Low interest credit cards usually have interest rates lower than the typical rate of 19.99%.
A low interest credit card can be useful if used to consolidate the outstanding balance of any high interest credit card you have with another financial institution into one credit card at low interest rates to take advantage of lower interest charges.
Some of the best low interest credit cards have APRs ranging from 12% to 14% APR. Many popular credit unions offer credit card rates starting at $5.
99% to 8% are their most reputable members.
Low interest credit cards save you money by reducing the cost of debt: When you pay less interest, you pay back the money you borrow faster. Introducing cards with a 0% APR period will save you the most interest in the short term.
The interest rate charged by is not a scoring factor, but a lower interest rate may indirectly help your score. Remember that a lower credit card APR will allow you to allocate more of your payments to the main card balance.
When your principal is repaid, your available credit will increase.
You can often get lower interest rates if you maintain good credit and a good payment history. Even if you don't, don't give up. Keep paying on time, reduce your outstanding debt, and make a plan to try again in three to six months. Improving your credit profile will help your next application.
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