You have become aware of individuals getting trapped in charge card financial obligation even though they are making large monthly payments. The offender? Interest. With a low interest credit card, you can decrease the interest that you pay and prevent falling into this trap yourself.

Best Low Interest Credit Cards to Help You Eliminate Debt 2014

To warn you about the risks of a high rate of interest (sorry, but we think it’s for your own excellent), have a look at the following situation of 2 individuals with the very same amount of charge card debt and identical repayment strategies, however various APRs.

Scenario John Jane
Card balance $5,000 $5,000
Monthly payment $100 $100
APR 8% 13%
Time until debt cleared 62 months 73 months
Total paid $6,102 $8,240

As you can see, a slight distinction in the APR brings a large cost in the long run. For that reason, if you are the sort of person who’s the tendency to lug a balance, you wish to get a credit card with the lowest rate of interest possible.

We chose the best low interest charge card based not only on a low APR, but also taking into account clever card benefits that may come in handy. Based on our analysis of these cards, right here are MyBankTracker’s top recommendations:

Barclaycard Ring MasterCard

Apply for this card if: You want the best low interest credit card to minimize interest charges and to consolidate financial obligation.

Generally, it’s not a good idea to lug a charge card balance, but it takes place. A minimum of with the Barclaycard Ring MasterCard, you’ll be paying much less in interest.

With an amazingly-low variable APR of just 8 % * on purchases and balance transfers, you ‘d struggle to discover a mainstream low interest rate card that fares much better. To make things much more intriguing, those who want to consolidate their debt will never ever need to pay a balance transfer cost (normally 3 % of the balance transfer quantity) with the Ring Master card. So, kudos to you if you are taking the effort to get rid of financial obligation!

The card has no yearly cost and cardmembers participate in a crowdsourced benefits program called Giveback. You can see the program’s monetary profits and vote on the best ways to delight in those earnings – whether it’s statement credits, charity donations or something else.

With the Ring MasterCard, rest well knowing that you are not losing a ton of cash to interest. And for those of you utilizing the card to tackle financial obligation, we are confident that you’ll succeed.

For even more info on this card, click here.

Discover it®

Apply for this card if: You really want a low APR charge card with wonderful rewards.

Who’d not wish to earn rewards on their spending? Sadly, benefits charge card tend have greater APRs. But, you do not need to stand for such nonsense because there’s the Discover it ® card, which offers a great mix of a low interest and money back.

You can make 5 % money back on purchases in select classifications that alter every quarter (approximately $1,500 spent in those classifications per quarter). Furthermore, you get 1 % cash money back on all other purchases instantly.

That’s a good cash-back program for a charge card with a variable purchase APR that might be as low as 10.99 % (to 22.99 %). *

Other customer-friendly advantages include no charge APR, no late cost for the first late payment and complimentary month-to-month FICO credit ratings.

If you require a low rate charge card, but you yearn for rewards too – Discover it ® provides you a taste of both worlds.

For even more info on this card, click here.


Apply for this card if: You desire an exceptionally low APR and have the financial credentials to make it.

Sometimes, the best charge card aren’t found with a significant charge card issuer. There are hidden gems found with smaller banks and issuers. The IBERIABANK Visa Classic card is among those hidden gems.

It’s no annual fee and the variable APR ranges from 7.25 % to 13.25 %. *

There’s one caution though: the astoundingly-low rate of 7.25 % is rather difficult to obtain – expect to reveal a stellar credit history, excellent income and low monthly costs.

Capital One ® Platinum Prestige

Apply for this card if: You want an easy, no-frills low APR charge card.

Your financial resources are complexed enough already, so we can comprehend appeal behind the Capital One ® Platinum Status Charge card, which keeps everything uncomplicated by focusing on one thing and something just: low interest.

In extra to no yearly cost, the card brings a variable APR of 10.9 % to 18.9 %. Although the APR on the lowest end of the spectrum falls in line with the rest of the cards on this list, the APR on the high-end of the spectrum is still lower compared to other credit cards.

Other card benefits that could come in handy consist of the totally free Credit Tracker tool – which provides a regular monthly TransUnion credit score and credit rating simulator – and no foreign transaction costs.

Get the Capital One ® Platinum Eminence Credit Card so that you are not distracted from your goal: decreasing interest charges (and removing that card balance earlier rather than later on).

For even more info on this card, visit this site.

U.S. Bank Visa Platinum Card

Apply for this card if: You likewise want low-cost overdraft security on a U.S. Bank inspecting account.

There’s very little to state about the U.S. Bank Visa Platinum Card because it’s couple of bells and whistles.

The most noteworthy advantage could be that it can be linked to an existing U.S. Bank checking account for overdraft defense. Basically, you’ll borrow against your credit card when you overdraw the bank account. You’ll face interest charges instead of paying an in advance $36 overdraft cost.

Other than that, it’s just a strong low-interest-rate charge card with an APR variety of 9.99 % to 23.99 %. *

For even more info on this card, click here.

This note proclaims some terrific low interest credit cards with secondary benefits that you could like. However, we are major fans of the Barclaycard Ring MasterCard because of its very low rate of interest incorporated with complimentary balance transfers – a bundle that really encourages financial obligation decrease. After all, is not really that what you want from a low interest charge card?

* Credit card rates are accurate since 7/29/2014. They could be subject to alter without prior notice.

Disclaimer: MyBankTracker wasn’t paid to publish this content, which wasn’t supplied, commissioned, examined, accepted, or backed by the business whose items are showcased. We may be made up through a marketer’s affiliate programs.