What True Low-Interest Credit Cards Are Available?
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A credit card’s APR is irrelevant if you don’t carry a balance from month to month because you won’t be charged any interest. But life happens and sometimes it's necessary to carry debt, which can get expensive. As of May 2021, the average annual percentage rate for cards that accrued interest was 16.30%, according to the Federal Reserve.
Fortunately, there are credit cards — typically offered by regional banks and credit unions — that offer lower rates and make carrying a balance less costly.
Not everyone will be eligible for such cards, whether because of membership requirements, geographic restrictions on the product or the bank that issues it, or a credit history that's not good enough to qualify for a card's lowest rate. And in some cases, you'll owe a security deposit, an annual fee or both.
But if think you'll end up carrying a balance, here are some cards to consider that feature low ongoing interest rates.
Many credit cards feature 0% introductory APR offers that can help you avoid paying interest for a period of time. But once that interest-free window closes, the card's ongoing variable APR kicks in, and in most cases it'll be a steep double-digit increase. The cards below may not have 0% intro APR offers, but they may prove more predictable for you.
AFCU Platinum Visa Cash Back Credit Card
Annual fee: $0.
APR: The ongoing APR is 4.90% Variable (as of May 2021).
In addition to a low potential ongoing rate, this card also earns competitive cash-back rewards on everyday spending, which puts it on par with some of the best rewards credit cards on the market.
But you must be a member of Aerospace Federal Credit Union to apply for the card. Being an employee of The Aerospace Corp. is one membership path, among other specific options. Immediate family members of those who are eligible to join the credit union can also apply for the card.
Aerospace Federal Credit Union also offers the AFCU Platinum Visa® Rewards Credit Card, and it, too, features relatively low interest compared with other cards on the market. The ongoing APR is 12.90% Variable.
The difference is that this credit card earns points rather than cash back.
But it also comes with a $0 annual fee.
Air Force Federal Credit Union Visa Platinum Credit Card
Annual fee: $0.
APR: The ongoing APR is 7.75% - 14.75% Variable APR (as of May 2021).
While an Air Force Federal Credit Union membership is required, you don't have to be affiliated with the military to join and get the card. In addition to military association, you can become a member by being a volunteer at a number of eligible companies, living or working in certain Mississippi counties or donating to an eligible foundation, among other requirement options.
When you miss a payment or make a late payment, some cards will charge you a penalty APR for a period of time (typically six months). Penalty APRs are usually significantly higher than the card’s regular interest rate.
Andrews Federal Simplicity Visa Credit Card
Annual fee: $0.
APR: 6-month introductory rate of 0% on all purchases made within the first 90 days, and then the ongoing APR of 7.99% Variable APR (as of May 2021).
The introductory period isn't as long as what other cards offer, but the card's ongoing regular APR is still relatively low.
Andrews Federal Credit Union offers additional cards that feature low ongoing interest rates. These include the $0-annual-fee Andrews Federal Platinum Rewards Visa® Credit Card and the $0-annual-fee Titanium Rewards Visa Signature® Credit Card.
Despite potentially low rates, you may not qualify due to eligibility requirements. Andrews Federal Credit Union serves eligible members who live in Washington, D.C., Maryland, Virginia, and New Jersey only.
DCU Visa® Platinum Secured Credit Card
Annual fee: $0.
APR: The ongoing APR is 15.75% Variable.
This card is a good option for those with poor credit (FICO scores of 629 or lower), and unlike a lot of cards in its class, the ongoing APR is fairly low.
However, it's a secured credit card, meaning you'll owe a deposit upfront — and a high one at that ($500). Also, you must be a member of the Digital Federal Credit Union to apply. Membership requirement options include working for a participating employer of the Massachusetts-based credit union, being related to a current member or belonging to a participating organization.
First Progress Platinum Prestige Mastercard® Secured Credit Card
Annual fee: $49.
APR: The ongoing APR is 14.49% Variable.
This is also a decent option for those with poor credit. And despite its annual fee, the card’s ongoing APR is comparatively lower than those of competing secured credit cards.
But on top of the annual fee, you'll also have to come up with a security deposit of at least $200. You'll also be required to have a qualifying Synovus Bank account to be approved.
First Progress also offers the $39-annual-fee First Progress Platinum Select Mastercard® Secured Credit Card. The ongoing APR is 18.49% Variable.
Lake Michigan Credit Union Prime Platinum Card
Annual fee: $0.
APR: The ongoing APR is 10.50%, Variable.
As far as ongoing rewards and benefits go, the card offers none. But individuals who plan on carrying a balance from month to month will find its unusually low interest rate appealing.
Keep in mind, though, that you’ll need excellent credit (FICO scores of at least 720) to qualify for the card's lowest rate. And beyond that, you'll have to join Lake Michigan Credit Union to get this card, although doing so isn't that difficult.
NASA Federal Platinum Advantage Rewards Credit Card
Annual fee: $0.
APR: 8.40%-17.99% APR on balance transfers made within 90 days of account opening, and then the ongoing APR of 13.90%-17.99% Variable APR.
The card’s rewards are a bit lackluster (1 point for each $1 spent), but its lowest possible APR may make up for it, if you can qualify for that rate.
The NASA Federal Credit Union offers a number of other cards with reasonably low interest rates. These include the $0-annual-fee NASA Federal Platinum Cash Rewards Credit Card and the NASA Federal Classic Credit Card.
You must be a member of the NASA Federal Credit Union to qualify for these cards.
Navy Federal Credit Union® Platinum Credit Card
Annual fee: $0.
APR: 0.99% intro APR on Balance Transfers for 12 months, and then the ongoing APR of 10.24%-18.00%, Variable APR.
The card offers an introductory interest-free period, and even after that, you may be eligible for a low ongoing rate, too — depending on your creditworthiness.
Beyond its low regular APR, the card doesn't come with any rewards or ongoing benefits.
Navy Federal Credit Union offers additional cards that come with potentially low ongoing APRs. These include the Navy Federal Credit Union® More Rewards American Express® Credit Card and the Navy Federal Credit Union® cashRewards Credit Card.
Similar to other military-affiliated credit unions, Navy Federal Credit Union membership requirements can be tough to meet.
OakStone Platinum Secured Mastercard®
Annual fee: $49*.
APR: The ongoing APR is 9.99%, Variable.
This card is a good option for those who want to build or rebuild credit. Its annual fee isn't ideal, and you'll also need to put down a security deposit of at least $200. But the low regular interest rate will make it less costly if you have to carry a balance.
The card doesn’t earn any rewards, but it does report to all three major credit bureaus, which is a key feature for cards designed to help with your credit.
OakStone also offers the $39*-annual-fee OakStone Gold Secured Mastercard®. The ongoing APR is 14.74%, Variable. It, too, requires a minimum $200 security deposit.
PenFed Platinum Rewards Visa Signature® Card
Annual fee: $0.
APR: 0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%..
In addition to an intro APR rate, you might also qualify for a fairly low ongoing APR. Beyond that, the card also offers fairly rich rewards.
You have to be a member of the PenFed Credit Union to apply, but you don’t have to be affiliated with the military. You can also join simply by making a $5 deposit into a PenFed savings account.
Simmons Bank Visa
Annual fee: $0.
APR: 0% Intro APR on Balance Transfers for 12 Months, and then the ongoing APR of 8.25% Variable APR (as of May 2021).
You'll get a solid 0% introductory APR period, which can give you some breathing room while you pay down debt. And after the promotional period, you may qualify for a regular interest rate as low as 8.25%.
Unlike cards from credit unions, you don’t have to be affiliated with any group or be a member to get the Simmons Bank Visa.
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