Lowest APR Credit Cards

If you are the type of person who pays off their credit card balances every month and makes that payment right on time there is really no need to worry about finding a credit card with a lower APR because interest really is not an issue for you. However if you do tend to carry a balance on your credit cards, even a small one finding a card with a low APR is going to be important if you want to keep the cost of being able to use credit cards to a minimum.

Many credit cards of all kinds come with what is called a “teaser” interest rate attached to them. Often that rate is 0% and can stay in effect for 12 months or longer. These introductory offers are indeed great but where some consumers find themselves running into trouble is when that introductory rate expires and the “real” APR turns out to be higher than they had expected.

That is why if you are looking for a card with a low APR you should never allow yourself to be distracted by that great teaser rate. The most important factor to consider is what the interest rate really is, something that you may have to read further down into the fine print to discover.

You should also make sure you know what the “penalty” APR woulds be. The penalty APR is one that is accessed after a late or missed payment or after a card holder accidental goes over their credit limit. Not all credit card companies charge this fee on the first instance though and some will remove the penalty interest rate more quickly than others will. These are things you should take into consideration as well when comparing credit card offers.

The lowest APR credit cards are reserved for those with the best credit but you can find lower APR credit cards at all levels, even on credit cards for fair credit. Here then is a little information about low APR credit cards that may very well be worth your consideration:

The Chase Freedom Card

This Chase credit card is considered by many financial experts to simply be one of the basic all around reward credit cards available today. In fact it was voted “Best Overall Card” for 2011 by CBS Moneywatch. The interest rate on the Chase Freedom card can be set as low as 9.90% for those with excellent credit card. The Chase Freedom card is available to those with a credit score in the “upper’ region of the fair credit score range (around 630) and even for those people the interest rate will go no higher than 22.9%.

The Chase Freedom card does come with that 0% APR teaser rate attached to it for the first six months and the fact that this card also offers cash back rewards (1% on most purchases, up to 5% on rotating categories) makes it an even more appealing bet!

Penn Fed Travel Rewards American Express

You will need excellent credit to qualify for this credit card but if you do you are rewarded with a low APR card that also awards some great travel perks for regular card use. With a regular 13.99% APR accessed from day one of credit card use this card does not have a teaser rate attached to it but instead a sensible low APR and a travel rewards program that is rather generous.

For every dollar spent a point is awarded but for every dollar spent on travel that figure shoots up to 5 points. Cardholders also receive 20,000 bonus points if they spend $650 on the card during the first three months that they own it. The rewards can be redeemed for almost anything from electronics and jewelry to exotic travel experiences.

Iberia Bank Visa Gold

If you have good to excellent credit this is another low APR card you should consider applying for. The APR is assessed at 9.25%, 11.25% of 15.25% depending on your actual credit score but this is an excellent balance transfer credit card as well because there is a 1.99% APR offered on all balance transfers made in the first six months of card membership.

All purchases made on the Iberia Bank Visa Gold also earn 1% cash back and there is no limit to the amount of cash back you can earn. Rewards never expire and can be redeemed for a check or as a direct deposit right into your bank account.

Escape by Discover

This Discover card offers great travel rewards as well as a low rate of interest to those whose credit rating falls into the ‘good” range. After the 0% APR introductory rate expires a reasonable 10.99-16.99% APR kicks in, the actual figure you are charged will be dependent on your actual credit rating at the time as well as your card payment history up to the point when the introductory APR expires. There is a $60.00 annual fee attached to the card and if you make a late payment the penalty APR of 15.99% – 21.99% remains in effect indefinitely so if you chose this card you will need to ensure you make on time payments without fail to hang on to that low APR.

Rewards are earned in the form of miles with two miles per dollar spent being offered on all purchases. There are also special travel deals and discounts offered at regular intervals and miles can be redeemed on any airline with no black out dates guaranteed or for travel and merchandise gift certificates.

Simmons First Visa Credit Card

If you have excellent credit but just want a basic no frills credit card that boasts a very low APR then this may be just the right card for you. There are no rewards, miles or teaser interest rates attached to the card but there is an interest rate of 7.25% which is one of the lowest you will find anywhere. Ther is good fraud protection attached to this card and you do receive free travel insurance benefits so it is not completely without its perks.