When the prime rate increases, credit card interest rates usually do, too. Some cards have APR ranges — for example, 13% to 23% — which may depend on the type of credit card and your specific creditworthiness. The better your credit score, the lower your interest rate. According to U.S. News research, the average APR for all credit cards is between about 17% to 24%. Credit cards with a low ongoing APR have an interest rate that's below average. These low-interest credit cards also might include a 0% APR introductory offers. What is APR? Understand what is an annual percentage rate, how it's calculated and the different types of APR to help you make more informed credit card decisions with this article from Better Money Habits. Finding the lowest interest rate on a credit card can be tricky, especially when low-interest offers mix an ongoing APR rate with a special introductory rate. Below is a simply summary table to help you better determine the best low interest credit card for your financial needs. Here are 2020's best low APR credit cards: A good APR for a credit card is one below the current average interest rate, although the lowest interest rates will only be available to applicants with excellent credit. According to the Federal Reserve , the average interest rate for U.S. credit cards has been approximately 14% to 15% APR since early 2018. Low-interest credit cards are ideal for consumers who need a card with a low APR in case a short-term financial emergency arises. For those who can't qualify for a 0% introductory APR balance transfer offer, transferring a balance to a card that has a lower interest rate than your current one still has monetary benefits. Generally, you need to have good to excellent credit to qualify. Below our experts highlight the different types of low APR cards available, including when it makes sense to apply for cards with 0% introductory rates vs those with ongoing low rates Browse Card Categories.
How high or low your credit card APR goes is largely based on the following: The benchmark interest rate from the Federal Reserve at the time you open the Mar 4, 2020 Introductory APR or promotional APR is a lower rate offered for a limited time. It might apply to specific transactions, such as new purchases or Getting the best APR isn't as simple as applying for a card with the lowest rate. After the zero percent introductory period, most low APR credit cards switch to a
A low credit card APR is a valuable commodity if you ever carry a balance, as the higher your interest rate, the more you’ll be charged in interest fees. Indeed, an increase of just a few percentage points can make a huge difference in how much money you’ll pay over the course of a year. Owning a credit card with a low interest rate can save you money at the end of each month. Read reviews and recommendations from our experts on the best low interest credit cards out there today.
Mar 4, 2020 Citi is an advertising partner. Credit card interest rates are at an all-time low, thanks to the Federal Reserve dropping rates in recent years. While A lower interest rate credit card can help you save on the cost of debt by making it easier to pay down your balance faster. See more product information. Credit Level. EXCELLENT. Purchase Rate. 0% intro APR for 15 months; 15.49% - 25.49% variable APR after that. Transfer Info. 0% intro APR for 15 months; How high or low your credit card APR goes is largely based on the following: The benchmark interest rate from the Federal Reserve at the time you open the Mar 4, 2020 Introductory APR or promotional APR is a lower rate offered for a limited time. It might apply to specific transactions, such as new purchases or Getting the best APR isn't as simple as applying for a card with the lowest rate. After the zero percent introductory period, most low APR credit cards switch to a
Below our experts highlight the different types of low APR cards available, including when it makes sense to apply for cards with 0% introductory rates vs those