The 10 Best Low-Interest Credit Cards with Premium Perks [April 2024]

If you're carrying balances on your credit cards, it is important to get your debt under control. The best way to do that is with a low-interest-rate credit card. The lower rate reduces the amount of interest you pay, leaving you with more money to pay down your balance.

If you're in the market for a new card, choosing a low-interest credit card doesn't mean you have to miss out on valuable perks. Many of these credit cards earn rewards and offer useful benefits without an expensive annual fee. In this article, we'll share 10 credit cards that may work for you.

The best low-interest credit cards

• Wells Fargo Reflect^® Card: Excellent for longest intro APR offer
• Citi^® Diamond Preferred^® Card: Excellent for balance transfers
• BankAmericard^® credit card: Excellent for longest intro APR offer
  
• Wells Fargo Active Cash^® Card: Excellent for high earning potential
• Citi Double Cash^® Card: Excellent for flat-rate cash back
• Capital One Quicksilver Cash Rewards Credit Card: Excellent for unlimited cash back
• Blue Cash Everyday^® Card from American Express: Excellent for cash back on gas and at U.S. supermarkets
  
• Chase Freedom Flex℠: Excellent for cell phone protection
• Chase Freedom Unlimited^®: Excellent for travel rewards
• U.S. Bank Visa^® Platinum Card: Excellent for long intro APR offer
  

Wells Fargo Reflect^® Card: Excellent for longest intro APR offers

Intro APR on purchases: 0% intro APR on purchases for 21 months from account opening (then 18.24%, 24.74%, or 29.99% Variable)

Intro APR on balance transfers: 0% intro APR for 21 months from account opening on qualifying balance transfers (then 18.24%, 24.74%, or 29.99% Variable)

Why we like it: The Wells Fargo Reflect typically has one of the longest intro APR offers available for purchases and qualifying balance transfers. This card also has a $0 annual fee and provides the uncommon, but useful benefit of cell phone protection.

What we don’t like: You can’t earn a welcome bonus or any rewards on purchases. You also have to pay 3% foreign transaction fees for any applicable purchases.

Read our full Wells Fargo Reflect Card review.

Citi^® Diamond Preferred^® Card: Excellent for balance transfers

Intro APR on purchases: 0% intro APR on purchases for 12 months (then 18.24% - 28.99% (Variable))

Intro APR on balance transfers: 0% intro APR on balance transfers for 21 months (then 18.24% - 28.99% (Variable))

Why we like it: The Citi Diamond Preferred has a $0 annual fee and one of the longest intro APR offers for balance transfers. In addition to a generous balance transfer offer, this card also comes with fun perks like access to Citi Entertainment. Cardholders get special access to sporting events, dining experiences, and more with this no-annual-fee card.

What we don’t like: You typically can’t earn any rewards with the Diamond Preferred, whether through a welcome bonus or on purchases. Also, this card charges 3% foreign transaction fees on applicable purchases and the intro APR offer on purchases is only average.

Read our full Citi Diamond Preferred review.

BankAmericard^® credit card: Excellent for longest intro APR offers

Intro APR on purchases: 0% intro APR on purchases for 18 billing cycles (then 16.24% - 26.24% Variable)

Intro APR on balance transfers: 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 16.24% - 26.24% Variable)

Why we like it: The BankAmericard has one of the longest intro APR offers available for purchases and qualifying balance transfers. This card also has a $0 annual fee and no penalty APR if you make a late payment.

What we don’t like: You can’t typically earn any rewards with this card and you have to pay 3% foreign transaction fees on applicable purchases.

Read our full BankAmericard credit card review.

Wells Fargo Active Cash^® Card: Excellent for high earning potential

Intro APR on purchases: 0% intro APR on purchases for 15 months from account opening (then 20.24%, 25.24%, or 29.99% Variable)

Intro APR on balance transfers: 0% intro APR for 15 months from account opening on qualifying balance transfers (then 20.24%, 25.24%, or 29.99% Variable)

Why we like it: The Wells Fargo Active Cash has a $0 annual fee and provides excellent intro APR offers on purchases and qualifying balance transfers.

You can also earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. For everyday expenses, earn 2% cash rewards on purchases.

What we don’t like: You don’t have any bonus categories to help increase your earning potential, such as earning a higher rate on groceries, gas, or dining. You also have to pay 3% foreign transaction fees on applicable purchases.

Read our full Wells Fargo Active Cash review.

