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NerdWallet’s Best 0% and Low Interest Credit Cards of 2015

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Best 0% and Low Interest Credit Cards

If you have credit card debt or need to make a big purchase, a low-interest credit card can be your salvation. Offering over a year of 0% APR to get rid of your debts, these cards are the best in the business, from waived fees to rewards and more. Transfer your balance and you’ll get some time to breathe and, we hope, a chance to get out of debt.

Best for balance transfers: Chase Slate®

Chase Slate Elite Credit Card
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on Chase's
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The Chase Slate® is worth your attention because of one detail in particular: There’s no balance transfer fee for the first 60 days. It also comes with an excellent introductory APR offer: 0% Intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable.

The lack of balance transfer fee, along with the introductory APR, can lead to significant savings. Let’s say you’re transferring $10,000 and plan to pay off $575 a month. With the Chase Slate®, you’d only pay $11 to $20 in interest. Considering balance transfer fees generally run between 3% and 5%, that could add up to more than $300 in savings. Plus, the annual fee is $0, which means this card is easy on your bank account, especially for those who need to consolidate a tall pile of debt.

Longest 0% APR period: Citi Simplicity® Card

Citibank Simplicity Credit Card
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on Citibank's
secure website

The Citi Simplicity® Card’s one of our favorites because it treats debtors delicately all around. It has an introductory APR of 0% for 21 months on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable — the best in the business. It also comes with an annual fee of $0*, and forgoes late fees and penalty APRs. In other words, if you pay late, you won’t be slapped quite as hard with fees as you would with another card. Whether you’ve accidentally made a few late payments or need some time to get rid of your credit card debt, the Citi Simplicity® Card is a great option.

TIE – Low interest and rewards: Citi®Double Cash Card and Chase Freedom®

Citibank Citi® Double Cash Card Credit Card
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on Citibank's
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The Citi®Double Cash Card provides a $0 annual fee, no hassle, high rewards, and 0% for 15 months on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable . You’ll earn 1% cash back on every purchase you make, then an additional 1% cash back when you pay them off. Plus, there’s no limit to the cash back you can earn. When it comes time to redeem, you can cash in your rewards for a statement credit, a gift card or a check in the mail.  This is one of the Nerds’ favorite cash back cards on the market today, and hopefully it’s easy to see why!

Chase Freedom Credit Card
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on Chase's
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The Chase Freedom® is an excellent choice for folks with excellent credit who also need some time to get rid of debt. The card has an introductory interest rate of 0% for 15 Months on purchases and $5 or 3% of the amount of each transfer, whichever is greater on balance transfers, and then the ongoing APR of 13.99%-22.99% (Variable). You’ll also get 5% cash back on bonus categories that change every quarter, up to $1,500 spent per period; all other purchases earn a flat 1%. The card, which has a $0 annual fee, offers a great sign-up bonus, too: Earn a $100 Bonus after you spend $500 on purchases in your first 3 months from account opening.

0% APR meets no fees meets rewards: Discover it®-Double cash back your first year

Discover it Credit Card
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on Discover's
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The Discover it®-Double cash back your first year has it all, whether you’re looking to shed debt or earn rewards:

  • 0% on purchases for 6 months and 0% on balance transfers for 18 months, and then the ongoing APR of 10.99% - 22.99% Variable
  • 5% cash back in rotating bonus categories, up to $1,500 spent quarterly
  • No penalty APR or foreign transaction fee; first late payment fee is forgiven
  • Annual fee of $0
  • Extra perks like purchase, warranty and return protection

The Discover it®-Double cash back your first year is a great way to earn rewards and work toward debt freedom.

For long-term credit card debt: Lake Michigan Credit Union Prime Link Platinum Visa

Lake Michigan Credit Union Prime Link Platinum Visa Credit Card
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on Lake Michigan Credit Union's
secure website

The Lake Michigan Credit Union Prime Link Platinum Visa won’t give you an introductory 0% APR period, but it does offer a low ongoing interest rate. The ongoing APR is 6.25% Variable , whereas most cards will charge between 12% and 20%. The card’s annual fee is $0 and there are no balance transfer fees, so it’s a good option if you already have credit card debt and want to pay it off on a lower-rate card.

If you’re going to be in debt for a long time, the Lake Michigan Credit Union Prime Link Platinum Visa could be your best option. The average U.S. household is in more than $15,000 of credit card debt. If you don’t think you can pay that off in a year and a half, your card’s ongoing interest should be of concern. Anyone can join the Lake Michigan Credit Union with a donation to the West Michigan chapter of the ALS Association.

  • Sunnyfunfish

    Thanks for your advice.
    Kathy

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  • http://nomorecreditcards.com/credit-card-relief-programs/ Golden Financial Services

    Yeah good advice on these credit cards.