Low interest credit cards for fair credit are a good choice if you tend to carry a balance month-to-month or you want to finance a big purchase but don’t have a good enough credit score to qualify for cards with a long 0% introductory offer. These low interest rate cards offer competitive interest rates, usually without frills and rewards, but many also offer an introductory interest-free period to help you maximize savings on a major purchase or balance transfer.
The BankAmericard credit card boasts the lowest interest rate among all Bank of America card products with a variable rate of 11.24% to 21.24% and an introductory 0% APR for the first 18 months. That makes this card a great choice if you want to transfer a balance to save on interest, finance a big purchase, or if you just tend to carry a balance without paying your monthly bill in full. The BankAmericard credit card is designed for people with fair to great credit and it has no annual fee.
Barclaycard Ring Mastercard
The Barclaycard Ring is one of the most unique credit cards on the market and is sometimes called the world’s only “crowdsourced” credit card. Cardholders have a say in what features the card has with community stats to track how well the card does financially. This card is an excellent choice if you want a simple, no-nonsense credit card with a low interest rate.
The Barclaycard Ring has no annual fee, no balance transfer fees, no foreign transaction fees, and an interest rate of 8.25% that applies to purchases, balance transfers, and even cash advances. This fee-free card has an extremely competitive interest rate, but you do need at least fair credit to qualify.
Lake Michigan Credit Union Prime Platinum Visa
If you want an ongoing low interest rate, you may want to find out if you qualify for the Lake Michigan Credit Union Prime Platinum Visa. The LMCU card was designed for people who carry a balance or want to consolidate debt with a balance transfer with no balance transfer fees and one of the lowest interest rates available. The rate on the card is as low as Prime + 3.0% with no annual fee, free car rental insurance, and worldwide acceptance. The card does require fair to great credit, however.
To apply for the card, you need to be a member of LMCU. To become a member, you must live, worship, or attend school in lower Michigan or make a one-time $5 donation to the ALS foundation.
USAA Rate Advantage Visa Platinum
Credit unions tend to offer the most competitive interest rates, but some are easier to join than others. If you qualify to become a USAA member, the no frills USAA Rate Advantage Visa Platinum card is definitely worthwhile. This card has a variable APR of 7.15% to 24.15% — one of the best rates available — that applies to purchases, balance transfers, and cash advances. The card has no annual fee and no penalty APR with no foreign transaction fee if you travel outside of the country. Military members get special benefits, including a low deployment rate and rebated finance charges while you serve in a military campaign.
To join USAA, you must be active military, former military, a cadet or midshipman, or family of one of these groups.
Discover it Cashback Match
The Discover it Cashback Match card combines an excellent rewards program with a low interest rate. This no annual fee card earns 5% cash back on rotating categories like Sam’s Club, department stores, Amazon.com, and gasoline on up to $1,500 per quarter with an unlimited 1% back on everything else. With the Cashback Match, all cash back you earn during the first 12 months is doubled.
This card requires good to excellent credit but it has a very competitive variable rate of 11.24% to 23.24%. There’s also a 0% intro APR on balance transfers and purchases for 12 months to save even more.