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A credit card’s interest rate is obviously one of its most important factors. Some credit cards offer an ongoing APR that’s lower than average, while others offer a 0% interest rate for an introductory period after opening your account.
If you’re in the market for a low APR credit card, we’ve compiled a list of some of our favorites below. All of the cards in this list at least have a 0% introductory offer and have been ordered from least to greatest ongoing APR at the time of writing.
Note: You’ll notice that most of these credit cards have a variable ongoing APR. Ultimately your interest rate will be determined by your unique credit.
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credit score, you’ll also want to know what’s on your credit reports before you apply. When you apply for a credit card, most issuers will check your creditworthiness before approving you. This is what’s known as a hard inquiry (as opposed to a soft inquiry, when you check your own credit). Multiple hard inquiries within a short amount of time – like if you get rejected for a card and try to apply for others right away – can hurt your credit. Your best bet is to apply for a card only if you’re confident you’ll be approved.
Heads up: the best low APR credit card offers tend to require good credit. Many of these lenders want to see a credit score of at least 650 or higher as well as an income and debt situation that ensures you can make your payments.
- Research Other Rewards
APR is one thing, but you’ll also want to carefully consider the card’s other features. For example, if you travel a lot, you might be in the market for a travel rewards credit card with a 0% intro APR offer to spread out the cost of your trip over multiple interest-free payments.
Alternatively, if you like the idea of earning cash back on daily purchases, you might be more interested in a card that offers high amounts of cash back rewards on categories such as groceries or gas.
- Consider Fees
If you choose a card that offers a 0% intro APR period, make sure you also consider what the ongoing APR will be once the intro offer is over. You’ll also want to carefully consider what other fees the card comes with, including any regular usage fees or penalty fees. Depending on how you use the card, you could end up paying more in fees than what you save in interest.
If you haven’t checked your credit score in a while, or you’re wondering what may be on your credit reports, you can also take a quick look at your credit by signing up for a free account with Credit.com.
Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.
Source: credit.com