Best low interest credit cards of December 2024
Low interest rates don’t have to mean you give up on rewards, welcome bonuses and other perks. CardRatings editors reveal the best credit cards with low interest rates to help you save big when it comes to your credit card bills. … View More
In an ideal world you could pay off your credit card balance in full every month and not have to worry about interest that could accrue. But we know this isn’t an ideal world and the reality is that sometimes you end up carrying a balance from one month to the next (or longer).
In those situations, it’s nice to have a credit card in your wallet that offers a low interest rate or even an introductory 0% rate for a time before going to an ongoing low (relative to many cards) interest rate, which is exactly the case with these credit cards from our partners.
Our real focus in this article is the cards that offer low ongoing interest rates. An introductory 0% period is great, but it’s introductory. What if you need a low interest rate three years into your tenure as a card member? That’s where these cards really come in handy.
You might think that a low interest rate automatically means minimal perks or no rewards, but you’d be wrong. There are a number of excellent choices that offer the full package: low interest rate, helpful extra perks/features, and even the opportunity to earn rewards. View Less
Brooklyn Lowery
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List of Winners
- CardName – Best for Cash Back Rewards
- CardName – Best for Travel Rewards
- CardName – Best for Balance Transfer Offer
- CardName – Best for Groceries
- CardName – Best for Dining Out
- CardName – Best for Military Members
- CardName – Best for Students
- CardName – Best for Fair Credit
- CardName – Best for Poor Credit
- CardName – Best for Businesses
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Ongoing Interest Rate: RegAPR
Intro APR: intro_apr_rate,intro_apr_duration and balance_transfer_intro_apr,balance_transfer_intro_duration.
Welcome Offer: Earn a $200 online cash bonus when you spend at least $1,000 on purchases within the first 90 days.
Rewards: Earn 3% cash back in the category of your choice - now with expanded categories, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases. Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishing purchases.
Annual Fee: AnnualFees
More Details: Bank of America Preferred Rewards clients can earn an additional 25%-75% back on every purchase, depending on your Preferred Rewards tier. Tiers are based on combined balances across eligible accounts.
PROS:
- 3% earning on online shopping is potentially lucrative. It's a broad category that many people put to plenty of use these days. It could be mean substantial cash back for you.
- The quarterly spending cap is higher than many (most are set at $1,500 as compared to the $2,500 this card allows)
CONS:
- This card charges foreign transaction fees so it's not the best for traveling internationally.
- You can only change your choice category once per calendar month, so it does require some planning to maximize that rewards earning.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 81.1 | 80.2 |
| Rewards Program Satisfaction | 8.1 | 8.1 |
| Customer Service | 7.9 | 8.1 |
| Website/App Usability | 8.6 | 8.1 |
| Likelihood of Continuing to Use | 9.0 | 7.9 |
| Recommend to a Friend/Colleague | 7.7 | 7.8 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Ongoing Interest Rate: RegAPR
Intro APR: Enjoy 15 months no interest on purchases and balance transfers (balance transfer fee applies).
Welcome Offer: Earn 20,000 bonus miles when you spend $500 on purchases within the first three months of card membership.
Rewards: Earn 1.25 miles on every $1 you spend.
Annual Fee: AnnualFees
More Details: The card doesn't charge foreign transaction fees so it's a good option to take with you on trips abroad.
PROS:
- No foreign transaction fees
- Your miles won't expire as long as your account is open and there's no limit on the miles that you can earn.
- Miles can be redeemed towards almost any travel purchase so you aren't restricted to a certain airline or hotel brand.
CONS:
- You'll get 1.25 miles per $1 on all purchases, which isn't bad, but it isn't spectacular. You will want to shop around and see if there's anything you like better before applying.
- The value of your rewards will be diminished if you want cash back instead of miles. Still, you're probably getting this as a travel card, and so maybe that's a minor quibble.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 81.0 | 79.7 |
| Rewards Program Satisfaction | 7.9 | 7.8 |
| Customer Service | 8.2 | 8.2 |
| Website/App Usability | 8.4 | 8.2 |
| Likelihood of Continuing to Use | 8.6 | 8.3 |
| Recommend to a Friend/Colleague | 8.0 | 7.8 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Ongoing Interest Rate: RegAPR
Intro Balance Transfer Offer: 0% APR on balance transfers for 18 months.
