Best Low Interest Credit Cards for 2023

Suchetana Bhattacharyea
fizkes / iStock.com
fizkes / iStock.com

For most Americans, credit card dues are a huge pain, and it significantly increases overall debts. Since repaying the credit card due every month is not always possible, it is best to choose a credit card that charges low interest.

10 Best Low Interest Credit Cards

Low-interest credit cards don’t burn a hole in your pocket and can be a great tool for saving money and reducing debt. Read on to learn more about the best low-interest credit cards for 2023 so that you can choose one that suits your needs.

1.

This is one of the best low-interest credit cards because of the 18-month introductory 0% APR on purchases and qualifying balance transfers. The subsequent APR is .

Pros

  • Introductory APR is extended to three months if users make on-time minimum payments

  • No annual fee

Cons

  • No continuous rewards system

What to look for: This card provides the longest 0% introductory APR and access to personalized Wells Fargo Deals.

2.

This is a low-interest credit card with 0% introductory APR for 15 months after which the APR ranges between .

Pros

  • No annual fee

  • There is no minimum amount to redeem cash back.

  • The rewards do not expire as long as the account is open.

Cons

  • This card is only available to users who do not have this card or have not received a new card member bonus for this card in the past 24 months.

What to look for: Users can earn 5% cash back on rotating bonus categories and additional cashback of 1.5% on all purchases up to $20,000. Apart from that, users also get purchase protection, zero liability protection and extended warranty protection.

3.

The Discover it® Cash Back is a low-interest credit card that provides 0% introductory APR for 15 months. The APR thereafter is .

Pros

  • Users earn cash back instead of points. This means for every $1 earned, they receive $1 back.

  • 5% cash back on everyday purchases at grocery stores, gas stations and online stores

  • 1% automatic cash back on all other purchases

Cons

  • Since there are so many rewards, it is difficult to track them periodically and redeem them.

What to look for: The Cashback Match feature allows users to get an unlimited dollar-for-dollar match of all the cash back they earned at the end of their first year, automatically.

4.

A low-interest credit card that has 0% APR for the first 21 months and an APR of thereafter.

Pros

  • No annual fees.

  • No penalty APR, which means APR won’t increase in the event of late payment.

Cons

  • A 3% fee is applicable on all balance transfers.

What to look for: One of the best cards for the longest 0% APR and allows users to access their FICO® Score for free through the mobile app or website.

5.

There is a 0% introductory APR for 15 months and the APR is afterward.

Pros

  • No annual fees.

  • On spending $1,000 in purchases in the first three months, users can get a $200 cash reward.

  • Unlimited 2% cash rewards on purchases.

Cons

  • Unsuitable for international use because of the foreign transaction fee.

What to look for: This is a low-interest credit card great for making a large purchase and earning ongoing rewards.

6.

One of the best low-interest credit cards, this card offers introductory 0% APR for 15 months and APR thereafter.

Pros

  • Chance of earning up to $150 while shopping with PayPal

Cons

  • The rewards in this card are inadequate in comparison to Blue Cash Preferred® Card from American Express, Member FDIC.

What to look for: Users get $100 back as a statement of credit when they spend $2,000 in purchases within the first six months.

7.

This card has a 0% APR for the first 15 months and charges APR thereafter.

Pros

  • 5% cash back rewards up to $1500 in bonus categories every quarter.

  • This card provides Mastercard World Elite® Benefits.

Cons

  • Bonus categories are not available automatically every quarter.

What to look for: Users get continuous rewards of 5% on travel, 3% on dining at restaurants and drugstores and 1% on all other purchases.

8. Chase Slate Edge℠

This is a great low-interest credit card with a 0% APR for the first 18 months and a subsequent APR of .

Pros

  • APR is reduced by 2% every year on timely payments and spend $1000 by the next card anniversary.

  • As a welcome bonus, users can get higher credit limits.

Cons

  • There are no rewards on this card.

What to look for: Users should maximize the introductory 0% APR period and make timely repayments to be eligible for APR reduction.

9.

This card has a 0% APR for the first 15 months and charges APR thereafter.

Pros

  • Users can earn $200 cash back if they spend $1,500 in purchases.

  • No annual fees.

Cons

  • The features of this card are not competitive.

What to look for: This is a good option if you can utilize the 0% APR period to finance a purchase.

10. Capital One Quicksilver Cash Rewards Credit Card

This card has a 0% APR for the first 15 months and charges APR thereafter.

Pros

  • No annual fees

  • Unlimited 1.5% cash back on every purchase.

Cons

  • There is a chance to earn higher rewards if your spending patterns do not match the reward criteria of this card.

What to look for: Chance to earn a $200 cash bonus on spending $500 on purchases within 3 months from account opening

Final Take

Credit card debt can be tricky to manage. By taking advantage of the 0% introductory APR of low-interest credit cards, users can significantly reduce their overall debt. Balance transfer credit cards are also worth checking out if you wish to save money by transferring balances.

Most of these credit cards need high credit scores to qualify which means it might be harder to get access to them easily. No matter which low-interest credit card you choose, make sure to use it judiciously and not overspend on it.

Low Interest Rate FAQ

Here are the answers to some of the most frequently asked questions about low interest rate credit cards.

  • What credit card has the lowest interest rate in the U.S.?

    • Wells Fargo Reflect® Card has the longest 0% introductory APR of 18 months which can be extended to 21 months if the user makes minimum payments.

  • What is a good interest rate on a credit card?

    • A 10% APR can be regarded as a good interest rate on a credit card.

  • Is there such a thing as a 0% credit card?

    • Credit cards can have an introductory 0% APR for a specified period. For example, the Wells Fargo Reflect® Card has a 0% introductory APR for 18 months.

  • Are 0% APR cards worth it?

    • 0% APR can be great if you can repay the majority of your credit card debt within the introductory period. However, these cards might be difficult to qualify for because most of them look for high credit scores.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 29, 2022.

All information about Blue Cash Everyday® Card from American Express has been collected independently by GOBankingRates. Blue Cash Everyday® Card from American Express is not available through GOBankingRates.

The information related to Chase Freedom Unlimited®, Chase Freedom Flex℠ and Chase Slate Edge℠ was collected by GOBankingRates and has not been reviewed or provided by the issuer of these cards. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

This article originally appeared on GOBankingRates.com: Best Low Interest Credit Cards for 2023

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