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Low Interest Credit Cards

Low interest credit cards are offered in various forms by Visa, Master Card, American Express, and Discover. They give people a chance to pay more money towards principal each month, instead of writing checks that simply cover the interest on an account. People are drawn to low interest cards because they know all too well how quickly high interest rates can lead to high credit card debt.

Defining the “Low Interest” Card

Each company seems to have its own definition of low interest. There are cards that offer members an APR of anywhere between eight percent and nine percent. Other companies’ low interest cards have an APR of well over 15 percent. However, these varied rates are not the only things to look at when choosing a card. A card with a higher APR might actually make more sense for a person if it comes with certain rewards and benefits.

Why Switch to Low Interest Cards?

  • Some people make it a habit–a bad habit–to simply pay off the minimum balance on their cards each month. This leads to paying the maximum in interest, which makes getting out of debt seem impossible. A low interest card that consolidates current debts helps people make headway against the balances they carry.
  • Many people choose to eschew high interest rate cards with widely-publicized perks because they neither need nor use these benefits, and prefer to save money in the long run the guaranteed way–by paying less in interest with each payment.

Low Interest Credit Cards with Zero Percent APR Periods

Certain cards will actually offer members a length of time when no interest is applied to purchases. A card with a lengthy introductory period and a subsequent low interest rate can be perfect for a person who is trying to establish a credit history. In fact, many of these cards are geared specifically towards students. In may cases, members can even choose cards with their school colors, mascots, or logos on them. Credit limits vary greatly among low interest cards. Those intended for people with no real credit background will usually have spending limits of a few hundred dollars. However, there are platinum cards from almost every company that feature relatively low APRs and extremely high, even non-existent, credit limits.

Q&A:

Is there such a thing as low interest Gas Credit Card? Yes and No. It all depends on which credit card company you select. There are many to choose from and the retail cards are normally higher rates than the bank cards.