Choose a Low Interest Rate Credit Card from the Major Providers
Those who can’t do away with credit card balances every single month will benefit most from a low interest rate credit card. Considering that all credit cards impose compounding interest – charging interest on interest – credit card debts easily pile up and one may end up with an outstanding balance, 60-70% of which is comprised of interest charges.
When looking for a low interest rate credit card, check out whether the advertised interest rate is an ongoing rate or a mere introductory offer. Otherwise, you might end up with a 0% intro APR for 3 months and a shocking 28% APR thereafter. Here are some of the lowest rate cards from major providers:
Discover More Card –this low interest rate credit card offers 0% introductory Annual Percentage Rate (APR) for 6 months and 0% introductory balance transfer rate for 12 months to those with average to excellent credit rating. Thereafter, standard APR starts at 11.99% to 18.99%, while standard cash advance APR is pegged at 23.99%, all variable rates. This card has no annual fee and it features a 5% cash back bonus for popular purchases such as travel, gas, and grocery and up to 1% cash back bonus for all other purchases.
Chase Freedom Mastercard – another fantastic deal from Mastercard which offers 0% intro rate on purchases for 6 months and 0% intro rate on balance transfers for 12 months with no annual fee. Ongoing APR starts from prime rate + 9.74% variable. Additional features include a 3% cash back bonus on popular purchases like gas and home improvement and full 1% cash back on any other purchase.
Simmons First Visa Platinum – an excellent low interest rate credit card offer for those with excellent credit. This credit card from Simmons First may not have a 0% introductory offer, but it has one of the lowest APR’s for both purchases and balance transfer that is pegged at 7.25% variable rate. Even its cash advance APR starts at a remarkable rate of 11.25%. It has no balance transfer fees and no annual fee. It also features travel insurance for its cardholders with a coverage amount of $1,000,000.