Annual Fee: AnnualFees
Welcome Bonus: Earn $200 cash back after you spend $1,500 on purchases in the first six months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Rewards: Earn 2% on every purchase with unlimited 1% cash back when you buy, and an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.
More Details: Simplicity is sometimes the greatest reward of all. This card allows you to earn easy cash back with out a lot of thought. Each swipe will earn you rewards, and then each credit card payment will earn you some more. This system encourages responsible credit card use, which is always a good thing in our book.
PROS:
- The chance to earn up to 2% cash back on every purchases is an excellent perk for a no-annual-fee card.
- This card offers a solid intro 0% APR offer on balance transfers so it's a great option if you need some extra time to pay off a large outstanding balance from another card.
CONS:
- This card charges foreign transaction fees so it's not the best international travel companion.
- If you spend a lot on certain types of purchases, you could likely stand to earn more with a tiered or rotating-category rewards credit card.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 77.2 | 84.7 |
| Rewards Program Satisfaction | 7.9 | 8.5 |
| Customer Service | 7.5 | 8.4 |
| Website/App Usability | 6.9 | 8.3 |
| Likelihood of Continuing to Use | 8.2 | 8.8 |
| Recommend to a Friend/Colleague | 7.7 | 8.4 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Ongoing APR: RegAPR
Intro APR: Enjoy 0% intro APR on purchases and balance transfers for 12 months from the date of account opening
The Bonus: Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new card within the first six months.
Rewards: Earn 6% back at U.S. supermarkets, up to $6,000 spent each year (then 1%) and on select U.S. streaming purchases; earn 3% back at U.S. gas stations and on transit, such as taxis, rideshares, tolls and more; earn 1% back on other purchases.
The Annual Fee: AnnualFees
More Details: Your earned cash back can be redeemed for statement credit, so the rewards go toward helping you pay off a balance. Additionally, American Express cards are known for the "fine print benefits" tucked into your cardholder agreement. The specifics change often, but could potentially add a lot of value to your card, so make sure to read your agreement carefully and keep an eye on any communication that comes for American Express even after you're a cardholder.
PROS:
- Maxing out the supermarket rewards alone could earn you $360 back in a year, well more than that annual fee..
- Don't overlook the extra benefits being an American Express cardholder offers. Read your cardholder agreement and watch for extra features and money-saving benefits AmEx rolls out from time to time.
- Take advantage of the intro APR on purchases and balance transfers for 12 months from the date of account opening. After that, the rate is RegAPR, based on your creditworthiness.
CONS:
- Consider the annual fee carefully; if you aren't going to put the card to good use and rack up substantial cash back, there's likely a better no-annual-fee option for you.
- There's a foreign transaction fee of foreign_fee It's lower than some foreign transaction fees, but there are also plenty of options out there that don't charge one at all.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 78.5 | 78.2 |
| Rewards Program Satisfaction | 7.6 | 7.8 |
| Customer Service | 7.7 | 8.0 |
| Website/App Usability | 8.1 | 7.7 |
| Likelihood of Continuing to Use | 8.3 | 8.2 |
| Recommend to a Friend/Colleague | 8.2 | 7.5 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Ongoing Interest Rate: RegAPR
Intro APR: Enjoy 0% intro APR for 12 billing cycles on purchases and balance transfers.
Bonus: Earn 20,000 bonus points after spending $1,000 on purchases in the first 90 days.
Rewards: Earn 4X points on dining, takeout, and restaurant delivery; 2X points on streaming services; 2X at grocery stores and gas stations/EV charging stations (discount stores/supercenters and wholesale clubs excluded effective September 9, 2024); 1X point on all other eligible purchases.
Annual Fee: AnnualFees
More Details: Your points don't expire, so feel free to rack up rewards and cash them in for a nice redemption down the road.
PROS:
- Save money with an intro 0% APR for 12 billing cycles on purchases as well as on balance transfers made within the first 60 days of account opening. After the intro, the APR becomes RegAPR.
