How to Find Low-APR Credit Cards

Credit Card Creative
Fiona Staff11/13/2019

If you do not pay off your full credit card bill each month, it's important to have a low interest card.  

The average American owes $6,354 in revolving credit card balances, meaning that outstanding balance compounds every month until paid off in full. A low-APR credit card can help keep debt lower and make monthly payments more manageable.

Fiona makes finding the right credit card easy by matching you with personalized credit card offers without a hard pull on your credit. Try it out below! GET STARTEDLow APR credit cards

What is APR?

Annual Percentage Rate (APR) refers to the amount of interest you’ll have to pay on any balance that carries over from month to month. If you don’t pay off your statement balance in full, then on your next statement you’ll see your new charges, your remaining balance and the amount of interest you’ll owe.

Most credit card companies offer variable APRs, which are subject to change at any time. While providers can’t raise interest rates on a whim, they can adjust it within a certain range to match fluctuations in the prime rate — for the majority of companies, that’s the number published by the Wall Street Journal. In their terms and conditions, credit card companies will list a range for their variable APRs, with a maximum and minimum percentage.

If you’re unable to make a payment on your credit card statement for 60 days, providers might also charge you a higher penalty APR. Making the minimum payment will avoid these higher rates and help you get your debt under control.

Choosing Low-APR Credit Cards

People with good to excellent credit are more likely to be approved for low-interest credit cards, but there are also options available for people working on building their scores.

Fiona will compare credit cards by interest rates and match you with the best offer for your needs. With personalized, pre-approved offers, Fiona makes the search process simple and pain-free.

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Best Option: 0% APR

The best-case scenario, of course, is 0% APR, when you wouldn’t have to pay any interest on a balance leftover at the end of the month. 

If you’re ready to change credit cards or apply for a new one, providers sometimes sweeten the deal with a limited-time-only introductory APR to bring in new customers. Some companies offer introductory 0% APR for a certain period of time when you open a new card (though sometimes with balance transfer fees) —so just be sure to pay off your balance before the promotion ends.

Beyond Interest Rates

When it comes to credit cards, the APR does not include any additional fees, so it’s important to read the fine print of the offer before you hit “submit” on an application.

Fiona compares credit cards by APR, matching you with personalized credit card offers! Try it below!SEE RATES

Annual fees are a certain flat fee that’s included in many rewards credit cards, but not with low-interest credit cards, which is an added bonus. Be aware of any other potential fees hidden in the credit card terms, like international fees if you need to use a card abroad or high balance transfer fees. Even low-interest credit cards will charge a higher APR for cash advances, so double-check before you attempt to withdraw any money.

When you need to evaluate the whole package of credit-card offers, Fiona brings peace of mind to the search process, and makes it easier than ever to find the low-interest rates you’re looking for.

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