat-rate cash-back cards on the market. It comes with a decent sign-up bonus, a generous intro APR period, and the potential to supercharge your earnings through the Bank of America Preferred Rewards® program. Read our review.
Blue Cash Everyday® Card from American Express
Our pick for: Grocery and gas rewards
The Blue Cash Everyday® Card from American Express pays elevated rewards at U.S. supermarkets, at U.S. gas stations and on U.S. online retail purchases. The rewards might not be as rich as on the Blue Cash Preferred® Card from American Express, but this card doesn't charge an annual fee either. New cardholders get a decent welcome offer and an introductory APR period. Read our review.
Bank of America® Customized Cash Rewards credit card
Our pick for: Customizable cash back
The Bank of America® Customized Cash Rewards credit card gives you a little more control over your credit card rewards by letting you choose which category earns the highest cash-back rate, from a list that includes gas stations, restaurants, travel, home improvement and more. You also get bonus rewards at grocery stores and wholesale clubs, plus a great new-cardholder bonus offer. Read our review.
» CREDIT CARDS WITH A LOW ONGOING INTEREST RATE
It's always best to pay your credit card bill in full each month; when you do that, you never get charged interest, so the APR on your credit card doesn't really matter. But life happens and sometimes it's necessary to carry debt, which can get expensive. In fact, the average rate on accounts that accrued interest was 22.76% as of May 2024, according to the Federal Reserve.
Credit cards from major issuers commonly offer 0% introductory APR periods, as you can see from the list above. But their ongoing rates — the rates that apply after that introductory period runs out — tend to be high, even for cardholders with good credit.
True low-interest cards are available, but they're typically offered by regional banks and credit unions. Not everyone will be eligible for such cards, whether because of membership requirements, geographic restrictions on the product or the bank that issues it, or a credit history that's not good enough to qualify for a card's lowest rate. But if think you'll end up carrying a balance, here are some cards to consider that feature low ongoing interest rates.
Ongoing credit card interest rates are typically tied to the prime rate, which is the interest rate that banks charge their best customers. No credit card is going to have an ongoing, non-promotional APR lower than the prime rate, and even the lowest-rate cards will be at least a few points above it. For example, in early 2024, the prime rate was 8.5%. It was common for cards from major issuers to be charging 15 to 20 percentage points above prime. Low-interest cards were charging about 3 points over prime.
AFCU Platinum Visa® Rewards Credit Card
Annual fee: $0
APR: As of February 2024, this card was advertising ongoing APRs as low as 11.15%, which was just 2.65 percentage points above the prime rate on 8.5%.
In addition to a low potential ongoing rate, this card also earns competitive cash-back rewards on everyday spending, which puts it on par with some of the best rewards credit cards on the market. But you must be a member of Aerospace Federal Credit Union to apply for the card. Being an employee of The Aerospace Corp. is one membership path, among other specific options. Immediate family members of those who are eligible to join the credit union can also apply for the card.
Air Force Federal Credit Union Visa Platinum Credit Card
Annual fee: $0.
APR: As of February 2024, this card was advertising an ongoing APR of 16.5%, which was 8 percentage points above the prime rate on 8.5%.
While an Air Force Federal Credit Union membership is required, you don't have to be affiliated with the military to join and get the card. In addition to military association, you can become a member by being a volunteer at a number of eligible companies, living or working in certain Mississippi counties or donating to an eligible foundation, among other requirement options.
Andrews Federal Simplicity Visa Credit Card
Annual fee: $0.
APR: As of February 2024, this card was advertising a 6-month introductory rate of 0% on all purchases made within the first 90 days, and then an ongoing APR of 13.24% to 18%, which would be 4.75 to 9.5 points above the prime rate of 8.5%
The introductory period isn't as long as what other cards offer, but the card's ongoing regular APR is still relatively low. Despite potentially low rates, though, you may not qualify due to eligibility requirements. Andrews Federal Credit Union serves eligible members who live in Washington, D.C., Maryland, Virginia, and New Jersey only.
Lake Michigan Credit Union Prime Platinum Card
Annual fee: $0.
APR: As of February 2024, this card was advertising an ongoing APR of 11.5%, which was just 3 percentage points above the prime rate of 8.5%.
s far as ongoing rewards and benefits go, the card offers none. But individuals who plan on carrying a balance from month to month will find its unusually low interest rate appealing. Keep in mind, though, that you’ll need excellent credit (FICO scores of at least 720) to qualify for the card's lowest rate. And beyond that, you'll have to join Lake Michigan Credit Union to get this card, although doing so isn't that difficult.
NASA Federal Platinum Advantage Rewards Credit Card
Annual fee: $0.
APR: As of February 2024, this card was advertising ongoing APRs as low as 14.65%, which was 6.15 percentage points above the prime rate of 8.5%.
The card’s rewards are a bit lackluster (1 point for each $1 spent), but its lowest possible APR may make up for it, if you can qualify for that rate. The NASA Federal Credit Union offers a number of other cards with reasonably low interest rates. But you must be a member of the NASA Federal Credit Union to qualify for these cards.