Citi Double Cash^® Card: Excellent for flat-rate cash back

Intro APR on balance transfers: 0% intro APR on balance transfers for 18 months (then 19.24% - 29.24% (Variable))

Why we like it: The Citi Double Cash is ideal for someone who wants to maximize their cash back on every purchase. This low-interest cash rewards credit card earns an unlimited 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases; plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. There are no categories to track and you have a $0 annual fee.

What we don’t like: There’s no intro APR offer on purchases, and you have to pay 3% foreign transaction fees on applicable purchases.

Read our full Citi Double Cash card review.

Capital One Quicksilver Cash Rewards Credit Card: Excellent for unlimited cash back

Intro APR on purchases: 0% intro APR on purchases for 15 months (then 19.99% - 29.99% (variable))

Intro APR on balance transfers: 0% intro APR on balance transfers for 15 months (then 19.99% - 29.99% (variable)); Balance transfer fee applies

Why we like it: If you want a card for earning rewards on everyday expenses, the Capital One Quicksilver Cash Rewards offers 1.5% cash back on every purchase, every day; and 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply).

The Capital One Quicksilver Rewards has a $0 annual fee and provides excellent intro APR offers. You can also earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

What we don’t like: You’re limited with the card’s bonus categories since there aren’t many opportunities to earn above the base earning rate on eligible purchases.

Read our full Capital One Quicksilver Cash Rewards review.

Blue Cash Everyday^® Card from American Express: Excellent for cash back on gas and at U.S. supermarkets

Intro APR on purchases: 0% intro APR on purchases for 15 months (then 19.24% - 29.99% Variable)

Intro APR on balance transfers: 0% intro APR on balance transfers for 15 months (then 19.24% - 29.99% Variable)

Why we like it: The Amex Blue Cash Everyday rewards cardholders with valuable cash back (in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout) on their everyday purchases. With this card, you earn 3% cash back at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases (up to $6,000 per year on purchases in each category, then 1%); and 1% cash back on other eligible purchases.

New cardholders can also benefit from a generous welcome bonus: Earn a $200 statement credit after spending $2,000 in purchases in the first 6 months. This card has a $0 annual fee. Terms apply.

What we don’t like: There’s a cap on how much you can earn at elevated rewards rates per year and you have to pay 2.7% foreign transaction fees on applicable purchases.

Read our full Blue Cash Everyday Card from American Express review.

Chase Freedom Flex℠: Excellent for everyday earning

Intro APR on purchases: 0% intro APR on purchases for 15 months (then 20.49%-29.24% Variable)

Intro APR on balance transfers: 0% intro APR on balance transfers for 15 months (then 20.49%-29.24% Variable)

Why we like it: The Chase Freedom Flex provides 5% cash back on rotating quarterly categories you activate (on up to $1,500 spent) and travel purchased through the Chase Ultimate Rewards portal; 3% cash back on drugstore purchases and dining at restaurants (including takeout and eligible delivery service); and 1% cash back on all other purchases.

You can also earn a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.

In addition, you can take advantage of the cell phone protection benefit. You're covered up to $800 per claim and up to $1,000 total per year if you pay your cell phone bill with your card. The deductible is $50 and you're limited to two claims per year.

What we don’t like: Rotating categories typically need to align with your everyday expenses to be useful. You also have to pay foreign transaction fees on applicable purchases.

Read our full Chase Freedom Flex review.

Chase Freedom Unlimited^®: Excellent for travel rewards

Intro APR on purchases: 0% intro APR on purchases for 15 months (then 20.49% - 29.24% Variable)

Intro APR on balance transfers: 0% intro APR on balance transfers for 15 months (then 20.49% - 29.24% Variable)

Why we like it: With the Chase Freedom Unlimited, you can earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year). You also earn 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases.

What we don’t like: You have to pay foreign transaction fees on applicable purchases, so this isn’t the best card to take on international trips.

Read our full Chase Freedom Unlimited review.

U.S. Bank Visa^® Platinum Card: Excellent for long intro APR offers

Intro APR on purchases: 0% intro APR on purchases for 18 billing cycles (then 18.74% - 29.74% (Variable))

Intro APR on balance transfers: 0% intro APR on balance transfers for 18 billing cycles (then 18.74% - 29.74% (Variable))

Why we like it: The U.S. Bank Visa Platinum has excellent intro APR offers on balance transfers and purchases and a $0 annual fee. In addition, you can also take advantage of its useful cell phone protection benefit.

