As credit card issuers continue to look for new ways to generate revenues lost from the Credit Card Act of 2009, finding a low interest credit card to make expensive purchases, when saving for the purchase ahead of time is not an option, is becoming more and more difficult. Not too long ago a 6% APR was commonplace among the nation’s best credit cards, but these days that is nothing more than a memory.
Below you will find a short list of low-interest credit cards. If you have any experiences with these cards, or have any other suggestions, please share them in the comments below. I will adjust this list based on recommendations from readers.
PenFed Promise VISA Card. The PenFed Promise VISA offers cardholders an introductory purchase APR of 7.49% for the first 36 months after that, the APR will vary with the market based on the Prime Rate, and is currently 9.99%. Cash advances can be made fee-free, and the APR will vary with the market based on the Prime Rate and is currently 9.99%. The PenFed Promise VISA does not carry an annual fee, and like other cards on this list, also does not carry a rewards program. In order to qualify for this card, PenFed requires you or someone in your family to be associated with the military or the American Red Cross. You can get around this requirement with a $20 donation.
Simmons First Visa® Platinum. The most vanilla of all credit cards ever created, the Simmons First Visa® Platinum card offers cardholders a very low variable purchase APR of 7.25%. That is the only thing worth mentioning about this credit card because there is no introductory offer or a rewards program. Owning the Simmons First Visa® Platinum doesn’t cost anything as there is no annual fee.
Capital One® VentureOne℠ Rewards Credit Card. Even though Capital One is better known for their rewards, they do offer the Capital One® VentureOne℠ Rewards Credit Card, providing cardholders an APR of 11.9%-19.9%. In addition to a fairly low APR, each dollar spent will net cardmembers 1.25 miles, and all international purchases can be made fee-free because there are no foreign transaction fees. The card offers an introductory APR of 0% on purchases through December 2013 and the Capital One® VentureOne℠ Rewards Credit Card does not carry an annual fee.
Citi Dividend Platinum Select Visa Card- $100 Cash Back. The Citi Dividend Platinum Select Visa Card – $100 Cash Back offers an introductory APR of 0% on balance transfers and purchases for 12 months. After the introductory period, purchases and balance transfer APR’s will vary with the market based on the Prime Rate, and is currently between 12.99% and 22.99% depending on the applicant’s credit. This card comes with a promotional offer where you can earn $100 cash back after spending $500 within the first three months of account opening. Included with this card is a rewards program that offers 5% cash back from Citi on eligible purchases on rotating categories throughout the year for each quarter that you enroll and 1% cash back on all other purchases. The Citi Dividend Platinum Select Visa Card – $100 Cash Back does not carry an annual fee.
Updated May 2, 2013 and originally published September 17, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
Rank: Platinum
{ 4 comments… read them below or add one }
Can you disclose your referral fee for these credit cards?
“The Citi® Platinum Select® MasterCard® does not have a rewards program and also does not carry an annual fee.”
I would double check this. If my memory serves me correctly, ALL Citbank Credit cards come with their rewards program called “Thank You Points”.
Thank you. =)
If you are already a member of a credit union, be sure to check with them to see what you can get as far as low interest cards go. Usually if you have a good relationship/long relationship with your credit union and are in good standing with your credit you’ll be able to obtain a fairly low interest card. I received a 6% APR card form my local CU in Washington state, the only downfall – dont expect much of anything in the way of rewards…