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Low Interest Credit Cards
Credit cards with low interest rates can be very powerful tools to help strengthen your finances in a variety of situations. There are a few different types of low interest credit cards and each one has different pros and cons. As you would expect, the top feature you will want to consider when looking at low interest credit cards is the interest rates. Two popular choices for low interest credit cards are the Citi® Diamond Preferred® Card and the BankAmericard® credit card.
Interest rates, otherwise known as the APR (stands for Annual Percentage Rate) come in various forms on any credit card. The attention-grabbing interest rates and the ones that can help you save a lot of money are the introductory APRs. Many cards offer introductory periods of 0% APR for a number of months – ranging from 6 months all the way out to 18 months! These intro APRs can apply to purchases or balance transfers, although many cards have the same intro APR length for both types of transactions.
0% APR on Purchases
A 0% intro APRs on purchases can be a very useful financial tool in a variety of situations. Think of it as essentially an interest free loan. Say you have an unexpected expense and need to make a big purchase, like replacing a broken refrigerator, but you don’t have the cash on hand to do it. A credit card with a 0% intro APR on purchases allows you to make that purchase now and spread payments out over time. As long as you pay your balance off in full before the introductory period is up, you won’t have to pay a penny of interest! The way to do this is to take the take total cost of your purchase, divide by the number of months that your intro APR lasts, and make payments in that amount every month. For example, if you need to buy a refrigerator that costs $1,500, and you get a low interest credit card with 0% intro APR for 15 months, you simply pay $100 a month and by the time your introductory rate is up, you will have paid your balance off in full.
0% APR on Balance Transfers
Intro APRs on balance transfers essentially work in the same way, but instead of purchases, the 0% rate applies to the balance you transfer over from another credit card. It’s easy to get behind on your credit card payments and your balance can begin to snowball into more debt if your card charges a high interest rate. That’s where a 0% intro APR on balance transfers comes in. By transferring your balance to a low interest card, you can pay your debt down totally interest free during the intro period. That means that every penny of your payment will go towards the principle of your balance.
Whether you plan on using your low interest credit card for a balance transfer or for purchases, these credit cards are excellent tools to help streamline your finances and save you money. Take a look at the low interest credit cards listed above and select the best one for you!