What Are the Best Low Interest Credit Cards of 2022?
What Are the Best Low Interest Credit Cards of 2022?
While there are many excellent low-interest and 0% APR credit cards, the Wells Fargo Reflect℠ Card stands out as our best low-interest credit card.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
Top low interest credit cards of 2022
Wells Fargo Reflect℠ Card
Wells Fargo Active Cash® Card
OpenSky® Secured Visa® Credit Card
Jump to
If you are carrying a balance on one or more cards, or you are looking to finance an expensive purchase, a credit card with a low APR can help you save money on interest.
In this article, we'll take a look at some of the best 0% APR and low-interest credit cards. Many of these cards offer introductory 0% APRs for a period of time on purchases and/or balance transfers. Taking advantage of these offers can help you save hundreds of dollars of interest charges.
Compare the best low interest credit cards of 2022
Card | Intro purchase APR | Regular APR | Intro balance transfer APR | Credit score required | |
|---|---|---|---|---|---|
| Best overall: Wells Fargo Reflect℠ Card
| 0% intro APR up to 21 months from account opening | 14.49%-26.49% Variable APR | 0% intro APR up to 21 months from account opening on qualifying balance transfers, then 14.49%-26.49% Variable APR | 660 - 850 | Apply Now
See Rates & Fees. On Wells Fargo's Secure Website |
Runner-up low interest card: BankAmericard® credit card
 | See Terms | See Terms | See Terms, then See Terms | 660 - 850 | Not available on ValuePenguin |
| Lowest interest rate: PenFed Gold Visa® Card
| N/A | 7.49% to 17.99% variable | 0% for 12 months on balance transfers, then 17.99% Variable APR. A balance transfer fee of 3% per transaction applies. | Not available | Not available on ValuePenguin |
Best low interest credit card
Wells Fargo Reflect℠ Card
$0
14.49%-26.49% Variable APR
660 - 850
- 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods. 14.49% to 26.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5
- $0 Annual Fee
- Get up to $600 of cell phone protection when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
- Through My Wells Fargo Deals, you can earn cash back in the form of a statement credit while you shop, dine, or enjoy an experience simply by using your eligible Wells Fargo Credit Card
- Select “Apply Now” to learn more about the product features, terms and conditions
0% intro APR up to 21 months from account opening on purchases (then 14.49%-26.49% Variable APR)
Verdict: The longest intro APR of the cards on our list
The Wells Fargo Reflect℠ Card offers one of the best 0% introductory APR periods of any credit card out there. You can get a 0% intro APR up to 21 months from account opening on qualifying balance transfers and a 0% intro APR up to 21 months from account opening on qualifying purchases (followed by a 14.49%-26.49% Variable APR).
With both balance transfers and purchases, you can extend your 0% intro period for up to three months if you make on-time payments (for 21 months total). There is a balance transfer fee of 3% for 120 days from account opening, then up to 5%; min: $5, whichever is greater, but also a $0 annual fee.
- 0% intro APR up to 21 months from account opening on qualifying balance transfers (followed by an APR of 14.49%-26.49% Variable APR)
- 0% intro APR up to 21 months from account opening on qualifying purchases (followed by an APR of 14.49%-26.49% Variable APR)
- Extend the length of your intro APR with on-time payments
- Up to $600 cell phone protection
- $0 annual fee
- 3% foreign transaction fee
- Balance transfer fee of 3% for 120 days from account opening, then up to 5%; min: $5, whichever is greater
- No rewards program
- High ongoing APR
Runner-up low interest credit card
Citi ThankYou® Preferred Card
$0
15.49% - 25.49%* (Variable)
720 - 850
- Enjoy 0% Intro APR on purchases for 15 months from date of account opening and 0% Intro APR on balance transfers for 15 months from date of first transfer; after that, the variable APR will be 15.49% - 25.49% based upon your creditworthiness*
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater*
- Earn 2X Points on Dining Out & Entertainment
- Earn 1X Points on All Other Purchases
- Points are redeemable for gift cards to popular retailers, restaurants, and department and home stores. 2,500 ThankYou® Points can be redeemed for a $25 gift card at thankyou.com
- No expiration and no limit to the amount of points you can earn with this card
- No annual fee*
See Terms (then See Terms)
Verdict: Get a long intro APR plus a $100 bonus
The BankAmericard® credit card from Bank of America is next up in the running for the longest introductory period. It offers a See Terms and a See Terms (followed by an APR of See Terms).
