The Best Low Interest Credit Cards in 2021
Credit cards are a convenient and popular way to make purchases, but they can also come with high interest rates. Fortunately, there are many low interest credit cards available that can help you save money on interest charges. In this article, we’ll explore the best low interest credit cards currently available and help you decide which one is right for you.
What Is a Low Interest Credit Card?
First, let’s define what we mean by “low interest” credit card. A low interest credit card is any credit card that has a lower than average interest rate. The average credit card interest rate in the United States is around 16%, so any card with an interest rate below that could be considered low interest.
There are two types of low interest credit cards: those that offer a low introductory rate for a limited time, and those that offer a consistently low interest rate over time. The first type is often called a “0% intro APR” card, as it offers a 0% interest rate for a certain period of time. The second type may not have a 0% intro APR, but it still offers a lower interest rate than the average credit card.
The Benefits of a Low Interest Credit Card
There are several benefits to having a low interest credit card. First and foremost, it can save you money on interest charges. If you carry a balance on your credit card, a high interest rate can add up quickly. By choosing a low interest credit card, you can reduce the amount of interest you pay over time.
Additionally, a low interest credit card can make it easier to pay off your balance. Since you’re accruing less interest each month, more of your payment goes towards paying down the balance. This can help you get out of debt faster.
The Best Low Interest Credit Cards
Now, let’s take a closer look at some of the best low interest credit cards currently available:
1. Lake Michigan Credit Union Prime Platinum Visa
The Lake Michigan Credit Union Prime Platinum Visa is widely considered one of the best low interest credit cards on the market. It boasts a low APR of 6.25%, which is significantly lower than the average credit card interest rate. Additionally, it has no annual fee and offers a range of other benefits, such as travel accident insurance and no balance transfer fees.
2. Chase Freedom Unlimited
The Chase Freedom Unlimited is another great low interest credit card. While it doesn’t have the rock-bottom interest rates of the Lake Michigan Credit Union card, it still offers a very reasonable APR of 14.99% – 23.74%. It also offers a generous rewards program, which allows cardholders to earn 1.5% cash back on every purchase.
3. Citi Double Cash Card
The Citi Double Cash Card is a popular choice for anyone looking for a low interest credit card. It offers a fantastic rewards program, allowing users to earn 2% cash back on every purchase – 1% when they buy and 1% when they pay. It also has a relatively low interest rate of 13.99% – 23.99%.
4. Discover it Cash Back
The Discover it Cash Back card is another great option for those looking for a low interest credit card. It offers a 0% intro APR for 14 months, then a relatively low interest rate of 11.99% – 22.99%. It also has a generous rewards program, allowing cardholders to earn up to 5% cash back on rotating categories.
How to Choose the Right Low Interest Credit Card for You
With so many low interest credit cards available, it can be tough to decide which one is right for you. Here are some factors to consider when making your decision:
1. Your Credit Score
Your credit score will play a big role in which low interest credit cards you’re eligible for. If you have a lower credit score, you may not qualify for some of the best options. Make sure to check your credit score before applying for a credit card.
2. Your Spending Habits
Different low interest credit cards offer different rewards programs, so it’s important to consider your spending habits. If you spend a lot on groceries, for example, you may want to choose a card that offers cash back on grocery purchases.
3. Your Financial Goals
Ultimately, the right low interest credit card for you will depend on your financial goals. Are you trying to pay off debt? Save money on interest charges? Earn rewards? Consider what’s most important to you when making your decision.
The Bottom Line
Overall, a low interest credit card can be a great way to save money on interest charges and pay off debt more quickly. Whether you choose the Lake Michigan Credit Union Prime Platinum Visa, the Chase Freedom Unlimited, the Citi Double Cash Card, or the Discover it Cash Back card, any of these options can help you achieve your financial goals.
Thank you for reading, and we hope this article has helped you make a more informed decision about your credit card options.
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