Usually, interest rates in the range of 1.5% to 2.99% per month are considered as low when it comes to credit cards. Having a credit card with low interest rate can be beneficial for those looking to buy some expensive items through the use of credit cards. For example, this is a practice often carried out by store credit cards like The Home Depot Consumer Credit Card or the Lowe’s Advantage Card. In most cases, you will not owe retroactive interest on the balance of purchases you make with a credit card during a 0 APR period.Interest rate applies to balances transferred with this offer within 90 days from card approval, and the Balance Transfer fee (if applicable) for the advertised promotional period. Typically offer it for only one of two possible purposes.The 0 p.a. Zero interest credit cards: Offer 0 interest for a limited time only. Reasons to Like These Cards Rewards Points Cards Cashback Cards Low Rate Card Filter.In its simplest form, a 0 interest credit card is one in which you aren’t charged any interest on purchases, provided that you understandand can abide bycertain conditions. Advantages of credit cards with low interest ratesCredit Cards Earn 3x points on takeout and 2x points on groceries.In case the individual is unable to pay the entire credit card bill in one month, the interest charged on the balance will not be exorbitant. Savings on interest: Since the credit card carries a low interest rate, if the cardholder chooses to use the rollover credit facility, then the interest incurred on the bill will be much lesser. The credit card company may also waive the annual fee if a certain amount is spent on the card every year. Savings on annual fee: Generally, these cards carry a lower annual fee than most of the other credit cards. Let’s take a look at some of the benefits:
Balance transfers incur a fee: Though low interest cards offer an individual to pay off current debts, one needs to be careful while doing a balance transfer. If you are an individual who has a clean credit record, has made timely payments on bills and EMIs, and has a good spending pattern, you might be eligible for lower interest rates on your credit card. Offered to those who have high credit scores: Moreover, the cards are designed for only those individuals with good credit profiles. Banks provide such perks to these individuals to ensure their business comes to them. Offered to high-networth individuals: Lower interest rates are offered to HNIs to attract them. Unlike other credit cards, low interest credit cards may not offer individuals extensive rewards, cash back, air miles, offers and discounts. In most cases, banks offer these cards to high-networth individuals whom they think are eligible for such benefits.As already stated, low interest cards are designed for those with strong credit profiles because the risk borne by the banks is much lower. Hence, it is not quite recommended to go for cash advances on the basis of low interest credit cards.Who can Apply for a Low Interest Credit Card?Banks are willing to take the risk of non-repayment on credit cards when it comes to HNIs and those with good credit scores. Cash advances come at high interest rates: Low interest credit cards come with high interest rates when it comes to cash advances. Hence, one needs to be aware while transferring other credit card debt to the low interest credit card. Ranma 1 2 episodes listHowever, the joining fee and renewal is high at 30,000 at 10,000 respectively. The HDFC Infinia Credit Card is a credit card with a regular interest rate and cash advance fee as low as 2.5%. The card also offers other attractive features such as Cash Point for every Rs.100 spent, up to 2.5% value back with cash points earned from grocery and departmental store shopping and a 50 days credit free period. SBI SimplySAVE Advantage Credit Card comes with a joining fee of Rs.499, and a cash advance fee of 2.5% per month. In time, if you are able to secure a high credit score, you can approach your bank to see if you are eligible for a credit card with lower interest rates.Apply for Credit Card Best Low Interest Credit Cards of 2021 SimplySAVE Advantage SBI Card Have a balance between secured and unsecured debt to ensure your credit profile is favorable. Age of civilizations free downloadThe First Citizen Citi Credit Card from Citibank is available at a regular interest rate as low as 2.5% pm and a cash advance fee of 2.5%. There is no joining fee or renewal fee on this card. The ICICI Bank Instant Platinum Credit Card is available at a regular interest rate of 2.49% and a cash advance fee of 2.49%. It comes with attractive features such as up to 10X Rewards, every time you shop from some popular apparel and department stores. And a cash advance fee of 2.5%. With absolutely zero joining fee, the Citibank Rewards Credit Card offers a regular interest rate of 3.75% p.m. Citibank offers Citi Premier Miles Card with 2% cash advance fee. The annual fee is also waived off if you spend Rs.30,000 and above on your credit card annually. You also get a fuel surcharge waiver on purchasing fuel at authorised fuel stations in India. It does not require any joining fee, neither does it have any renewal fee, making it all the more affordable.Compare Credit Cards SBI Advantage Plus Credit Card And cash advance fee at the same rate, the ICICI Platinum Chip Credit Card is a great choice if you are looking for credit cards with low interest rates. With a regular interest rate as low as 3.40% p.m. Although both joining fee and renewal fee is quite high at Rs.2999, you can earn up to 10 reward points from your shopping at Departmental Stores, Dining or International spends. The SBI Prime Advantage Credit Card can be availed at a low interest rate of 1.99% pm and a cash advance fee of 3.5% pm. The card also doesn’t have any expiration date which allows you to use the card whenever you want. The HDFC Regalia Credit Card requires cardholders to pay a joining fee of Rs.2500 and a renewal fee of the equivalent amount. And a 2.5% cash advance fee, this luxury card makes an attractive deal. At a low regular interest rate of 3.6% p.m. Additional feature includes a credit free period of 50 days. It also comes with the minimum regular interest rate of 2.25% p.m. Does ICICI Bank have any low interest credit card?Yes, ICICI Bank has the ICICI Platinum Chip Credit Card. Do low interest rate credit cards have higher annual fee or joining fee?No, banks offer credit cards with lower interest rates depending on the various factors such as a good credit score, credit history, etc. How can I apply for a low interest rate credit card?To apply for a lower interest rate credit card, it is advised that you maintain a good credit score and maintain a healthy credit report. Can I save more if I have a credit card with a lower interest rate?Yes, credit cards with a lower interest rate can help you save on total interest rates which is charged on the monthly basis. Credit Cards With Low Interest Rates FAQs With attractive features such as Zero lost credit card liability benefit, the HSBC Cashback Credit Card does not incur any joining fee but a renewal fee of Rs.750 is charged by HSBC upon card renewal which is waived off if you spend Rs.1 lakh and above annually on your card.Before you make a choice, don't forget to compare, research, analyse and then decide on the best credit card for you.
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