You'll have no penalty APR and a $0 annual fee with the BankAmericard® credit card, and you can also get an introductory welcome bonus.
- See Terms (followed by a See Terms)
- See Terms (followed by a See Terms)
- $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.
- $0 annual fee
- No penalty APR
- Balance transfer fee of Either $10 or 3% of the amount of each transaction, whichever is greater.
- 3% foreign transaction fee
- No rewards program
- Some cardholders may have a high ongoing APR
Best credit card with the lowest interest rate
PenFed Gold Visa® Card
$0
7.49% to 17.99% variable
660 - 850
Enjoy an APR of only 7.49% to 17.99% variable
Verdict: A good choice for an ongoing low APR
The PenFed Gold Visa® Card has one of the lowest regular interest rates of any credit card around. While the interest rate doesn't matter as much if you don't carry a balance, if you do, you'll enjoy an APR of only 7.49% to 17.99% variable. The PenFed Gold Visa® Card does not have an introductory 0% APR offer on purchases, but it does offer an intro APR of 0% for 12 months on balance transfers (followed by an APR of 17.99%), subject to a 3% per transaction balance transfer fee.
You can also get a $100 bonus statement credit after spending $1,500 in the first 90 days. This can make the PenFed Gold Visa® Card an excellent addition to your wallet. It also has no annual fee and no foreign transaction fees.
- Low APR of 7.49% to 17.99% variable
- $100 bonus statement credit after spending $1,500 in the first 90 days
- Intro APR of 0% for 12 months on balance transfers (followed by an APR of 17.99%)
- $0 annual fee
- $0 foreign transaction fees
- No intro APR for new purchases
- 3% per transaction balance transfer fee
- No rewards program
Best low interest credit card for travel
Bank of America® Travel Rewards credit card
$0
See Terms
660 - 850
- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
- Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
- If you're a Preferred Rewards member, you can earn 25% - 75% more points on every purchase. That means you could earn up to 2.62 points for every $1 spent.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
See Terms (then See Terms)
Verdict: Earn travel rewards and a $250 initial bonus offer
The Bank of America® Travel Rewards credit card is a great $0-annual-fee travel card that also comes with a good introductory offer on new purchases. You get a See Terms (followed by an APR of See Terms). It also comes with no foreign transaction fees, making it a good option for international travel.
Where the Bank of America® Travel Rewards credit card really shines is in its rewards program. You earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire. You can also get 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening. And if you're a Bank of America Preferred Rewards member, you can get 25% to 75% more points on each purchase.
- Get unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire
- 25,000 bonus points offer (worth $250 when you redeem for dining or travel)
- See Terms (followed by an APR of See Terms)
- $0 annual fee
- Earn 25% to 75% more points on every purchase with Preferred Rewards
- Lower redemption value if you don't redeem for dining or travel
- Fairly high ongoing APR
Best cash back low interest credit card
Wells Fargo Active Cash® Card
$0
16.49%, 21.49%, or 26.49% Variable APR
660 - 850
- Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
- Earn unlimited 2% cash rewards on purchases
- 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 16.49%, 21.49%, or 26.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
- $0 annual fee
- No categories to track or remember 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
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Active Cash® Card
- Select “Apply Now” to learn more about the product features, terms and conditions
Verdict: Earn 2% cash back on all purchases
The Wells Fargo Active Cash® Card is our pick for the best cashback low interest credit card. That's because it offers a winning combination of a great cash rewards program along with a long introductory APR on purchases.
Cardholders Earn unlimited 2% cash rewards on purchases. There are on quarterly activations or limitations, and the card also has a $0 annual fee.
The Wells Fargo Active Cash® Card also has a 0% intro APR for 15 months from account opening on purchases and a 0% intro APR for 15 months from account opening on qualifying balance transfers (followed by an APR of 16.49%, 21.49%, or 26.49% Variable APR). Another great feature of the Wells Fargo Active Cash® Card is that you can get up to $600 in cell phone protection if your phone is lost or stolen.
- Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
- Earn unlimited 2% cash rewards on purchases
- 0% intro APR for 15 months from account opening on purchases (followed by an APR of 16.49%, 21.49%, or 26.49% Variable APR)
- 0% intro APR for 15 months from account opening on qualifying balance transfers (followed by an APR of 16.49%, 21.49%, or 26.49% Variable APR)
- Up to $600 in cell phone protection when you pay your bill with the card
- $0 annual fee
- 3% foreign transaction fee
- 3% intro for 120 days from account opening, then up to 5%; min: $5 balance transfer fee
- High ongoing APR
Best low interest credit card for business
U.S. Bank Business Platinum Card
$0
13.49% - 22.49% (Variable)
660 - 850
- Limited time offer: 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 13.49%-22.49%.
- U.S. Bank Business Platinum Card
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
0% intro APR on purchases for 20 billing cycles (then 13.49% - 22.49% (Variable))
Verdict: A small business credit card with an exceptionally long intro APR
The U.S. Bank Business Platinum Card is one of your best credit card options for financing new purchases for a small business. That's because its introductory offer is one of the longest among business credit cards. For no annual fee, you get a 0% intro APR on purchases for 20 billing cycles and a 0% intro APR on balance transfers for 20 billing cycles (followed by an APR of 13.49% - 22.49% (Variable)).
One downside of this card is that there is no welcome offer and you won't earn rewards with your spending on the card.
- 0% intro APR on purchases for 20 billing cycles (followed by an APR of 13.49% - 22.49% (Variable))
- 0% intro APR on balance transfers for 20 billing cycles (followed by an APR of 13.49% - 22.49% (Variable))
- $0 annual fee
- Requires having a business
- No initial welcome offer or rewards for ongoing purchases
Best low interest credit card for poor credit
OpenSky® Secured Visa® Credit Card
$35
18.14% (variable)
0 - 600
- No credit check to apply and find out instantly if you are approved.
- OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
- Get considered for a credit line increase after 6 months, with no additional deposit required
- You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
- Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
- Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
- Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
- Easy application, apply in less than 5 minutes right from your mobile device
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- *View the cardholder agreement
Low ongoing APR of 18.14% (variable)
Verdict: A secured credit card with a reasonable APR
While many credit cards available to applicants with low or limited credit cards come with sky-high APRs, that's not the case with the OpenSky® Secured Visa® Credit Card. It comes with an APR of only 18.14% (variable).
While it charges a $35 annual fee, there is another notable benefit for those having difficulty qualifying for a credit card: There is no credit check to apply. Instead, you put down a refundable security deposit, which becomes your credit limit.
- A secured credit card that may be available even if your credit isn't great
- No credit check to apply
- Helps to build credit by reporting to the three major credit bureaus
- Requires an initial deposit
- $35 annual fee
- No rewards
Best low interest credit card for students
Bank of America® Unlimited Cash Rewards Credit Card for Students
$0
14.74% to 24.74% variable
See website for details
- 1% cash back on every purchase, 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
- 0% APR for first 12 months
- 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account.
Intro APR of 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account. on purchases (then 14.74% to 24.74% variable)
Verdict: Good student credit card with a 0% intro APR and great rewards program
The Bank of America® Unlimited Cash Rewards Credit Card for Students card is a good cash back card for students that also offers a long introductory APR: 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account. on purchases and 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account. on balance transfers (followed by an APR of 14.74% to 24.74% variable). Note, there is a balance transfer fee: 3% of each transaction (minimum $10) fee charged on any balances transferred in.
The card is marketed as a credit card for students, but you don't have to be a student to apply. Many people with limited credit histories will find good value with the card, especially since it has a $0 annual fee. You can get a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening The rewards for everyday spending are excellent as well.
- $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
- unlimited 1.5% cash back on all purchases
- Intro APR of 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account. on purchases (followed by an APR of 14.74% to 24.74% variable)
- Intro APR of 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account. on balance transfers (followed by an APR of purchaseGoToRate})
- $0 annual fee
- Balance transfer fee: 3% of each transaction (minimum $10)
- 3% of the U.S. dollar amount of each transaction foreign transaction fee
How to pick a low interest credit card
If you're in the market for a low interest credit card, here are a few areas that you'll want to consider to make the best decision for your specific situation:
Credit score requirements
It's important to be realistic about your current credit score, and how that might affect your chances of being approved for a credit card. If your credit score is poor or fair, you won't want to apply for a card that requires good or excellent credit. Being denied for a card will only hurt your overall credit score. It's better instead to work on improving your credit before applying for cards with higher credit score requirements.