- Enjoy $15 statement credit annually for streaming service purchases.
- Take this card along on your next adventure abroad – it doesn't charge foreign transaction fees.
CONS:
- If you choose to redeem your rewards for cash back, be aware your options are limited to statement credit or a deposit into a qualifying U.S. Bank account.
- There is a balance transfer fee to consider: BalanceTransferFees.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 76.7 | 84.7 |
| Rewards Program Satisfaction | 7.5 | 8.5 |
| Customer Service | 7.5 | 8.9 |
| Website/App Usability | 7.9 | 8.3 |
| Likelihood of Continuing to Use | 7.9 | 8.3 |
| Recommend to a Friend/Colleague | 7.8 | 8.2 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Ongoing Interest Rate: RegAPR
Intro APR: 0.99% APR for 12 months on balance transfers made within 60 days of account opening.
Bonus: N/A
Rewards: N/A
Annual Fee: AnnualFees
More Details: Note that you'll need to be a Navy Federal Credit Union member in order to apply for this card. There are a number of ways to qualify for membership beyond direct military membership. Find out more on the Navy Ferderal Credit Union website.
PROS:
- This is one of few cards out there that doesn't charge a balance transfer fee – most charge between 3% and 5% per transfer.
- Pay your cellular bill with your card and enjoy included cell phone protection.
- The ongoing interest rate with this card could be incredibly low, depending on your credit worthiness.
CONS:
- You must be a Navy Federal Credit Union member in order to apply for this card. There are numerous ways to qualify for membership, but still, this is something to keep in mind.
- There isn't a rewards program associated with this card – think of it primarily as a card to help you get your credit under control with that intro 0% offer for balance transfers.
We have not polled this card yet, but would love to hear your thoughts on it if you are a cardholder. Comment below or email us at [email protected] to share more about your experience.
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PROS:
- The rewards program is strong for a regular card, let alone a student card. Besides learning how to responsibly use a credit card, it's a great opportunity to dip a toe into the credit card rewards waters.
- Discover cards don't charge foreign transaction fees, so feel free to take this card along for your semester abroad.
- Discover cards have an unusual feature: The ability to get cash back when you buy something at specific retailers without it being considered a cash advance.
CONS:
- You won't be charged foreign transaction fees, but you might have trouble finding a place to use your Discover card overseas. It isn't as widely accepted as Visa or Mastercard, especially overseas.
- The rewards program could be lucrative, but it isn't simple. To fully maximize your rewards, you'll have to remember to activate the bonus categories each quarter, use the card for those specific purchases and also keep up with the spending cap.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 74.3 | 78.9 |
| Features Satisfaction | 6.9 | 7.7 |
| Customer Service | 6.5 | 7.7 |
| Website/App Usability | 8.1 | 8.6 |
| Likelihood of Continuing to Use | 8.7 | 8.5 |
| Recommend to a Friend/Colleague | 8.4 | 7.8 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Ongoing Interest Rate: RegAPR
Intro APR: N/A
Bonus: Earn a $200 bonus on your card when you open a Rewards Checking Plus account and make three debit transactions within 60 days of opening your card. (To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.)
Rewards: Earn unlimited 1.5% back on every purchase.
Annual Fee: AnnualFees
More Details: This card operates differently than a traditional credit card. Cardholders are issued a line of credit and they use their card to make purchases against that line of credit. It allows for more predictable payments since your monthly purchases are combined into the equivalent of a personal loan with a fixed interest rate and term. Still, your usage is reported to the credit bureaus so responsible use can help your credit score.
PROS:
- Since this is a line of credit, you can transfer funds directly to a bank account for withdrawal without incurring cash advance charges.
- A fixed interest rate means you won't suddenly incur higher interest payments if/when the Federal Reserve rate changes.
CONS:
- While the card is officially available to people with fair credit, if you lack a credit history all together, you might not be approved.
