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Compare The Best Credit Cards For Low Interest Rates [2023]

Ankit Dhadwal

March 13, 2023

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Compare these 5 best credit cards for low interest rates to get information on minimum credit score requirements, interest rates, and how to get a low interest credit card in 2023. Get to know what factors are involved in getting approved for a credit card, depending on your circumstances.

Applying for a credit card is now simple, fast, and straightforward as Mount Shine brings you the 5 Best Credit Cards for Low Interest rates. Even if you have a good or bad credit score, check your eligibility and get approved within minutes.

When a customer has a bad credit score, things might get difficult while applying for credit. But there are credit card companies that design credit cards specifically for these customers. Let us find out how to get a low interest credit card in 2023.

How To Get A Low Interest Credit Card In 2023?

There are four ways in which an applicant can apply for a credit card:

1. Online
2. Through phone
3. By visiting the branch
4. Through a targeted mail offer

Each process has its benefits but only varies a little while applying for a credit card. Let us help you understand this by giving examples:

John received an email from American Express that they offered the Platinum Card with higher membership rewards welcome bonus. Her friend Melinda applied online and received 100,000 Membership Rewards points, but there were conditions. She has to spend $6,000 on purchases with her credit card in the first 6 months, and there is an annual cost of $695 too. Conditions might vary from credit card company to company.

Read – How Often Can You Check Your Credit Score Report In 2023?

If Melinda had correctly researched, she might have found a better deal on the best credit cards with low interest rates or even 0% APR available online.

In some cases, customers got way better deals through banks than online or via email. This might happen because of their previous relationship and better dealing with the bank representatives, which strengthened the case. Consumers with bad credit or little credit score history should research which financial institutions are giving them the best deals and maintaining healthy relationships.

That’s why we always suggest researching correctly, looking for the best credit cards for low interest rates, talking to their representatives, and making your decision.

We understand your financial needs and want to help you in every way possible. At Mount Shine, our experts go through extensive research to help you save money, rebuild your financial condition and find the best deals on credit cards, loans, insurance, and mortgages.

That is why we have compared 100s of credit card companies offers and selected these 5 best credit cards for low interest rates. Check the pros and cons of these cards and what they offer, and then make the right decision.

5 Best Credit Cards For Low Interest Rates [2023]

Low interest credit cards are one of the best savings as the consumer has to repay the balance after a few months. If you choose a low interest credit card, pair it with a monthly budget, which will help you reduce the finance charges you have to pay.

The best credit card for low interest rates has 0% intro rates for at least the first 15 months and $0 annual fees. That is why they are considered one of the best credit cards in their segment.

Now let’s get to know the 5 best credit cards for low interest rates one by one:

1. Wells Fargo Active Cash℠ Card
2. Wells Fargo Reflect℠ Card
3. BankAmericard® credit card
4. Chase Freedom Unlimited®
5. Blue Cash Everyday® Card from American Express

1. Wells Fargo Active Cash Card | 0% Intro Period And Flat-Rate Cash Back

With the Wells Fargo Active Cash Card, you must pay a 0% annual fee and a 0% intro APR on purchases and qualifying balances for 15 months from account opening. Then there is an 18.74% to 23.74% or 28.74% variable APR.

If the consumer balance transfers within 120 days, they qualify for the intro rate and fee of 3%, then a balance transfer fee of up to 5%, or a minimum of $5. Also, the credit score required for applying to the Wells Fargo Active Cash Card ranges from 690 to 850.

With all these benefits, the Wells Fargo Active Cash Card makes it an ideal choice for customers as the best credit cards with low interest rates. If someone is looking to finance a large purchase with a high ongoing rewards rate on everything they’ll buy, then the Wells Fargo Active Cash Card is the ideal choice for you.

Pros:

• Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months.
• Earn up to 2% cash back on all purchases.
• There is no annual fee.
• No category restrictions or sign-ups, and cash rewards don’t expire as long as your account remains open.
• Enjoy a premium collection of benefits at a selection of the world’s most intriguing and prestigious hotel properties with Visa Signature Concierge.
• When you pay your monthly cellular telephone bill with your Wells Fargo Active CashSM Card, you can get up to $600 in coverage for your phone (subject to a $25 deductible) against covered damage or theft.

Cons:

• Wells Fargo Active Cash Card might not be ideal for travelers as its foreign transaction fee is higher. Traveling international trips will be more expensive, so using Well Fargo Active Cash is not a good option for those who travel internationally.

2. Wells Fargo Reflect℠ Card | Longest 0% Intro APR period

With the Wells Fargo Active Cash Card, you must pay a 0% annual fee and a 5% intro APR on purchases and qualifying balance transfers for 18 months from account opening. The customer can avail of an intro APR extension of up to 3 months with on-time minimum payments. Then there is a 116.74% – 28.74% variable APR.

If the consumer balance transfers within 120 days, they qualify for the intro rate and fee of 3%, then a balance transfer fee of up to 5%, or a minimum of $5. Also, the credit score required for applying to the Wells Fargo Active Cash Card ranges from 690 to 850.

If a customer ​​makes monthly payments on time, the 0% intro APR period that can potentially approach two years makes this card even more beneficial.

Pros:

• There is no annual fee.
• Get up to $600 of cell phone protection when you pay your monthly phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
• Through My Wells Fargo Deals, you can earn cash back through a statement credit while you shop, dine, or enjoy an experience simply by using your eligible Wells Fargo Credit Card.

