10 Best No Annual Fee Low Interest Credit Cards
No Annual Fee Low Interest Credit Cards are designed to provide a balance of affordability and financial flexibility. These cards offer the benefit of low interest rates on outstanding balances while also waiving annual fees, making them an excellent option for those who want to avoid extra costs. These cards are perfect for individuals who typically carry a balance or want to make large purchases and pay them off over time without being hit with high interest charges.
The primary advantage of No Annual Fee Low Interest Credit Cards is the combination of saving money on both annual fees and interest. By eliminating the annual fee, cardholders can avoid a fixed yearly cost, while the low interest rate allows them to manage their debt more effectively. Many of these cards also come with additional perks like cashback on purchases or rewards points, making them even more attractive for those looking for financial flexibility. Below is a list of the10 Best No Annual Fee Low Interest Credit Cardsto consider in 2024.
1.
Chase Slate Edge℠
The Chase Slate Edge® credit card is designed for individuals looking to improve or maintain their credit scores while enjoying unique benefits on interest rates and credit line increases. You can find the card’s official information and application page on Chase’s website. Here’s a closer look at its benefits, pros, cons, and key features:
The Chase Slate Edge® offers features beneficial for cardholders focused on reducing debt and improving credit. Its introductory 0% APR on purchases and balance transfers for 18 months is a standout benefit, followed by a variable APR that starts at a competitive rate. This card also promotes responsible credit management by offering an annual automatic review for a potential credit line increase, making it an ideal choice for those with lower credit scores aiming to build credit. Additionally, cardholders can enjoy up to $600 in cell phone protection (with a $25 deductible) when they pay their phone bill with the card.
- Chase Slate Edge℠Check Here
Chase Slate Edge℠ - - This card offers 0% introductory APR on purchases for the first 18 months, with a low ongoing APR after that, and no annual fee.
Pros
- 0% Intro APR: The introductory 0% APR on purchases and balance transfers for the first 18 months can save money for those looking to manage debt without additional interest.
- Automatic Credit Line Increase: Responsible usage can lead to an automatic annual review for a higher credit limit, helping to improve credit utilization rates.
- No Annual Fee: The card has no annual fee, making it cost-effective for those who want to keep credit-building expenses minimal.
- Cell Phone Protection: The added protection offers cardholders coverage for cell phone repairs or replacements, adding valuable benefits.
Cons
- Limited Rewards Program: Unlike some credit cards, the Chase Slate Edge® does not offer a rewards program for everyday purchases.
- 3% Balance Transfer Fee: A 3% fee on balance transfers applies during the introductory period, which might offset some of the savings.
- Higher Regular APR: After the introductory period, the regular APR is variable, and rates can be relatively high if not managed properly.
Key Features
0% APR on Purchases and Balance Transfers for 18 Months: An excellent option for those needing time to pay off debt.
Automatic Credit Line Increase Eligibility: Eligible for review after six months of responsible usage.
No Annual Fee: A budget-friendly option for credit builders.
Cell Phone Protection: Up to $600 coverage for theft or damage.
Why Is Recommended
The Chase Slate Edge® is recommended for individuals focused on managing and building credit effectively, especially if they prioritize low-cost features over rewards. Its 0% APR and no annual fee make it a budget-friendly choice, while the potential credit line increase and cell phone protection provide added value. Ideal for those looking to pay down debt or build credit without added costs.
2.
BankAmericard® credit card
Low Ongoing APR: After the introductory period, the APR remains competitive, which is ideal for those who may carry a balance.
No Annual Fee: This card does not charge an annual fee, making it a cost-effective option for users who want to minimize fees.
Balance Transfer Option: The 0% APR on balance transfers (for the first 18 cycles) can help consolidate and reduce existing credit card debt.
Access to Online Banking Tools: Users can manage their account and payments through the Bank of America mobile app or website, offering convenient features like spending tracking and payment alerts.
- BankAmericard® credit cardCheck Here
BankAmericard® credit card - - 0% intro APR on balance transfers for 18 billing cycles (then 16.99% - 26.99% variable APR). No annual fee. Balance transfer fee: 3% of the amount transferred.