- Since this card is officially a line of credit, it doesn't show up on your credit history as a credit card, but rather as a personal loan. That's not a big deal unless you're really trying to build a credit history that shows responsible use with revolving credit.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 70.8 | 80.0 |
| Features Satisfaction | 7.0 | 7.7 |
| Customer Service | 6.8 | 8.3 |
| Website/App Usability | 7.4 | 8.8 |
| Likelihood of Continuing to Use | 7.6 | 8.4 |
| Recommend to a Friend/Colleague | 7.2 | 7.7 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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Ongoing Interest Rate: RegAPR
Intro APR: N/A
Bonus: N/A
Rewards: Earn 1% cash back rewards on payments.
Annual Fee: AnnualFees
Security Deposit: Activate your card with a minimum $200 deposit (up to $2,000) to establish your line of credit.
More Details: As a secured card, the CardName is meant to help you reestablish credit, so there aren't many perks. Instead, use the card conservatively and make regular payments to help build your credit.
PROS:
- No minimum credit score or credit history requirements.
- The low interest rate could prove quite helpful should you need to carry a balance.
- Build your credit score with responsible use.
CONS:
- It's a secured credit card, so you'll need to come up with at least $200 to secure your line of credit. There are secured cards with lower minimum deposits required if that $200 bar is too high.
- Not a great choice for using abroad as it charges a foreign transaction fee.
We have not polled this card yet, but would love to hear your thoughts on it if you are a cardholder. Comment below or email us at [email protected] to share more about your experience.
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Ongoing Interest Rate: RegAPR
Intro APR: Take advantage of an intro 0% APR on purchases for 12 months.
Welcome Offer: Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening.
Rewards: Earn 5% cash back on the first $25,000 in combined purchases at office supply stores and on internet, cable and phone services each account year; earn 2% cash back on the first $25,000 in combined purchases at gas stations and restaurants each account anniversary year; earn 1% cash back on your other purchases.
Annual Fee: AnnualFees
More Details: While this card advertises itself as a "cash back card," the rewards actually add up as Chase Ultimate Rewards points, which means you can combine earnings from this card with those of other cards in the Ultimate Rewards universe.
PROS:
- No annual fee.
- The welcome bonus is really generous, especially for a no-annual-fee card.
- A lot of nice perks such as purchase protection, extended warranty protection and an auto rental collision damage waiver.
CONS:
- There are some spending caps in bonus categories, so if you spend a lot in these areas, this could be prohibitive.
- This card charges foreign transaction fees, so it's not the best option to take along on international trips.
| Current Scores | Past Scores | |
|---|---|---|
| Overall Score | 78.0 | 78.7 |
| Rewards Program Satisfaction | 7.7 | 7.7 |
| Customer Service | 7.8 | 8.0 |
| Website/App Usability | 7.9 | 8.2 |
| Likelihood of Continuing to Use | 8.1 | 7.6 |
| Recommend to a Friend/Colleague | 7.7 | 8.0 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
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How To Avoid Paying Interest on Credit Cards?
Your credit card is convenient, but it can become costly if you are paying monthly interest charges.
There are two ways to avoid paying interest on your purchases and balances transfers:
- Pay off balances before the grace period expires: When you make a purchase with your card, there is a grace period before interest charges start accruing. The length of the grace period can vary by issuer, but they are typically 21 to 25 days. As long as you pay off a purchase within this time frame, you won’t have to worry about paying interest. Note that grace periods do NOT typically apply for cash advances.
- Take advantage of a 0% intro APR credit card: If you can’t pay off your balance by the end of the month or need to finance a large purchase, look for a 0% APR card. These cards don’t charge interest for a specified introductory period, which can be as long as 18 months. You’ll usually need to be a new cardholder to take advantage of the no-interest offer and be aware that balance transfers could still be subject to balance transfer fees.
What Is the Difference Between Interest Rate and Apr?
When it comes to credit cards, there is no difference between the interest rate and the APR, which stands for Annual Percentage Rate.
Lenders have to show an APR which represents the total annual cost of a loan. With mortgages, for instance, the APR can include the interest rate, points and other fees. However, with credit cards, the APR only includes the interest rate. Items such as annual fees and balance transfer fees don’t have to be included in the APR because not all cardholders may pay those costs each year.
How Do Credit Card Issuers Set Interest Rates?