Cons:

• Customers will owe a balance transfer fee, and there will be no ongoing rewards apart from being able to opt into one-time offers from My Wells Fargo Deals.

3. BankAmericard® Credit Card | Long 0% Intro APR Period

The Bank Americard Credit Card has a 0% annual fee with 0% intro APR for 18 months or 18 billing cycles from account opening on purchases and balance transfers within 60 days. Then there is a 15.74% – 25.74% variable APR after the intro APR ends. All balance transfers have a 3% or $10 minimum fee.

Also, the credit score required for applying to the Wells Fargo Active Cash Card ranges from 690 to 850. If a customer is looking for a long interest-free period, the BankAmericard credit card is the best credit card for low interest rates.

Pros:

• No annual fee.
• APR with no penalty. Paying late will only automatically raise your interest rate (APR). Other account pricing and terms apply.
• You can get your FICO® Score free through Online Banking or the Mobile Banking app.
• It’s contactless card-the security of a chip card, with the convenience of a tap.

Cons

• The card doesn’t earn ongoing rewards.

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4. Chase Freedom Unlimited® Credit Card | Long 0% intro APR period

The Chase Freedom Unlimited Credit Card is famous for its cashback rewards. The customer has to pay $0 annually with 0% APR for 15 months on purchases and balance transfers. Chase Freedom Unlimited APRs range from 17.99% to 26.74%.

New customers can also get a cash bonus of 5% cash back on travel booked through Chase, 3% cash back at restaurants and drugstores, and 1.5% on other purchases. The credit score required for applying to the Wells Fargo Active Cash Card ranges from 690 to 850.

Let us see the pros and cons of the Chase Freedom Unlimited Credit Card that make it one of the best credit cards for low interest rates.

Also Read – Top 5 Things You Should Know About Chase 5/24 Rule In 2023

Pros:

• No annual fee.
• After you spend $500 on purchases in your first 3 months from account opening, you will get a $200 bonus.
• 5% cashback on grocery store purchases (excluding Target® and Walmart®) up to $12,000 in the first year.
• 3% cashback on restaurant dining, including takeout and eligible delivery services.
• Cashback of 3% on drugstore purchases
• 5% off travel booked through Chase Ultimate Rewards®
• All other purchases earn an unlimited 1.5% cashback.

Cons:

• Depending on customers’ spending patterns, they might reward them with more points with a card that pays higher rates in specific categories. Still, this card’s combination of rewards and 0% period makes it one of the intimidating best low interest reward credit cards.

Learn More – Compare Chase Freedom Flex vs Unlimited: Which Is Best?

5. Blue Cash Everyday® Card from American Express | 0% Intro Period + Grocery And Gas rewards

Suppose a customer is looking for credit rewards in common household spending categories. The Blue Cash Everyday Credit Card from American Express is another of the best low-interest reward credit cards. It has significant benefits in this segment, which is hard to ignore.

With a $0 annual fee and 0% APR on purchases for 15 months from the date of account opening, it competes with other credit card company providers and fulfills its customers’ needs for a long time. Backed by American Express, it has gained the trust of many customers looking for the best low interest rate credit cards. Its variable APR ranges from 17.74% – 28.74%.

Pros:

• Earn a $200 statement credit after you spend $2,000 in purchases on your new card within the first 6 months.
• Buy Now, Pay Later: When you use Plan It® to divide large purchases into monthly installments, you will pay no introductory plan fees. Pay $0 plan fees on plans created during the first 15 months after account opening. Plans created after that will have a monthly cost of up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
• Low intro APR is 0% for 15 months on purchases from the date of account opening, then a variable rate of 17.74% – 28.74%.
• 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
• 2% cash back at U.S. gas stations and selected U.S. department stores.
• Other purchases earn 1% cash back.
• Cash back is received as reward dollars that can quickly redeem for statement credits.
• No annual fee.
• Terms Apply.

Cons:

• This card doesn’t offer the transit or streaming benefits of its annual fee.

Learn More – American Express Platinum Review: Is It Worth In 2023?

Conclusion

Making the right decision is easy when you have done proper research and want to achieve financial goals and freedom. Every individual is unique and has different plans or circumstances, but the goal is to build a better economic life.

If you know how to get a credit card, what benefits they are giving, credit cards that earn cash back, travel on points and miles, have annual fees, 0% APR, or no credit score required, getting the best low interest reward credit cards is easy. If you want to earn reward points quickly, choose from these 5 best credit cards for low interest.

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Best Credit Cards For Low Interest Rates Recap

1. Wells Fargo Active Cash Card: 0% Intro Period And Flat-Rate Cash Back
2. Wells Fargo Reflect℠ Card: Longest 0% intro APR period
3. BankAmericard® Credit Card: Long 0% Intro APR Period
4. Chase Freedom Unlimited® Credit Card: Long 0% intro APR period
5. Blue Cash Everyday® Card from American Express: 0% Intro Period + Grocery And Gas rewards

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How To Apply For Low-Interest Credit Card?

If you want to get a lower interest rate on credit cards, we at Mount Shine have simplified the process by bringing you the best credit cards with low interest rates. Check out the list and online details, and get free reports of your credit score, eligibility to get credit cards, and quotes by contacting us. Our service is free, fast, and simple, so get started today!

Frequently Asked Questions