Sometimes carrying a balance is unavoidable, and you shouldn’t feel bad if you find yourself in an emergency where you must put an unexpected charge on your credit card. Low-interest credit cards provide one way to combat high-interest charges, but interest is avoidable if you pay off your balance in full each month. How to reduce the amount of credit card interest you pay You often need a good or excellent credit score to qualify Many low-interest credit cards don’t offer rewards or premium perks If you want to transfer a high-interest debt to this card, you need to make a balance transfer within the first 60 days of approval (a 3% balance transfer fee applies).įor more information, see our full review of the Bank of America Travel Rewards credit card. After 18 billing cycles, a regular variable APR of 17.74% to 27.74% kicks in. You’ll also get 0% introductory APR on purchases and balance transfers for 18 billing cycles. You earn 25,000 bonus points if you spend at least $1,000 in the first 90 days from account opening. And unlike many cards on this list, the Bank of America Travel Rewards card offers a sign-on bonus. You earn unlimited 1.5X points on all purchases, with no foreign transaction fees and no annual fee. The Bank of America® Travel Rewards credit card is a solid option for occasional travelers who don’t want to remain tied to a particular airline. You can take advantage of this offer when you apply now. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Though you should strive to always pay your entire card balance, surprises may arise and having a low-interest option in your wallet can provide some peace of mind in an emergency.īelow we break down our top picks for low-interest credit cards. We’ve selected some of the best low-interest credit cards below, many of which also have 0% introductory APR periods. A low-interest credit card can help reduce the cost of a revolving balance, but a card with an introductory 0% purchase APR will save you even more money if you need to carry a balance in the future. You can avoid accruing interest on your credit card by paying your balance in full and on time every month, but that can be easier said than done. Today the average annual percentage rate, or APR, on a credit card is 20.23% - up from about 16.41% this time last year - according to data from Bankrate, CNET’s sister site. And as interest rates rise, so does the cost to carry a balance on your credit card. Credit card interest rates have steadily increased over the last year as the Federal Reserve has repeatedly raised the federal funds rate to combat inflation.
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