Most credit card issuers use the prime rate, which is based on the federal funds rate set by the Federal Reserve rate, as a starting point for their interest rates. The prime rate is generally what commercial banks charge their best customers.
For credit card customers, issuers take the prime rate and add an additional interest charge on top of it. The percentage used for that second layer can depend on the customer and may be related to factors such as:
- Credit score
- Income
- Economic conditions
Those with higher credit scores typically have access to the lowest interest rates since the card issuer feels more confident that they will be paid any balance owed. Meanwhile, companies may see those with poor credit scores as being more likely to default on their accounts; therefore, they charge a higher interest rate to offset that risk.
Credit card interest rates that are based on the prime rate are variable and change whenever the prime rate changes. Banks can also adjust that amount they charge on top of the prime rate, so you could see a rate change even if the Fed doesn’t make a rate adjustment. Although less common, a few cards offer fixed rates.
Who Should Get a Low-Interst Credit Card?
Every credit card applicant should pay attention to the interest rate of a given card, but applicants who expect to carry a balance from time to time should pay particularly close attention.
That’s because people who routinely pay their credit card balance off in full each month won’t be affected by a high interest rate. Interest, remember, only kicks in if you carry a balance beyond your due date.
If you do know that you’ll carry a balance occasionally, you should strive to find a card with the lowest possible rate. On the other hand, people who pay it off every month can focus on finding a card with other features they want or need since the interest rate is unlikely to affect them anyway.
How Do I Save Money With a Low Interest Credit Card?
Among credit cards assessing interest in 2020, the Federal Reserve reports the average rate was 16.28%. However, interest rates for cards currently available on the market can be as high as 36%. Some low interest credit cards, on the other hand, have regular rates lower than 10%.
Using these rates and CardRatings’ credit card interest calculator, you can quickly see how much you save with a lower interest rate. You’d pay roughly the following in interest charges when paying off a $10,000 debt, assuming you pay $300 per month (note, that banks have a few different ways they can calculate your interest, so these examples may not be exact, but they are very close):
- 10% – $1,669
- 16.28% – $3,067
- 36% – $13,458
A low interest credit card can cut your interest charges nearly in half as compared to the average APR.
What’s more, many – if not most – low interest cards also have 0% APR introductory offers for new customers. That means you could avoid paying interest on purchases or balance transfers altogether for many months.
How To Choose a Low-Interest Credit Card?
Consider using one of these top low interest credit cards for balance transfers from a high-APR card or simply to pay lower interest on an ongoing basis. Which one is right for you will depend upon a number of factors including your own credit score/history, your financial needs/goals and more.
Some cards are no-frills without annual fees, while others feature rewards programs and card perks, but might charge an annual fee. There are cards that offer no interest charges for a period on all purchases and balance transfers, while others limit it to just one or the other. Keep in mind that the ongoing interest rates on these 0% intro cards are often considerably higher than among the cards listed above.
Weigh all the benefits and drawbacks when deciding on a low-interest credit card. Sure, one card may give you 12 months with no interest on a balance transfer, but the card may still charge a balance transfer fee and may have a higher ongoing APR than another card. So, make sure to compare cards to see which one would work best for your situation and in the long run.
Also, keep in mind that when a credit card has an APR range, you may be able to enjoy a low APR, but it depends on your credit history. Potential customers with excellent credit are more likely to get a rate on the lower end of the range.
One last note – If your card has a variable APR (versus a fixed APR), that means it will go up or down depending on the Federal Reserve. Keep that in mind when you’re comparing cards.
How To Get a Low-Interest Credit Card?
As a general rule, the higher your credit score, the better chance you stand to qualify for lower interest on your credit card.
If you want a low-interest credit card, and you don’t have a high credit score, you’ll want to work on improving how you look to lenders. To start, make sure to closely monitor your credit report. The three major credit bureaus, Equifax, TransUnion and Experian offer a free report once a year. It’s important to pay close attention to your history to make sure there aren’t any serious errors, as this can sometimes happen. Creditors could mix up a Bill Jones from Alabama with Bill Jones from Oregon, and if Bill Jones from Oregon has a lot of missed and late payments, and those appear on Bill Jones from Alabama’s credit history, you can see how Bill Jones from Alabama might not look like a trustworthy person to lend money to.