What we don’t like: This card doesn’t have a welcome bonus or any rewards program to help you earn cash back, points, or miles. You also have to pay foreign transaction fees on applicable purchases.

Read our full U.S. Bank Visa Platinum Card review.

Methodology

We chose these top low-interest cards based primarily on their introductory APR offers for balance transfers and purchases, and standard APRs. In this case, low interest rate is defined as having a relatively low APR when compared with the average credit card interest rate of 20.68% (as of Jun. 2023), or a lengthy intro APR offer that helps cardholders keep interest costs down.

When compiling our list, we also considered other factors like balance transfer fees, annual fees, and cardholder benefits. Our ideal low-interest rate credit cards offer low fees, a relatively low interest rate, and perks that add value for cardholders.

How do low-interest credit cards work?

Low-interest credit cards feature below-average interest rates to attract customers who carry balances. These credit cards typically earn fewer rewards and have reduced benefits compared to a standard rewards credit card. These adjustments help keep costs low.

These credit cards are best suited for people who carry a balance from month to month. The lower interest rate reduces the amount of interest the cardholder pays and helps them pay down their balance faster.

Here are two examples of people who could benefit from a low-interest-rate credit card:

• Person A carries a $10,000 balance on a credit card with a 19.9% interest rate. By transferring this balance to one of the best balance transfer cards with a 0% intro APR, they'll eliminate the interest portion of their payment. This means that 100% of their payment will go toward reducing their credit card debt. Even if they pay a 3% balance transfer fee, they'll still come out ahead in the long run.
• Person B needs to replace their air conditioning unit and the estimated cost is $9,000. They don't have the money to cover the full cost right now but are expecting a big tax refund later this year. By using a credit card with a 0% APR purchase promotion, they can replace the air conditioner now, then pay off the balance once the tax refund arrives and before the intro APR period ends.

What is a good interest rate on a credit card?

When choosing a low-interest credit card, look for one that is below the average credit card interest rate of 20.68% (as of Jun. 2023). This will help you pay less interest if you ever need to carry a balance.

Interest rates vary from card to card and may be lower or higher based on your credit history. If you have good credit or excellent credit, credit card issuers may be more likely to offer you a lower interest rate than if you have poor credit or no credit. That said, most credit cards have a variable interest rate that changes based on the bank's prime rate.

The different types of credit card APRs and what they mean

When reviewing your credit card options, you may encounter some unfamiliar financial terms. Here's a quick review of these terms and what they mean:

• Intro balance transfer APR: This is a limited-time interest rate offered for balance transfers made on a new account. Cardholders typically have a limited window to request the balance transfer to be eligible for this introductory offer. Once the promotional period ends, any unpaid balance will revert to the standard balance transfer APR.
• Intro purchase APR: Cardholders receive a lower interest rate on all purchases made during the promotional period. Any unpaid purchases, once the promotion is over, will revert to the standard purchase APR. These offers are great if you need to make a big purchase and pay it off over time.
• Purchase APR: This is the standard interest rate charged on purchases if the statement balance is not paid in full. The purchase APR is typically determined based on the cardholder's creditworthiness and payment history.
• Balance transfer APR: Some credit cards allow cardholders to request balance transfers at any time. The balance transfer APR is what the bank charges the cardholder for balances that have been transferred into the customer's account.
• Cash advance APR: This is the interest rate charged when you withdraw cash from an ATM or retailer using your credit card.

Most of these APRs are based on the prime rate and will vary based on market conditions. Some banks have a minimum interest charge and fees for balance transfers and cash advances.

How to choose the best low-interest credit card

There are many choices when it comes to low-interest credit cards, so it can be hard to choose just one. Think about your immediate goals and how this card helps you achieve those goals. For example, if you have a large purchase coming up and need extra time to pay off the balance, one of these cards could help.

Beyond the interest rate, the fees it charges, the rewards it earns, and the benefits it offers are also important. Is a credit card rewards program important to you? If so, do you want a flat-rate rewards card that earns the same rewards everywhere or one that offers bonus rewards at certain retailers where you spend the most, like a gas station or grocery store?

It pays to know your credit score before applying to increase your chances of getting approved. You can view your credit reports and score for free at AnnualCreditReport.com. Typically, you can view your reports for free once a year.