Navy Federal Credit Union® Platinum Credit Card
Annual fee: $0.
APR: As of February 2024, this card was advertising ongoing APRs of 11.24% to 18.00, which was as little as 2.74 percentage points above the prime rate of 8.5%.
Beyond its low regular APR, the card doesn't come with any rewards or ongoing benefits. Navy Federal Credit Union offers additional cards that come with potentially low ongoing APRs. But as with other military-affiliated credit unions, Navy Federal Credit Union has membership requirements that can be tough to meet.
PenFed Platinum Rewards Visa Signature® Card
Annual fee: $0.
APR: As of February 2024, this card was advertising an ongoing APRs of 17.99%, or 9.5 percentage points above the prime rate of 8.5%.
Beyond its relatively low rate, this card also offers fairly rich rewards. You have to be a member of the PenFed Credit Union to apply, but you don’t have to be affiliated with the military. You can also join simply by making a $5 deposit into a PenFed savings account.
Simmons Bank Visa
Annual fee: $0.
APR: As of February 2024, this was was advertising an ongoing APR as low as 15.5%. or 7 percentage points above the prime rate of 8.5%..
Unlike with cards from credit unions, you don’t have to be affiliated with any group or be a member to get the Simmons Bank Visa.
• • •
To view rates and fees of the Blue Cash Everyday® Card from American Express, see this page.
Last updated on September 20, 2024
Methodology
NerdWallet's Credit Cards team selects the best low interest credit cards based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of consumers. Factors in our evaluation include annual fees, the length of a card's introductory APR periods (if any) on purchases and balance transfers, ongoing APRs, balance transfer fees, bonus offers for new cardholders, rewards rates and redemption options, and other noteworthy features such as fee waivers or the ability to qualify with less than good credit. Learn how NerdWallet rates credit cards.
Frequently asked questions
What’s the difference between a 0% credit card and a low-interest card?
Both a 0% credit card and a low-interest credit card save you money on interest, but they do it in different ways — short-term versus long-term.
A 0% credit card doesn’t charge any interest at all for a period of time after you open the account, then it shifts to an often-high ongoing interest rate. Zero-percent cards are good for people who want to spread out payments on a large purchase or gain breathing room to pay down debt without interest.
A low-interest credit card charges an ongoing interest rate that's lower than other cards on the market. Low-interest cards are good for people who expect to roll over a balance most months (meaning they don’t pay off their balance in full every month).
What determines APR on a credit card?
Factors that affect the APR on your credit card include:
The prime rate. Credit card interest rates are often linked to the prime rate, which is the interest rate that banks charge their biggest and best customers. The APR on a credit card might be set as "prime + 10%" or "prime plus 12%." If the prime rate were 5%, those standards would equate to an APR of 15% or 17%. When the prime rate goes up, so do these cards' APRs. When the prime rate goes down, so do these cards' APRs.
Risk. Cards designed for people with subpar credit, or for people who are new to credit, will generally charge higher interest rates because lending money to these consumers is riskier than lending to people with excellent scores and established credit histories. Cards that advertise low ongoing rates are generally only available to those with good credit.
Rewards. Cards that offer rewards on purchases, such as cash back or travel points, generally charge higher interest.
Your credit score. Some cards charge a single interest rate; others charge a range of rates. The rate you get — either within a range or just by qualifying for the card in the first place — is influenced by your credit score.
Transaction types. A credit card might charge different APRs for different types of balances. Purchases may be charged interest at one rate, cash advances at another, and so on.
What is a purchase interest charge?
Purchase interest is a finance charge applied to purchases you put on your credit card. If you pay your credit card bill in full every month, you'll never have to pay interest on purchases because you have a grace period in effect. If you're carrying debt from month to month, however, interest begins accruing on purchases immediately. Learn more about purchase APRs.
Which is better: Low APR or cash back?
If you had to choose between a card with a low interest rate or one that offers cash back, you would start by looking at how you use credit cards. If you pay your bill in full every month, you always have a grace period in effect, so you never pay interest. When that's the case, the interest rate on your card literally doesn't matter, so the cash back card is the easy choice. However, if you are regularly carrying debt on your cards, the interest you're paying will more than eat up the value of the rewards you earn. If that's where you are, a card with a low APR would probably be the better option.
How much will my credit card payments be with a low-interest card?
How much your card payments will be with a low-interest card depends entirely on the balance on the card, the actual interest rate on the card and how much you are able to pay. Every issuer has its own formula for calculating your minimum payment. It's usually made up of the interest and fees that have added up over the past month, plus a small amount of the actual debt, say 1% or 2%. There may also be a minimum dollar amount for each payment, such as $40 (except in cases where the total statement balance is less than that).
How do I lower my APR?
If your credit cards' interest rate is tied to the prime rate, your APR will go down when the prime rate does. Otherwise, your best options for getting a lower APR are calling your card issuer and asking, or doing a balance transfer to move debt to a card with a lower rate.
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