Low APR credit cards are an excellent option for consumers who may need to carry a balance on their credit cards. These cards offer a lower interest rate than traditional credit cards, which can help you save money by avoiding interest charges. Additionally, a low interest credit transfer card lets you manage and pay off debt.
With one of these cards, you can transfer your existing debt from higher interest credit cards and loans to help you save money while repaying the balance. The lowest interest rate credit cards typically include interest rates between 12% and 14%. Additionally, some credit unions may offer members interest rates as low as 5%.
If you’d like to get a low interest credit card, here are our picks for the best interest rate credit cards in 2023:
Wells Fargo Reflect Card: With no annual fee, a low interest rate, and a 0% intro APR for 18 months, these cards are great for consumers who want to save more on purchases, need to carry a balance from month-to-month, or are paying down existing debt.
Discover it Cash Back: These cards feature a generous cash back rewards program, no annual fee, and an introductory Unlimited Cashback Match program for purchases you make within the first year.
Like always, you should review terms and conditions and additional benefits before you apply for a low rate credit card.
In addition to considering the best low interest credit cards, cash back credit cards are another popular card option that provides consumers with rewards for their purchases. These cards may include cash back for every dollar spent, or a percentage back or qualifying purchases.
Additionally, some cards provide rewards for any type of purchase you make, while others may limit or rotate qualifying purchase categories.
Therefore, it’s important to look for more than just the highest cash back credit card. Review the details about the card’s rewards program, any fees associated with the card, and interest rates. Our recommendations for the best cash back credit cards include:
American Express Blue Cash Everyday Card: These cards include between 1% and 3% cashback on your purchases and offer monthly statement credits for qualifying streaming subscription services. Additionally, you can get a 0% intro APR for purchases and balance transfers for 15 months.
Bank of America Cash Rewards Credit Card: Unlike many other cash back credit cards, the Bank of America Cash Rewards Credit Card lets you choose a category you’d like to earn rewards on, such as grocery or gas purchases.
Additionally, there are no annul fees, and you have the option to change your rewards category once each calendar month.