Nowadays, paying off your monthly credit card balance is not always an option. This can be frustrating because the interest rate applied to balances becomes an important factor if you are trying to save money. Most credit card issuers start to add interest on purchases from the day you make them, so a high APR adds more debt to the amount of credit you have already used.
To avoid accruing high-interest balances and running the risk of lowering your available line of credit, you should apply for a low interest - credit card. Once you qualify to receive a card with zero percent APR, you can get back on track with your financial goals. If you have no credit card debt, using a low interest - credit card is a great way to save on big purchases. The point of using credit is to make your life easier, so getting approved for one of these low-interest credit cards can help you save a lot of money on daily balances and eliminate the worry of further damaging your credit history.
PNC Core Visa Credit Card
The Core Visa credit card from PNC Bank stands out among low-interest card issuers with its affordable into low-interest and low monthly APR. Qualified applicants will be pleased with the Core Visa card's 15- month introductory promotion of zero percent APR on monthly purchases and balance transfers. There are no annual fees to pay once the promotion is over, and the regular interest rate ranges from 10.99 to 20.99 percent. Since the Core Visa card's regular APR is so low, the card does not come with many perks. However, this should not matter so much being that the goal is to get the best APR possible. The extra benefits this card does include are online bill pay, zero fraud liability, trip cancellation coverage, and an emergency protection policy.
Citi Diamond Preferred Credit Card
Citibank offers a low interest - credit card that is loaded with extra benefits. The Citi Diamond Preferred card provides interest-free financing for 21 months, which covers new purchases and balance transfers made within that time period. While many card issuers advertise 12 to 15 months interest-free introductory periods, Citi knows that a few extra months can make a big difference to card users when paying down debt and covering unexpected purchases.
In The Long Run - Low Interest After The Promotional Period
After the 21-month promotion is over, the APR on purchases, balances, and cash advances can be anywhere between 13.99 percent and 23.99 percent. In addition to its extended promotional period, the Citi Diamond Preferred credit card features a long list of benefits. Cardholders save even more money with purchase liability protection, global car rental insurance, the option to choose a convenient monthly payment date, trip cancellation coverage, limited extended warranty coverage on large purchases, concierge service at participating locations, and pre-sale or preferred seating tickets.
Qualify for a Sign-up Bonus from Chase
The Chase Freedom low interest - credit card gives cardholders with a less-than-perfect credit an introductory promotion rate of zero percent on new purchases and credit balance transfers for up to 15 months. Along with not having to pay additional processing and annual fees, the Chase Freedom card's cash bonus offer earns you $150 for every $500 you spend on purchases within the first three months of opening the account. If you do not want to spend your cash back reward right away, it does not expire provided you keep your account open.
Another plus with the cash back reward is that there is no minimum you have to spend to redeem the points. The Chase Freedom card wants to reward cardholders for using their cards, so Chase lists more incentives to spend. For instance, card users can earn up to $1,500 back on purchases made in the bonus categories. Also, the Freedom card automatically gives users 1 percent cash back incentives on all purchase outside of the bonus rewards categories. The Chase Freedom card is a good option for applicants with credit scores of 650 and above.
Top 5 Reasons to Apply for a Low-Interest Credit Card
The higher the APR is on your card, you can expect to pay more for any new purchases and daily balances that you have made for that month. If you can, try to make the minimum payment. This way you may not have to pay a late fee, and your credit limit will not be reduced. As a rule of thumb, you should make small payments throughout the month if you know you will not be able to pay off the card balance by your payment date. Paying down debt in this manner lowers the APR charges since you have been actively reducing the average daily balance. With that said, take a look at these reasons to apply for a credit card with low APR rates:
- A smarter way for you to increase your purchasing power
- Reduces the amount you pay back on large purchases like appliances and smart devices over a two-year period.
- Save big on balance transfers because the APR is generally cut in half
- Lowers the minimum monthly payment, especially if you cannot pay in full every month
- Easier to get back on track if you fall behind in payments
- Designed to keep your credit in good standing with credit bureaus