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Have A Question About Credit Cards?
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Guide to Low Interest Rate Credit Cards
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If you are looking for a credit card with a low rate, the rate you get will depend on your credit. Having said that, here is a list of credit cards with the lowest rates.
Recommended Low Interest Credit Card
 The Citi® Platinum Select® MasterCard® allows you to get one of the lowest rates around if your credit is good enough. The APR is between 11.99% to 19.99% (variable rate). Furthermore, you get 0% Intro APR* deal on balance transfers for 18 months and 0% Intro APR* on purchases for 12 months. If you shop online a lot, this card has a unique feature whereby you are given a separately generated credit card number just for online use. This is another step to preventing fraud online.
 The Discover® More(SM) Card is a great cash back credit card that gives cardholders a rate between 11.99% and 20.99% (variable). Furthermore, you also get a 0% APR on Balance Transfers* for FULL 15 months. The things I really like about this card is that while you want only use a balance transfer card simply for a balance transfer, with this card, you would actually want to keep it because you can earn lots of cash rebates with this card. Read our full review of the Discover More Card.
 The Miles by Discover® Card has an APR of 10.99% (variable rate). This is a great travel credit card where you can use points for any travel related expense with any travel agent.
Note - for whole of 2010, Discover is awarding prizes (1 $500 gift card, 4 $100 gift card and 75 $25 gift card) every day. You get to enter this contest if you use your card. On 1/1/2011, there will be a draw for a $1,000,000 prize to a lucky cardholder.
 The Chase Freedom® Visa - $50 Bonus Cash Back is one of the most popular cash back credit cards today. It also has a low interest rate between (12.99% to 22.99% - variable). You also get a 0% Intro APR* on balance transfer for 12 months. As a cash back card, you can earn 5% on various rotating categories of expenses, earn extra rebates from their shopping portal and get double points when you book any travel with their online travel site.
 The Discover® Motiva(SM) Card also has low interest rate between 11.99% and 20.99% (variable). The key feature of this card (which no other card has) is that if you pay your bills fully for 6 billing cycle, you get a pay on time bonus that is equal to a months' interest. While we always advocate paying in full, this is a great card for carry a balance. It also comes with a 3.99% introductory APR* for balance transfers for a FULL 15 months*. The one advantage Discover has over most other low rate cards is that they give you a 25 days of grace period versus 20 days for most other cards, including the ones we highlight below. Furthermore, the card also allows you to earn cash rebates, has the most gift card merchant partners of any credit card and also allows you to earn up to 20% cash rebates when you use the card to buy things through shopdiscover.com. Discover also gives you a separate credit card number to shop online for extra security.
 The Citi® Dividend Platinum Select® MasterCard® is one of the best cash back credit cards in the market today and it has a low interest rate that ranges from 12.99% to 20.99% (variable). New cardholders also get a 0% Intro APR* on balance transfers for 15 months. Aside from being able to earn rebates on all your purchases, you can earn 5% rebates on quarterly rotating spending categories as well as from their online shopping portal.
 The Citi® Diamond Preferred® Rewards Card is Citi's no annual fee reward card with their ThankYou Reward Program. The interest rate ranges between 12.99% and 20.99% (variable) and new cardholders get a 0% Intro APR* on purchases and balance transfers for 12 months.
 The Slate(SM) from Chase Card has a low rate and comes with a 0% introductory APR* offer for 12 or 6 months for balance transfers. You can get a rate between 13.24% to 22.24% (variable rate*). This is a unique card because Chase allows to choose which items you "technically" want to pay in full each month even though you may still carry a balance. The items that you have chosen to "pay in full" will not incur finance charges even if you are still carrying a balance (unlike all other cards). Hence, as you work your way towards paying down your credit card balance, you will incur less finance charges than other typical cards.
You might also be interested in the following articles
How to Choose a Low Interest Credit Card?
This post highlight some pitfalls to avoid when you are looking for a low rate card (for those who carry a balance).
How the 2-cycle average daily balance method affects your finance charges?
Find out how the various methods of computing monthly balances can affect your finance charges. Depending on your spending habits or whether you are in the process of reducing your credit card debt, understanding this will help you choose the right credit card.
What is your real effective interest rate on your credit card?
Most do not realize that the apr is not the true interest rate you are paying on your loans or credit card balances. The real effective rate depends on whether one's credit card uses the "monthly periodic rate" or the "daily periodic rate" to calculate finance charges. Find out how this work.
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Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
Disclaimer 2: Though we may be affiliated with some credit card issuers, our credit cards reviews and the content on this site is written solely by us and are not influenced in any shape or form by any credit card issuers. In fact, any content here is copyrighted and cannot be reproduced elsewhere without permission. Though we make every attempt to make sure that our content is up to date. But please always check the terms and conditions for the most updated information since things like APR change fairly often.
*See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. *See the online application for details.
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