Introductory APR
Regular APR
Rewards
Annual fee
Other features
What is a low interest credit card?
There are several different types of credit cards that can be considered low-interest credit cards: true low-interest, 0% intro APR and balance transfer cards.
True low-interest credit card
A true low-interest credit card is one that has a lower than average interest rate. Most credit card interest rates are variable, depending on the prime rate set by the federal government. If you have a large balance, having a low interest rate on your credit card can save you a lot of interest.
0% intro APR credit card
A credit card with a 0% introductory APR rate will offer a 0% interest rate for purchases made within a certain period of time (often 15 to 18 months) after opening the card. If you have a large purchase coming up, using a card with this introductory period can give you additional time to pay off your purchase in full without paying any interest.
Balance transfer credit card
A balance transfer credit card is one that offers an introductory 0% interest rate on balance transfers as long as you transfer a balance within 60 to 120 days of opening the card. If you have a large credit card balance on another credit card, transferring it to a card with a 0% balance transfer offer can save you money on interest. Be aware that most balance transfer cards do still charge a 3% fee for transferring the balance.
How to boost your approval odds
If you're looking to apply for a low-interest credit card, there are a few things that you can do to boost your odds of being approved.
- Apply for a card that matches your credit profile. The most important thing is to be realistic about your current credit score and profile and look for a credit card that matches. If you are rebuilding your credit, apply for a card that targets people with rebuilding credit.
- Build your credit score. As you improve your credit profile and credit score through regularly paying your credit card and other bills on time each month, you can start to apply for more premium credit cards.
- Ask to be reconsidered. If you are denied for a credit card, you can also call the card issuer's reconsideration line. You may be able to talk to a credit analyst on the phone and convince them why you should be approved.
How to get a lower interest rate on a credit card
Here are a few tips to get a lower interest rate on a credit card:
- Call your issuer — you may be able to negotiate a lower rate directly with your issuer
- Improve your credit — most card issuers tie interest rates to your overall creditworthiness
- Change cards — look for a card that has a lower interest rate and transfer your balance
Frequently asked questions
Will credit card companies lower your interest rate?
Yes, it is possible for credit card companies to lower your interest rate. The best thing to do is to call your card's customer service phone number and ask for your rate to be lowered. If your credit score has improved and/or you have been making regular on-time payments, you are more likely to have your interest rate lowered.
What's the best low interest credit card?
There are many excellent options for a low-interest credit card, depending on your situation. We like the Wells Fargo Reflect℠ Card as the overall best low-interest credit card.
What is the best APR for a credit card?
Many credit cards offer an introductory 0% APR period for purchases and/or balance transfers. Interest rates outside these promotional periods often vary with the prime rate, as low as 8-12%. Of course, the best interest rate possible is 0% if you pay your credit card statement amount in full.
Recap best low interest credit cards
- Best overall: Wells Fargo Reflect℠ Card
- Runner-up low interest card: BankAmericard® credit card
- Best credit card with the lowest interest rate: PenFed Gold Visa® Card
- Best low interest card for travel: Bank of America® Travel Rewards credit card
- Best cashback low interest card: Wells Fargo Active Cash® Card
- Best low interest credit card for business: U.S. Bank Business Platinum Card
- Best low interest credit card for poor credit: OpenSky® Secured Visa® Credit Card
- Best low interest card for students: Bank of America® Unlimited Cash Rewards Credit Card for Students
The information related to BankAmericard® credit card, PenFed Gold Visa® Card, Bank of America® Travel Rewards credit card, U.S. Bank Business Platinum Card and Bank of America® Unlimited Cash Rewards Credit Card for Students has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
Methodology
To make choosing the right card easier, we've looked at credit cards reviewed on ValuePenguin as well as cards on major issuer sites to compile a list of the best low interest credit cards available right now. Our recommendations are based on the additional value you can earn with the cards — including the rewards value, cost of ownership and value of benefits such as travel and purchase protections, lounge membership and airline companion passes. Our choices are not influenced by our advertisers. Learn more on how we calculate rewards.
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.
How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.
Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).