What are the Best 0% APR and Low Interest Credit Cards of 2022?

What are the Best 0% APR and Low Interest Credit Cards of 2022?

The Citi Simplicity® Card is the best low interest credit card for those seeking to save on interest with a 0% intro APR.

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Best 0% APR and Low Interest credit cards 2022

Best for 0% APR

Citi Simplicity® Card

On Citibank's Secure Website

Best for low-interest

Discover it® Cash Back

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Credit card interest rates are at an all-time low, thanks to the Federal Reserve dropping rates in recent years. While on the whole, interest rates are currently favorable for consumers, it doesn’t mean there isn’t room to comparatively shop for the best available offers. Below you'll find our list of favorite low-interest credit cards, which fit a variety of purposes.

Best 0% APR Credit Cards

These credit cards allow users to take advantage of 0% introductory APR periods. For a set amount of time, usually between 15 and 18 months, any purchases made on this type of credit card will not charge the user any interest. This is especially useful to individuals who need to make a big purchase but need some time to fully pay off.

Citi Simplicity® Card

On Citibank's Secure Website


14.74% - 24.74% (Variable)

660 - 850

  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
  • The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
  • Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges

Best for consumers who won't be able to pay off a purchase for a long time. The Citi Simplicity® Card offers a long 0% Intro APR period – 0% for 12 months on Purchases from date of account opening and an intro APR of 0% for 21 months on Balance Transfers from date of first transfer. Once your introductory period runs out, the card’s APR will be between 14.74% - 24.74% (Variable). If your credit worthiness is good enough to qualify for the lower rate you're still getting a competitive APR. However, if your APR is on the higher end of the range, you can do better with other cards.

On top of having a fantastic promotional 0% APR period on purchases, the Citi Simplicity® Card also doesn't charge users late fees on payments. This is good for anyone who forgets to make a payment once or twice, but we urge consumers to remember the hidden cost. Missing a payment due date on a credit card bill will have a very bad impact on your credit score. Once the promotional period ends, as noted, your APR will depend on your credit worthiness. Therefore, if you want to maintain competitive interest rates on your purchases, we recommend you shy away from using this feature.

Best Low APR Credit Cards

If you find yourself, from time to time, unable to pay off a credit card balance in full, you may be interested in a credit card that assesses low interest in the long-term, not just during a promotional period. The cards below are some of our favorite overall low interest APR credit cards.

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Discover it® Cash Back

Best for those looking for spending rewards. If you are generally good about paying your credit card bill in full, but from time to time need to carry a balance, we recommend going with the Discover it® Cash Back credit card.

The Discover it® Cash Back is a cash back credit card where users can earn 5% cash back at different places each quarter up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases - automatically. Bonus categories vary each quarter, so you should keep an eye on their calendar if you want to be spending optimally.

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Best for Navy Federal Credit Union members with bad credit. The Navy Federal nRewards® Secured Credit Card offers an APR as low as 18% variable. If your FICO score is below 550, it may be difficult getting approved for a low interest rate. If you look to all credit card disclosures, you'll see that APR is always based upon your credit score. The Navy Federal nRewards® Secured Credit Card is designed with that in mind, helping individuals with poor credit history get reasonable interest rates. On top of that, you can get a modest cashback rate on purchases. These rewards points earned with the card can be exchanged for a variety of gift cards.

The only major downside to the Navy Federal nRewards® Secured Credit Card is its high minimum deposit. You must have at least $500 in your Navy Federal Savings account in order to apply for the card. This is fairly high as far as secured cards are concerned, but it's the price you must pay for the lowest APR in town.

An Overview of Credit Card Interest Rates & APR

If you spend a little bit of time thinking about APR, you will come to a realization: it’s not very straightforward! In this section we will demystify some of the more confusing concepts so that users are better equipped to look at and examine credit card interest objectively for themselves.

How does APR differ from the monthly interest rate?

The first thing to note about APR is that it does not communicate what your actual interest rate is - at least not in an easy to understand fashion. To extract the monthly interest rate from your APR, you must follow a simple formula:

Monthly Interest Rate = APR x Number of Days in Billing Period / 365

The number of days in your billing period will vary from bank to bank, but it is usually around 30 days. Taking this interest rate one step further and actually calculating the amount of interest you must pay is a bit more complicated. For the sake of simplicity, we will work with the "average daily balance" method of calculating interest - which is used by most major financial institutions. As the name suggests, the average daily balance is the mean credit card debt you had for the duration of your billing period. Once you have this value, interest can be calculated using the following:

Total Interest = Average Daily Balance x Monthly Interest Rate

As noted, the way in which your bank calculates interest will differ from institution to institution. These can include the previous balance method, adjusted balance method, or more. You can view the type of calculation your bank performs by reading the terms & conditions.

Why are Credit Card Balances Based on the Prime Rate?

You may have noticed that credit card interest rates are variable, and based on the Prime Rate. Without fail, each credit card agreement says something along the lines of "This APR will vary with the market based on the Prime Rate." What does this mean? The prime rate is the interest rate which banks use when handing out loans to consumers with the highest credit rating. This "prime rate" is driven by the market, and it fluctuates depending on the state of the economy.

The most likely reason behind why a bank would want to base their APR on the prime rate is to allow themselves to respond to the changing market quickly. The Truth in Lending Act forbids banks from raising a consumer’s credit card interest rate without proper notice and cause. The only exception to this rule exists if the interest rate is driven by something that is not controlled by the bank – such as the prime rate, which, as noted, is an average market value. If banks want to be able to vary credit card interest rates more easily, with the changing health of the economy, they must base their APR on such a market indicator.

If you see that your credit card APR varies between 12.99% and 20.99%, for example, a part of that value is the prime rate (as of publication, (current levels are 3.25%). If the prime rate were to suddenly increase, so would your APR. If, on the other hand, the prime rate decreases, your APR decreases with it (with the boundaries being 12.99% and 20.99% in our example).

Common APR Myths

Myth: You need to pay interest in order to improve your credit score.

Fact: Your credit score does not go up faster, or slower based on whether you pay interest on your credit card. If anything, you are better off not carrying a balance and thus NOT paying interest. Using more than 60% of your credit limit is bad for your credit score. If you carry balances over, and continue to pay interest, credit reporting agencies are likely to deem you less creditworthy.

Myth: I will never pay a higher interest rate than the maximum credit card APR.

Fact: Most banks will charge users a Penalty APR fee, which kicks in when you miss a credit card bill. The penalty APR is usually around 29.99%. Note that this is the maximum allowable APR, as set by law. If your credit card issuer is charging you more than this, report them to the Consumer Finance Protection Board (CFPB). Below you can find the typical Penalty APR rate by card issuer.


Penalty Interest Rate (%)
American Express27.24%
Capital One29.40%

Myth: Once something causes your credit card APR to go up, it can take up to six months of regular, on-time payments to get it back down.

Fact: If your credit score slips, and your interest goes up as a result you will have the opportunity to have your APR lowered, if your credit score or circumstances recover. Once you believe your situation has changed, contact the bank and let them know. They are, by law, required to investigate the circumstances which caused them to raise your APR in the first place. If they find sufficient evidence of your credit worthiness improving, they are required to lower your interest.

The information related to the Chase Slate® has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

Recap of the best 0% APR and Low Interest Credit Cards of 2022?


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 rewards 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).