Pros and cons of low-interest credit cards

Pros

• Pay down debt: A balance transfer credit card could give you time to consolidate and help pay down existing debt without having to worry about interest charges for a certain period of time.
• Save on interest: Your annual percentage rate (APR) and interest rate are virtually the same on credit cards. A lower APR could help you save on interest charges if you carry a balance. However, it’s recommended to pay off your balance each billing cycle and avoid interest altogether.
• Make a large purchase: A 0% intro APR offer on purchases could help you avoid interest for a while on an upcoming large purchase. This might be helpful for wedding expenses, new furniture, replacing an appliance, or other types of common expenses.

Cons

• Lack of rewards: Many low-interest credit cards have no rewards program. This means no cashback rates or bonus points on purchases. Note that this doesn’t apply to all low-interest cards. Some of these cards are also cashback cards or other types of rewards cards.
• Lack of benefits: Some low-interest credit cards have fewer benefits than other types of cards. For example, travel credit cards don’t typically have foreign transaction fees, but these are common on low-interest cards.
• Credit score requirement: It’s common for the best low-interest credit cards to require at least a 670 credit score. But remember that having a certain credit score is only a guideline and doesn’t guarantee approval. And different card issuers, including American Express, Chase, and Bank of America, might consider different creditworthiness factors.

How to reduce your credit card interest payments

If you're looking to reduce your credit card interest payments, applying for a low-interest credit card is a good option to consider. However, there are other alternatives to explore, such as the following:

1. Pay off your cards according to their interest rates

If you have credit card debt on multiple cards, some financial experts recommend paying them off according to the size of the balance, starting with the smallest. The idea is that quick wins will help motivate you to keep paying off your debt.

However, it is often more cost-effective to pay your cards off in order of their interest rates, starting with the highest-rate card and moving to the lowest.

2. Make multiple monthly payments

Making multiple payments each month can also help reduce interest charges. Interest charged by credit card issuers is calculated based on the average daily balance of your account rather than the balance at the end of the month.

Paying more than once per month can reduce that average balance and, with it, your interest charges.

3. Consider a personal loan

If transferring your balance to a credit card with lower interest rates is not an option, you can consider taking out a personal loan. This type of loan allows you to consolidate all your debts and pay them off at a lower interest rate. You can make equal monthly payments for a set period of time, making it easier to budget for your debt payments. 

However, there are other situations that a personal loan may not be a good fit for. For example, if you want to pay off loans quickly (in less than 2 years), if your credit score is low, or if you cannot manage your personal spending habits, a personal loan probably isn't the way to go.

4. Apply for a 0% balance transfer credit card

If you owe more than you can pay off in the next few months, signing up for a balance transfer credit card may be a wise move. When you transfer a balance, you move your debt from one card to another, usually one with a 0% intro APR offer for balance transfers. 

This option can help you pay off any high-interest debt during the introductory period before the card’s regular APR kicks in. Many credit cards charge a fee of around 3% for balance transfers, although there are some cards that either do not have this fee or temporarily waive it.

5. Avoid using your credit card for medical expenses

While medical bills, expected or not, may not fit into your budget, using a credit card to pay them is not usually the best solution. Depending on the amount you owe, it can cost you hundreds of dollars in interest.

Doctors and hospitals may be able to help you set up an interest-free monthly payment plan, so call your hospital’s billing department and ask about your options.

FAQs

Bottom line

Low APR credit cards serve a valuable purpose if you typically carry a credit card balance. A lower interest rate helps you pay off your balance faster while enjoying the additional perks your credit card offers. There are many options available for credit cards with low-interest rates and no annual fees, so you can find one that offers rewards and other benefits that match your personal finance needs.

One last piece of advice if you're interested in a low-interest card. Whichever option you choose, be sure to avoid late payments, as even one late payment can trigger a penalty APR. The goal is to avoid a higher interest rate and keep your costs low. 

Lucrative, Flat-Rate Cash Rewards

Wells Fargo Active Cash^® Card

5.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Wells Fargo Active Cash^® Card

Apply Now

Rates and fees

Current Offer

$200 cash rewards bonus after spending $500 in purchases in the first 3 months

Annual Fee

$0

Rewards Rate

Earn 2% cash rewards on purchases

Benefits and Drawbacks

Benefits

• $200 cash rewards bonus after spending $500 in purchases in the first 3 months
• Earn unlimited 2% cash rewards on purchases
• Intro APR on purchases and qualifying balance transfers
• $0 annual fee

Drawbacks

• Has foreign transaction fee
• No bonus categories

Card Details

• Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
• Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
• Earn unlimited 2% cash rewards on purchases.
• 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
• $0 annual fee.
• No categories to track or remember and cash rewards don’t expire as long as your account remains open.
• Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
• Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.