Beyond this, you’ll want to make sure you’re using any current credit cards you might have responsibly. Make sure you’re paying your bills on time, not utilizing too much of your available credit, paying beyond the minimum payment each billing cycle, etc. Responsible credit card use is a great way to build your credit and get to that coveted “excellent” credit score position.
What Is a Good Interest Rate on a Credit Card?
Not to sound too obvious, but the lower, the better. Many credit cards offer introductory APR offers, where you pay 0% intro APR on purchases and/or balance transfers, for a set period of time (most often, these offers last at least one year), which is a great way to start membership out, but what about the long run? After the intro period, APR can shoot up significantly, so be careful if choosing a card for this perk.
The lowest ongoing APR offers we’ve seen sit around 10%. This certainly isn’t the norm though, and these offers are usually reserved for people with excellent credit. If you can qualify for an APR in the low teens though, you’re doing quite well.
All of that said, keep in mind that your goal should be to pay off your credit card every month, so you aren’t carrying a revolving balance. If you carry a revolving balance, that can hurt your credit, and if you take awhile to pay off the card, that just costs you more money.
You’re smart to look for a credit card with a low interest rate, just in case you do end up carrying revolving debt, but that’s the irony about a low-interest credit card. You want a credit card with a low interest rate – but other than maybe making a big purchase with a 0% APR introductory offer and taking a few months to pay it off, ideally, you’re getting a low-interest credit card and not actually taking advantage of it.
How Do I Lower My Apr?
Interest rates are just a fact of credit cards (and loans in general, for that matter), but there are ways to lower yours:
- Shop around. If you’re needing to carry a balance, but the rate on your existing card is particularly high, take a look at other cards. It’s possible you could qualify for a card with an intro 0% offer or, at least, a lower rate than what you currently have. Compare rates and find the one that is better for you. REMEMBER! don’t apply for lots of different credit cards all at once as that will ding your credit. Instead, find one that makes sense and for which you believe you qualify and apply for that one.
- Raise your credit score. The higher your score, the lower a risk you appear to be to potential lenders. Work on handling your credit responsibly and making payments on time and you’ll see that score rise. While a score rising won’t directly change your rate on one of your existing cards, it sets you up for lower rates on any new cards you apply for and puts you in a better position to try our next suggestion for getting a lower rate…
- Just ask. It can’t hurt to call your issuer and ask for a lower rate. The issuer doesn’t have to say yes, but it could happen – particularly if you have a long history with that card as well as a history of on-time payments and responsible use. Even if the bank won’t permanently reduce your rate, you could ask for a temporary reduction of a few percentage points. Even one or two percent could make a big difference if you’re working to pay down a debt. Make sure you mention things like your lengthy history of responsible payment and, if applicable, point out your new, higher credit score.
A journalist for nearly 20 years, Brooklyn has published work on a broad range of topics including personal finance and business as well as travel and human interest pieces. As a finance expert, she has provided commentary on credit cards, card rewards and personal finance for outlets including Forbes, Fox Business and many others. Her own wanderlust and travel experiences...Read more
Survey Methodology: CardRatings commissioned Op4G in September 2023 to conduct surveys among 1,869 cardholders nationwide. CardRatings website analytics from Jan. 1, 2023-Aug. 31, 2023 were used to determine a selection of the most popular cards and additional cards were included to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents’ scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to “How likely are you to recommend this card to a friend, coworker or family member?” was double weighted. “Current Scores” reflect scores from the most recent survey (2023); “Past Scores” reflect scores from the 2022 survey.
Ranking Methodology: CardRatings experts review the fine print, details, perks, rewards and features of hundreds of cards and compare them side-by-side with similar cards. A card that makes an excellent balance transfer card may not make a great cash-back rewards card even though it offers those rewards. While the Best of the Year list is announced annually, that list – and all other “best of” lists on CardRatings – are regularly reviewed and updated as issuers change the terms and features of each card often.
For rates and fees of the American Express cards mentioned in this article, please see the following links: CardName: See Rates and Fees
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
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