NerdWallet’s Best Low Interest Credit Cards, Spring 2012 Edition

Looking to save money with a low APR credit card? We’ll help you shave money off your payments with our list of the best low interest credit cards out there. If you tend to carry a balance, the APR should be the first thing you look at: in most cases, if you have credit card debt, you’ll end up paying more in interest than you’ll earn in rewards.

Keep in mind that rewards cards usually have interest rates that are higher – a lot higher – than their non-rewards counterparts. That said, if you don’t carry a balance, you can take advantage of the benefits of a great rewards credit card. But if you’re looking to minimize your interest payments, read on for our take on the top money-saving, low-interest cards. (You should also check out your local credit union, since they usually have really low interest rates).

Citi Simplicity Card

In our opinion, the Citi Simplicity is the best of the Citicards’ balance transfer deals. All cards give 18 months of no purchase or balance transfer APR, but the Simplicity has an added benefit: no late fees or penalty APR, so if you miss a payment, you don’t get slammed with a high fee and a skyrocketing APR. All this for no annual fee, and a lower-than-standard 3% balance transfer fee – it’s hard to beat the Simplicity.

Citi Diamond Preferred and Platinum Select MasterCard

The Citi Diamond Preferred and Citi Platinum Select MasterCard are pretty much identical, offering 18 months of no interest on purchases and transfers as well as no annual fee and a lower-than-usual 3% balance transfer fee. They’re well-known for offering the longest 0% APR periods in the business, and every so often, they’ll roll out a signup bonus or ongoing rewards program. These Citi standard-bearers are great for anyone looking to avoid interest payments or pay off a debt.

Capital One Cash Rewards

Want to earn rewards while you’re paying off your debt or purchase? Want an extra $100 on top of that? The Capital One Cash Rewards offers a twofer of 12 months of no interest on transfers and purchases, as well as 1.5% rewards and a $100 signup bonus sweetener. It earns 1% cash back on your purchases, and at the end of the year, they increase your points by 50%. Your effective rate, then, is 1.5%. There’s no annual or foreign transaction fee, making the Capital One Cash Rewards one of the best ways to earn rewards while you’re getting rid of debt.

Big spenders, travelers and rewards hunters take note: the Capital One Cash Rewards lets you have your cake and eat it too.