Pros
- 18-Month 0% APR: The introductory 0% APR period on both purchases and balance transfers is a strong feature for debt management and large purchases.
- No Annual Fee: Keep more of your money with no annual fee.
- Low Regular APR: Once the intro period ends, the APR is relatively low compared to many other cards.
- Access to Bank of America Services: Integration with other Bank of America products like checking and savings accounts can lead to additional benefits, like fee reductions or rewards.
Cons
- Balance Transfer Fee: A 3% fee (or $10, whichever is greater) applies to balance transfers, which can add up depending on the amount being transferred.
- No Rewards Program: Unlike other Bank of America cards, the BankAmericard® does not offer cashback or rewards for purchases.
- Higher APR After Introductory Period: While competitive, the regular APR may still be higher than some other low-rate cards.
Key Features
No Annual Fee: No additional cost to carry the card.
Low Ongoing APR: Competitive variable APR after the introductory period.
Balance Transfer Flexibility: Transfer balances from other cards to save on interest.
Access to Online and Mobile Tools: Convenient management via the Bank of America app.
Why Is Recommended
3.
Citi® Diamond Preferred® Card
No Annual Fee: There’s no annual fee for this card, which helps keep costs low.
Extended Introductory Period: The long 0% APR period on balance transfers and purchases offers flexibility to pay down existing balances or finance new purchases without accumulating interest.
Access to Citi® Private Pass®: Exclusive access to presale tickets and VIP experiences for concerts, events, and more.
Flexible Balance Transfer Options: Transfer high-interest debt from other cards to consolidate and pay it off at a lower rate.
- Citi® Diamond Preferred® CardCheck Here
Citi® Diamond Preferred® Card - - 0% intro APR on balance transfers for 21 months (then 16.74% - 26.74% variable APR). No annual fee. Balance transfer fee: 5% or $5 , whichever is greater.
Pros
- 18-Month 0% Intro APR: The 18-month 0% APR on both purchases and balance transfers is an excellent benefit, giving you a long window to pay off balances without interest.
- No Annual Fee: Keeps overall costs low for users who want to avoid extra charges.
- Exclusive Event Access: Citi® Private Pass® offers entertainment and event perks, adding value for those who enjoy concerts and special events.
- Longer APR Period: The extended intro period is ideal for making large purchases or transferring balances without feeling rushed.
Cons
- Balance Transfer Fee: A 3% fee (or $5, whichever is greater) applies on balance transfers, which could add up if transferring a large balance.
- No Rewards Program: Unlike other credit cards, the Citi® Diamond Preferred® Card doesn’t offer cashback or points for purchases.
- Higher APR After Intro Period: Once the 18-month introductory period ends, the regular APR can be relatively high for those who carry balances.
Key Features
No Annual Fee: No extra costs for using the card.
3% Balance Transfer Fee: A fee applies to balance transfers.
Citi® Private Pass® Access: Access to special events and ticket presales.
Long APR Period: One of the longest 0% APR offers for balance transfers and purchases.
Why Is Recommended
4.
Discover it® Cash Back
Reports to the credit bureaus to help build credit.
First-Year Cashback Match: Discover will match all the cashback earned in the first year.
No Annual Fee: Enjoy all benefits without a yearly cost.
- Discover it® Cash BackCheck Here
Discover it® Cash Back - - Offers 5% cashback on rotating categories and 1% on all other purchases, plus an introductory 0% APR for the first 15 months on purchases and balance transfers, with no annual fee.
Pros
- Cashback match for the first year.
- No annual fee.
- 5% cashback on rotating categories.
Cons
- High APR (26.99%).
- Categories change every quarter.
Key Features
APR: 26.99% (variable).
Annual Fee: $0.
Deposit: $200 minimum.
Why Is Recommended
5.
Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card is a credit card that offers an introductory 0% APR on purchases and qualifying balance transfers for up to 21 months, making it a great option for those seeking to finance large purchases or manage existing debt. After the introductory period, a variable APR applies.
