The Best Low Interest Credit Cards

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If you’re the type of credit card carrier that rolls a balance over from month to month, than having a low interest credit card is a very important part of your wallet.  Gone are the days of 5% interest, but that doesn’t mean you have to settle for default APR’s of as high as 34.99%.

Many of the low interest credit cards you’ll find on our list come with added benefits that should be taken advantage of.  Whether it’s a cash back bonus after signing up or a great balance transfer offer that will allow you extra time in paying off a big balance, carrying a low interest credit card is a great way to make a big purchase without paying a ton of interest.

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Citi® Simplicity® Card – With one of the best balance transfer around, the Citi Simplicity Card provides cardmembers a variable interest rate of 11.99% – 21.99%* variable, which means you could receive any interest rate between those boundaries, based on your credit. For those in need of a great balance transfer*, you’ll find a 0% intro offer for 18 months on balance transfers* months, with a 3% balance transfer fee ($5 minimum). The card also offers 0% introductory APR on purchases for 18 months on balance transfers* months. This card would have been an easy choice for #1 other than the fact the Citi Simplicity Card doesn’t provide much of a rewards program. There is no annual fee for cardholders.

Chase Freedom® Visa – $100 Bonus Cash Back – Even though the Chase Freedom Visa – $100 Bonus Cash Back doesn’t sport the absolute lowest interest available (11.99% – 22.99% variable), it does come with one of the most powerful rewards programs AND a $100 cash back bonus which cannot be found anywhere else. (If you spend $500 in the first three months of owning the card)

The Chase Freedom Visa – $100 Bonus Cash Back awards cardholders with 1% cash back on all purchases and the possibility of 5% cash back on rotating categories throughout the year.  You will also find a 0% introductory offer on balance transfers for 12 months and on purchases for six months and last but not least there is no annual fee.

Discover® More® Card – As good as the Chase Freedom Visa – $100 Cash Back Bonus, the Discover More Card offers similar rewards and interest without the up-front bonus.  An interest rate of 10.99% – 20.99%* variable is provided to all cardholders and if your in need of an intro rate, the Discover More Card includes a 0% intro rate on balance transfers for 15 months and on purchases for 15 months.  5% cash back can be earned on rotating categories throughout the year and after you spend $3,000 on your card annually, you can earn 1% cash back on all purchases.  No annual fee is needed.

Simmons First Visa® Platinum – If the only thing you care about is a low interest rate, then the Simmons First Visa Platinum is the card for you.  With a 7.25% interest rate, the Simmons First Visa Platinum is nearly 4% lower than any other credit card but that’s just about all this card has to offer.  No rewards or intro offer to speak of but the good news is you won’t have to pay anything extra for the Summons First Visa Platinum because the card does not carry an annual fee.

Citi® Dividend Platinum Select® Visa® Card – $100 Cash Back – Similar to other Citibank credit cards, the Citi Dividend Platinum Select Visa Card – $100 Cash Back offers cardholders a 12.99% – 22.99% variable interest rate. Cardholders will also be given the chance to earn 1% cash back on all purchases and 5% cash back on rotating categories throughout the year AND the card carries a 0% intro rate on balance transfers and purchases for 12 months!  Not to mention the $100 cash back each cardholder will receive after spending $500 in purchases during the first three months.  The Citi Dividend Platinum Select Visa Card – $100 Cash Back requires excellent credit and does not carry an annual fee.

Discover® Open Road Card – $150 Restaurant.com Gift Certificate – You’ll find a little bit of everything with the Discover Open Road Card – $150 Restaurant.com Gift Certificate and included in that grab bag is a low interest rate of 10.99% – 20.99% variable. 2% cash back can be earned on all gasoline and restaurant purchases and 1% cash back earned on everything else (after spending $3,000 on the card). Cardholders will find an intro rate of 0% on balance transfers for a full 12 months and on purchases for 12 months and the Discover Open Road Card – $150 Restaurant.com Gift Certificate does not have an annual fee.

Ink Cash℠ Business – Last on our list of the best low interest credit cards is business card from Chase. First of all, you get $250 cash back bonus after you spend $5,000 within 3 months! Ideal for businesses of any size, the Ink Cash Business offers an interest rate of 13.24%. This rate is extremely competitive, particularly when you factor in 5% cash back on office supplies, landline, wireless and cable service purchases (all for the first $25,000 spent annually), 2% cash back on gas and dining purchases (again, for $25,000 spent annually) and unlimited 1% cash back on all other purchases. The card has no annual fee.

Published or updated May 12, 2012.