Low Interest Credit Cards
This post continues our series describing features of the best credit card offers in specific categories. So far we’ve taken a look at PenFed credit cards, Chase credit cards, Citibank credit cards, and Top 8 Balance Transfers. Today we’re happy to bring you information about the best low interest credit cards. A great low interest credit card is a wise choice for almost anyone.
Chase Freedom® Visa
Chase Freedom® Visa is a cash back credit card that offers a low introductory interest rate as well as a low ongoing interest rate.
APR on both purchases and balance transfers for Chase Freedom Visa is 13.99% to 22.99% variable rate*. This depends greatly on your credit history. Borrowers with excellent credit will be able to take advantage of the 13.99% APR. The APR for cash advances and overdraft advances is a variable 23.99% APR. There is a variable penalty APR of 29.99% for people who fail to make on-time payments for an extended period of time.
Chase Freedom Visa is a cash back credit card which offers up to 5% cash back in rotating bonus categories such as gas stations, restaurants and more, subject to quarterly enrollment and maximum. These categories rotate every 3 months. Purchases not in the 5% rotating category earn 1% cash back. Chase Freedom Visa also offers Chase Blueprint, a program that allows you to choose different repayment methods on individual purchases or on your total balance.
There is no annual fee for Chase Freedom Visa. There is a 3% ($10 min), whichever is greater, fee for cash advances and 3% ($5 min), whichever is greater, fee for balance transfers, a late fee of up to $35 depending on your account balance, and a fee of up to $35 for going over the credit limit or having your check returned.
PenFed Promise Visa Card
The PenFed Promise Visa Card was recently highlighted by the New York Times Bucks Blog as “a decent product for those in debt.” This is due in no small part to the fact that it offers a terrific low interest rate. This card features an introductory interest rate of 7.49% APR which lasts for the extended period of 36 months. When the introductory rate eventually comes to an end, the interest rate on the card will vary with the Prime Rate and is currently 9.99% APR. Even cash advances are available at a low variable 9.99% APR.
Another reason that the PenFed Promise Visa Card is cited as being a terrific card for people with debt problems is because it is a no fee card. In addition to no annual fee, there are no fees for balance transfers, cash advances, or going over the limit on the card. There aren’t even fees for late payments! The one fee that you may have to pay is a membership fee to make you eligible for this credit card. PenFed cards are free for members of the US Armed Forces; other applicants may be required to open an account and pay a $20 one-time membership fee (see PenFed website for details).
There are no rewards for this card. However, with the lack of fees and the ongoing low interest rate, the PenFed Promise Visa Card can be a terrific option for people who have had credit card and debt problems in the past.
PenFed Premium Travel Rewards American Express Card
CardRatings.com mentioned the PenFed Travel Rewards American Express Card was one of 2009’s best credit cards. This is due to the combination of a low interest rate and a good rewards program. All purchase rates and cash advance rates are very low at an introductory variable rate of only 9.99% APR capped through June 30, 2014. After the introductory period for purchases and cash advances the cap will be removed and your APR will vary with the market based on the Prime Rate. This is one of the lowest cash advance APR offers in the market.
PenFed Premium Travel Rewards American Express Card is a travel rewards card. With it, you get 5 points per dollar spent on airfare purchases, and 1 point per dollar spent on other purchases. Reward points can be redeemed for travel, merchandise, and gift cards through PenFed Premium Rewards.
The PenFed Premium Travel Rewards American Express Card does not have an annual fee. Like with the PenFed Promise Visa Card, you may need to pay a $20 one-time membership fee if you don’t qualify for free membership in the Pentagon Federal Credit Union.
PenFed Platinum Cash Rewards Visa Card
The PenFed Platinum Cash Rewards Visa Card provides a great general credit card with a low interest rate. The introductory APR for purchases and cash advances is only 9.99% APR capped through June 30, 2014. This is one of the lowest rates available for cash advances. After the introductory period for purchases and cash advances the cap will be removed and your APR will vary with the market based on the Prime Rate.
The PenFed Platinum Cash Rewards Visa Card is a favorite general cash back credit card with bonus cash back on gas purchases. This card features 5% cash back on gas purchases paid for at the pump** while fuel purchases for airplanes and boats receive 0.25% cash back. Certain restrictions may apply. And 0.25% cash back on all other purchases.**
There is no annual fee for the PenFed Platinum Cash Rewards Visa Card. As with the other cards from PenFed, you need to either qualify for free membership or pay a one-time $20 membership fee to join the credit union issuing the card. There is no cash advance fee or over-limit fee. Late fees range up to $25 depending on account balance. Returned check fees are up to $25.
