4 Card Offers
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0% on Purchases and Balance Transfers for 14 months
11.99% - 22.99% Variable
5% Cash back in categories that change each quarter up to the quarterly maximum, when you sign up. Plus, 1% unlimited cash back automatically on all other purchases.
Low interest credit card basics
What APR is and how it works
APR, or the annual percentage rate, is the interest rate you pay when you borrow against your credit card’s credit limit. If your interest rate is 18%, then dividing by 365 days would yield a daily rate of 0.0493%. The balance you have on your credit card would be charged interest daily until the balance is paid off. If you had a $500 balance and paid $100 when the bill was due 30 days later, then you could pay $7.40 in interest. But, if you paid this same balance 12 days in, then you could pay $6.51 in interest for that month. Since interest is charged at a daily rate, the sooner you pay, the less interest is accumulated. Most issuers will not charge any interest if the balance is completely paid off at the end of the billing cycle.
Fixed and Variable APRs
Credit cards can use both fixed and variable APRs. When an APR is fixed, then that interest percentage does not change, unless an event occurs such as an expiration of a promotional APR, the triggering of a penalty APR, or if the issuer notifies in writing of changes to the services agreement, including APR increases. Variable APRs change more frequently, since they are based on the Prime Rate. This rate is based on a survey of banks, who, in turn, make changes based on movements made by the Federal Reserve.
Types of low interest credit cards
Low interest credit card offers come in two different varieties. The first is for new purchases and typically include a low or 0% APR as a promotion, which lasts for a specific amount of time. These types of promotional credit cards can be a good option when purchasing an expensive item, such as a major appliance, where you could spread the payments over multiple months. The other involves balance transfer promotions and can include a low or 0% APR when you transfer a balance from an old credit card to the new card. These can be helpful when responsibly used to pay down existing credit card debt.
What a "Schumer box" is
Sometimes called a “summary box”, it will display an outline of the costs associated with a credit card. This visually distinct box is the same format that is accompanied with all credit card offers, and was meant to make comparisons easier. The information found in this box includes:
- Promotional APRs: For both purchases and balance transfers, the APRs and promotional periods are listed. Some issuers may not provide promotions for each and will often provide promotional APRs for purchases only or balance transfers only. When the promotional period begins could be different as well, such as the period starting from the first purchase date or balance transfer date.
- Standard APRs for purchases, balance transfers, and cash advances: This section will provide the APR range that is available based on creditworthiness, and will also list any variable or fixed APRs. APRs may differ significantly based on the type of transaction: new purchases, balance transfers, and cash advances.
- Penalty APRs: This section will list the penalty APR associated with late or missed payments, or even payments below the monthly minimum payment. It can also describe when these penalty APRs are applied.
- How to avoid paying interest on purchases: The applicable conditions to avoid paying interest will be listed here. Typically, most issuers will not charge interest as long as the balance is paid before the end of the billing cycle.
- Minimum interest charge: Oftentimes, this states the minimum amount that the issuer will charge for interest. For example, if this minimum charge was $0.50 and you carried over a $1.00 balance, then you would not be charged any interest, since interest for that $1.00 could be 1.5 cents for that billing month with an average APR.
- Set up and maintenance fees: This section will list any additional service fees, such as annual fees, account set up fees, fees for requesting additional cards, fees for requesting a credit limit increase, fees for re-opening an account, paper statement fees, alternative payment fees, and a participation fees, which could be added when requesting to add an authorized user.
- Transaction fees: This area will list the fees for balance transfers, cash advances, and foreign transactions. These fees can be a dollar amount or a percentage based on the amount of the transaction.
- Penalty fees: These include fees for late payments, going over the credit limit, and returned payments.
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