In today’s financial landscape, credit cards are indispensable tools for managing everyday purchases, building credit, and even earning rewards. But when it comes to choosing the right credit card, many people are primarily concerned about two key factors: interest rates and annual fees. The good news is that there are plenty of low interest credit cards with no annual fee that combine the best of both worlds, allowing you to save money on interest charges while avoiding unnecessary fees.
In this guide, we’ll explore the best low interest credit cards, provide a breakdown of their features, and show you how to identify the right one for your unique needs. Whether you’re looking to make everyday purchases or need a card for a balance transfer, we’ve got you covered.
Why Choose Low Interest Credit Cards with No Annual Fee?
Before diving into the best options available, let’s take a moment to explore why low APR credit cards with no fee credit cards are an excellent choice for many cardholders. Here’s why:
1. Save Money on Interest
If you tend to carry a balance from month to month, a low interest credit card helps reduce the interest you pay on those balances. Instead of being hit with sky-high interest rates, you can enjoy a lower APR, which means fewer fees in the long run.
2. Avoid Unnecessary Fees
Many credit cards come with annual fees, which can range from $30 to $500 or more. By choosing credit cards with no annual fee, you ensure that you’re not paying extra for the privilege of using the card. Over time, this can result in significant savings.
3. Great for Balance Transfers
If you’re carrying a balance from another card, you might want to consider low interest credit cards with no annual fee for balance transfers. These cards often offer introductory 0% APR periods, allowing you to transfer your balance and avoid interest charges for a certain period—perfect for paying down existing debt.
4. Build Credit Without Breaking the Bank
Using a credit card for low interest rates responsibly can help improve your credit score over time. When you choose one with no annual fee, you’re not paying extra for the opportunity to build credit.
Now that you know why these cards are worth considering, let’s dive into the best options available.
Top Low Interest Credit Cards with No Annual Fee
Here’s a roundup of the best credit cards with low interest rates and no annual fee. Whether you’re new to credit cards or just looking for a better deal, these cards are highly recommended for their excellent features and benefits.
1. Chase Slate Edge℠ Card
APR: 0% Introductory APR for the first 12 months (then a variable APR of 17.24%–25.99%)
Annual Fee: $0
Key Benefits:
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0% APR on purchases and balance transfers for the first 12 months.
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No annual fee.
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Automatic credit limit increases with responsible use.
This card is a solid option if you’re looking for a way to make purchases or transfer balances with no interest for the first year. It also provides a low interest rate once the introductory period ends, making it a great choice for long-term value.
2. Discover it® Cash Back
APR: 0% Introductory APR for the first 14 months (then a variable APR of 14.24%–25.24%)
Annual Fee: $0
Key Benefits:
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Cashback rewards on rotating categories.
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0% APR on purchases and balance transfers for the first 14 months.
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No annual fee and no foreign transaction fees.
If you want a card that combines low interest with rewards, the Discover it® Cash Back card is a standout choice. Not only can you earn cashback on everyday purchases, but you’ll also enjoy 0% APR for the first 14 months—perfect for balance transfers and new purchases.
3. Citi® Diamond Preferred® Card
APR: 0% Introductory APR for the first 18 months (then a variable APR of 16.24%–26.24%)
Annual Fee: $0
Key Benefits:
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0% APR for the first 18 months on purchases and balance transfers.
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No annual fee.
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Ideal for those looking to pay off high-interest balances with low interest.
For people who need time to pay off a balance transfer, the Citi® Diamond Preferred® card offers the longest introductory APR period on this list—18 months with 0% interest. After that, the APR remains low, making it ideal for those looking to pay down debt over time.
4. Capital One QuicksilverOne Cash Rewards Credit Card
APR: 15.24%–25.24% (variable)
Annual Fee: $0
Key Benefits:
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Earn 1.5% cashback on every purchase.
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No annual fee and no foreign transaction fees.
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Low interest rates with the potential for a higher credit line after 5 months of on-time payments.
The Capital One QuicksilverOne is a great option for those who want a credit card with no annual fee and a cashback feature. Even though the APR is a bit higher than some other cards on this list, it’s still competitive for a card that offers rewards and no annual fee.
5. Wells Fargo Reflect® Card
APR: 0% Introductory APR for the first 18 months (then a variable APR of 18.24%–28.24%)
Annual Fee: $0
Key Benefits:
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0% APR on purchases and qualifying balance transfers for the first 18 months.
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No annual fee.
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A solid option for people with excellent credit who want to avoid paying interest.
If you’re focused on paying down existing credit card debt, the Wells Fargo Reflect® Card offers an excellent long-term value with its 18-month 0% APR introductory period. After the 18 months, the APR remains reasonable.
How to Find Credit Cards with Low Interest and No Fees
When searching for the best low interest credit cards with no annual fee, there are several factors to consider:
1. Introductory APR Offers
Many cards offer 0% APR for a set period. If you’re planning a big purchase or need to transfer a balance, look for cards with the longest introductory periods.
2. APR After the Introductory Period
While no fee credit cards are great, it’s also important to understand what the APR will be once the introductory period ends. Aim for cards that offer competitive rates.
3. Additional Features
Some cards offer extra benefits, such as cashback, travel rewards, or purchase protection. Think about what perks matter most to you beyond just the APR and annual fee.
4. Credit Score Considerations
Your credit score will play a role in determining which card you can qualify for. If your credit is not stellar, you may need to look for credit cards with no annual fee and low interest for bad credit.
FAQs: Your Guide to Low Interest Credit Cards with No Annual Fee
1. What are the best low interest credit cards with no annual fee?
The Chase Slate Edge and Discover it® Cash Back cards are among the top options, offering both low interest and no annual fee.
2. How can I find credit cards with low interest and no fees?
Look for cards that offer 0% APR introductory periods and have competitive rates once the intro period ends. Consider your credit score and spending habits to find the best card for you.
3. Are there credit cards with no annual fee and low interest for balance transfers?
Yes, cards like the Citi® Diamond Preferred® Card and Chase Slate Edge℠ Card are excellent choices for balance transfers due to their long 0% APR introductory periods.
4. Can I get a credit card with low interest and no annual fee if I have bad credit?
There are credit cards designed for individuals with bad credit that offer low interest rates and no annual fees. Look for cards specifically targeting those with limited or poor credit history.
5. What is the best credit card for low interest rates and no annual fee?
The Citi® Diamond Preferred® Card is often regarded as one of the best for its long 0% APR introductory period and no annual fee.
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