Iberiabank Visa Classic
The Iberiabank Visa Classic is a great low interest card which offers good introductory rates as well as ongoing rates. The introductory rate for balance transfers is a very low 1.99% APR for 6 billing cycles. The ongoing rate for balance transfers is the same as the purchase APR which is a very low variable rate of 7.25%, 10.25%, or 13.25% depending on your credit score. APR for cash advances is also low variable rate at just 12.75%, 16.25%, or 19.25% depending on your credit score.
There is no rewards program with this credit card. Your reward is a low ongoing interest rate. To qualify for this card you need to have excellent credit. You also need to be able to show not only proof of income but proof that you have been with your current employer for at least 6 months.
There is no annual fee for Iberiabank Visa Classic. The fee for balance transfers is a low 2%. Cash advance fees are either $5 or 5%, whichever is greater, with a maximum fee of $100. Late fees up to $35 depending on outstanding balance and returned check fees are up to $35.
Iberiabank Visa Select
The Iberiabank Visa Select requires even better credit than the Iberiabank Visa Classic credit card. However, your reward is a low ongoing interest rate of only 7.5%, 9.50% or 11.50% on both balance transfers and purchases. This interest rate is variable. In addition, there is an introductory purchase rate of 0.0% or 7.5% for the first year of having the card. In addition there is a 1.99% or 7.50% introductory balance transfer APR based on creditworthiness, for twelve billing periods from the date of the balance transfer check.*This deal applies to balance transfers made within the first three months of having the card. APR for cash advances is a low variable rate of 12.75%, 14.75% or 16.75%; this is one of the lowest ongoing cash advance APR in the market.
There is an annual fee on this credit card of $35. The fee for balance transfers is low 3%. Cash advance fee is a standard either $5 or 5%, whichever is greater, with a maximum fee of $100. Late fees up to $35 depending upon account balance. There is a $35 fee for returned checks.
Simmons Bank Platinum Visa
The Simmons Bank Platinum Visa card requires that you have excellent credit to obtain it. Like with the Iberiabank cards, though, your reward is ongoing great low interest rates. The variable rate for both balance transfers and purchases on this card is a low 7.25% APR. Excluding introductory offers, this is one of the lowest interest rates in the industry. The cash advance rate on this credit card is also low variable APR at only 11.25%. In fact, this is the lowest ongoing cash advance APR that we’ve seen in the current market.
This card doesn’t have a rewards program. However, you do get many different perks when choosing this card. Those perks include travel accident insurance coverage up to $1,000,000, car rental coverage and emergency cash and credit replacement for stolen cards.
There is no annual fee for the Simmons Bank Platinum Visa credit card. There is no balance transfer fee on this card and the cash advance fee is a low 3% of the amount of each cash advance, but not less than $4 nor more than $50. The late payment fee on this card is an amount equal to past due payment or $25, whichever is less.
Simmons First Visa Platinum Travel Rewards
The Simmons First Visa Platinum Travel Rewards card offers some of the same benefits as the Simmons Bank Platinum Visa card but it also has a rewards program. The APR for this card is slightly higher but still very low variable rate at just 9.25% for both purchases and balance transfers. Cash advance variable APR is also low at 13.25%.
The Simmons First Visa Platinum Travel Rewards card offers you great travel rewards. You get one point per net dollar spent. Points can be used for air travel with no seating restrictions or blackout dates. Points can also be used for other travel-related purchases such as hotels, cruises, vacation packages, car rental, and restaurants. In addition to the travel rewards, you get the same card perks (such as travel insurance) that are offered on the Simmons Bank Platinum Visa.
There is no annual fee for this credit card. There is no balance transfer fee. Cash advance fees are a very low 3% of the amount of each cash advance, but not less than $4 nor more than $50. Late fees are an amount equal to past due payment or $25, whichever is less.
Note: Offers change frequently; please be sure to check the offer website to ensure all details and information are correct.
Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
Modified on May 9th, 2013 - 2 Comments
Filed under: Credit Cards, Reviews
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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