- Wells Fargo Reflect® CardCheck Here
Wells Fargo Reflect® Card - - 0% intro APR for up to 21 months on balance transfers (then 17.99% - 29.99% variable APR). No annual fee. Balance transfer fee: 3% for the first 120 days, then 5%.
Pros
- Long 0% APR period.
- Flexible balance transfer options.
- No annual fee.
Cons
- High balance transfer fees after the intro period.
- Limited rewards program (only 1% on purchases).
Key Features
Introductory Offer: 0% APR for 21 months on purchases and qualifying balance transfers (then, a variable APR of 18.99% - 26.99% applies).
Why Is Recommended
The Wells Fargo Reflect® Card is ideal for individuals seeking a long-term 0% APR offer for purchases or balance transfers, especially those who want to avoid annual fees. It helps with financial flexibility without additional costs in the first year and is a good choice for those with a clear plan to pay off their balance within the introductory period.
6.
US Bank Visa® Platinum Card
- US Bank Visa® Platinum CardCheck Here
US Bank Visa® Platinum Card - - 0% intro APR on balance transfers for 20 billing cycles (then 14.99% - 24.99% variable APR). No annual fee. Balance transfer fee: 3% of the amount transferred.
7.
Blue Cash Everyday® Card from American Express
Earns cashback on US supermarket, US gas station, and select department store purchases.
Intro Offer: Earn a $200 statement credit after spending $2,000 in the first 6 months.
No Annual Fee: Unlike many cashback cards, this one comes with no annual fee.
- Blue Cash Everyday® Card from American ExpressCheck Here
Blue Cash Everyday® Card from American Express - - Earn 3% cash back on groceries (up to $6,000 per year), 2% on gas, and 1% on other purchases, plus 0% APR on purchases for the first 15 months, and no annual fee.
Pros
- Generous cashback rates on key categories.
- No annual fee.
- Welcome bonus.
Cons
- Foreign transaction fees (2.7%).
- Limited 3% category (only supermarkets).
- Requires good credit for best approval.
Key Features
APR: 19.24% – 27.24% variable.
Annual Fee: $0.
Bonus: $200 statement credit after spending $2,000 in the first 6 months.
Why Is Recommended
8.
Capital One QuicksilverOne Cash Rewards Credit Card
- Capital One QuicksilverOne Cash Rewards Credit CardCheck Here
Capital One QuicksilverOne Cash Rewards Credit Card - - Offers 1.5% cashback on every purchase, with no annual fee. Ideal for individuals with bad credit looking to earn rewards while rebuilding their credit.
9.
PenFed Gold Visa® Card
Requires membership in PenFed Credit Union.
No Annual Fee: No cost for holding the card.
Lower APR: Competitive APR starting at 15.99%.
- PenFed Gold Visa® CardCheck Here
PenFed Gold Visa® Card - - 0% APR on balance transfers for 12 months (then 13.99% variable APR). No annual fee. Balance transfer fee: 3% of the amount transferred.
Pros
- Low APR.
- No annual fee.
- Solid cashback rate.
Cons
- Membership in PenFed required.
- Limited rewards for non-members.
Key Features
APR: 15.99% (variable).
Annual Fee: $0.
Deposit: Not required, but membership is.
Why Is Recommended
10.
BBVA Online Credit Card
- BBVA Online Credit CardCheck Here
BBVA Online Credit Card - - Offers a low APR on purchases and balance transfers, with no annual fee. This card is ideal for individuals looking for a simple, cost-effective credit card.
Conclusion
When it comes to choosing the best No Annual Fee Low Interest Credit Card, the ideal option depends on your financial habits and spending preferences. For those who need a long 0% APR period, cards like the Chase Slate Edge℠ and Citi ® Diamond Preferred® Card offer extended introductory periods. Meanwhile, for cashback rewards, the Discover it® Cash Back and Blue Cash Everyday® Card from American Express stand out. If you're looking for simplicity and low ongoing costs, options like the PenFed Gold Visa® Card or BBVA Online Credit Card are great choices. Regardless of your choice, these cards provide an excellent opportunity to save money on both fees and interest while offering valuable perks to suit various needs.