How to Pick a Low APR Credit Card | Credit.com (2024)

How to Pick a Low APR Credit Card | Credit.com (1)

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

A credit card’s interest rate is obviously one of its most important factors. Some credit cards offer an ongoing APR that’s lower than average, while others offer a 0% interest rate for an introductory period after opening your account.

If you’re in the market for a low APR credit card, we’ve compiled a list of some of our favorites below. All of the cards in this list at least have a 0% introductory offer.

Note: You’ll notice that most of these credit cards have a variable ongoing APR. Ultimately your interest rate will be determined by your unique credit.

How to Pick a Low APR Credit Card | Credit.com (2)

card_name

This card is a good choice if you want a flat-rate cash back rate on all purchases. With a annual_fees annual fee and straightforward rewards, it’s perfect if you want to earn rewards without needing to track spending categories.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (3)

card_name

Love to eat out? This card is great if you’re wanting to earn rewards on food and entertainment purchases.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (4)

card_name

This card is great if you’re interested in earning miles on your purchases. It offers a simple rewards structure and provides a straightforward way to earn and redeem miles for various travel expenses.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (5)

card_name

A great card for small business owners looking to take advantage of a intro_apr_rate,intro_apr_duration, then reg_apr,reg_apr_type APR thereafter, and cash back opportunities on purchases.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

Read our full review

How to Pick a Low APR Credit Card | Credit.com (6)

Ink Business Cash® Credit Card

A great card for small business owners who also want to earn cash back on their expenses. Includes bonus categories for office supplies, internet, cable, and phone services.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (7)

Ink Business Unlimited® Credit Card

This card is good for small business owners seeking simplicity and unlimited cash back on every purchase.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (8)

Blue Cash Everyday® Card from American Express

With a generous cash back structure and annual_fees annual fee, this card can help you earn rewards on everyday expenses like groceries and gas.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (9)

Blue Cash Preferred® Card from American Express

The Blue Cash Preferred® Card from American Express is great for individuals or families with higher-than-average spending on groceries and streaming services.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (10)

Chase Freedom Unlimited®

The Chase Freedom Unlimited® is a great choice if you’re looking for a flexible cash back card with a simple earning structure.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How to Pick a Low APR Credit Card | Credit.com (11)

United Gateway℠ Card

The United Gateway℠ Card is good for frequent United Airlines travelers looking for a no-frills, annual_fees annual fee credit card. It also comes with great travel benefits like bonus miles on United purchases and no foreign transaction fees.

Intro APR: intro_apr_rate,intro_apr_duration

Ongoing APR: reg_apr,reg_apr_type

How Do Introductory APR Offers Work?

Many credit cards offer a 0% APR for an introductory period, which means you won’t pay any interest on qualifying balances within a given length of time after opening your account. (All introductory APR offers say the terms in months or statement cycles. If they don’t specify the terms, it may be a scam.)

Obviously, there are a lot of reasons why a low or 0% introductory APR is beneficial. Maybe you’re anticipating a big purchase and want to spread out payments without worrying about interest, or maybe you want to transfer a balance from a credit card with a higher APR, for example.

How to Pick a Low APR Credit Card

Although a credit card may have a lower APR, it could also have some downsides like high fees or requiring excellent credit for approval. Here’s a checklist of steps you can take before applying.

  1. Check Your Credit

In addition to checking your credit score, you’ll also want to know what’s on your credit reports before you apply. When you apply for a credit card, most issuers will check your creditworthiness before approving you. This is what’s known as a hard inquiry (as opposed to a soft inquiry, when you check your own credit). Multiple hard inquiries within a short amount of time – like if you get rejected for a card and try to apply for others right away – can hurt your credit. Your best bet is to apply for a card only if you’re confident you’ll be approved.

Heads up: the best low APR credit card offers tend to require good credit. Many of these lenders want to see a credit score of at least 650 or higher as well as an income and debt situation that ensures you can make your payments.

  1. Research Other Rewards

APR is one thing, but you’ll also want to carefully consider the card’s other features. For example, if you travel a lot, you might be in the market for a travel rewards credit card with a 0% intro APR offer to spread out the cost of your trip over multiple interest-free payments.

Alternatively, if you like the idea of earning cash back on daily purchases, you might be more interested in a card that offers high amounts of cash back rewards on categories such as groceries or gas.

  1. Consider Fees

If you choose a card that offers a 0% intro APR period, make sure you also consider what the ongoing APR will be once the intro offer is over. You’ll also want to carefully consider what other fees the card comes with, including any regular usage fees or penalty fees. Depending on how you use the card, you could end up paying more in fees than what you save in interest.

If you haven’t checked your credit score in a while, or you’re wondering what may be on your credit reports, you can also take a quick look at your credit by signing up for a free account with Credit.com.

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.

How to Pick a Low APR Credit Card | Credit.com (2024)

FAQs

What credit score do I need for a low APR? ›

Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.

Is 29.99 APR high for a credit card? ›

Penalty APRs are part of why credit card overspending can be so dangerous, as they may reach higher than 29.99% when a payment is at least 60 days late. Interest rates this high would be unthinkable in most other common lending contexts.

Is 24.99% a good APR for credit card? ›

That means getting a credit card with an APR lower than 23% could be considered a good APR for the average borrower. Opinions and ratings are our own. This content is not provided, commissioned, or endorsed by any issuer.

Can I get 0 APR with 750 credit score? ›

Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan.

Can I negotiate a lower APR on my credit card? ›

Credit card interest rates can make it harder to pay off your debt, but you may be able to negotiate a better rate or a limited-time offer by simply calling your credit card issuer. While it can some time and effort and your request may be denied, it doesn't hurt to ask.

Why is my APR so high with good credit? ›

Factors that increase your APR may include federal rate increases or a drop in your credit score. By identifying changes to your APR and understanding the actions that led to your increased rate, you can take steps that may help reduce your interest charges in the future.

Is 7% APR good for a credit card? ›

It depends on the type of card you're looking at, as well as your own credit. A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it.

What is considered a bad APR? ›

A good credit card APR is a rate that's at or below the national average, which currently sits above 20 percent. While there are credit cards with APRs below 10 percent, they are most often found at credit unions or small local banks.

Does APR matter if I pay on time? ›

Your APR doesn't matter if you pay off your balance each month, thanks to your grace period. The Credit CARD Act of 2009 requires lenders to deliver your bill to you at least 21 days in advance of when it's due. During this time, most lenders offer an interest-free grace period.

Is Capital One Platinum a good credit card? ›

The Capital One Platinum Credit Card is a solid choice for people looking to build credit. You won't earn rewards or have access to many perks, but it will help you learn to manage your credit effectively. But, beyond helping you to build your credit, this card doesn't have much to offer.

Can your APR go down? ›

Securing a lower interest rate may be as simple as asking your current credit card issuer to lower your APR. In other cases, it may make sense to improve your credit score or transfer your balance over to a new 0 percent APR credit card.

Is 4% APR good for a credit card? ›

A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it. The Federal Reserve tracks credit card interest rates, and an APR below the average would also be considered good.

Is 30% APR on credit card bad? ›

A 30% APR is not good for credit cards, mortgages, student loans, or auto loans, as it's far higher than what most borrowers should expect to pay and what most lenders will even offer. A 30% APR is high for personal loans, too, but it's still fair for people with bad credit.

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