Comparison websites like this one are the fastest and easiest way to find multiple credit cards. By using this site, you can choose the feature that is most important to you like low interest rates, rewards programs, or secured cards and see what cards multiple credit card providers are offering. If you are loyal to one provider in particular, you can go directly to their website or call them to discuss your options and any potential special offers with one of their agents.
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Some great examples of low interest rate credit cards available out there today are the Simplicity credit card from Citibank, the American Express Blue Sky credit card, and Open Road credit card from Discover. All of these credit cards offer great no interest introductory periods and some even have excellent rewards programs.
A cardholder can save a lot of money by taking advantage of a no interest offer the right way. To learn the best ways to benefit from a no interest period you can find advice on financial sites such as SmartMoney.com and National Credit Union Administration.
What are the rates of the Simplicity credit card from Citibank?
Citibank offers one of the longest no interest introductory periods of all the top credit card companies with a period of21 months.
For nearly two years, the person with this type of credit card never has to worry about paying high monthly interest payments on their purchases or balance transfers.
Even after the first 21 months are over their permanent interest rate can still be low if they have a good credit score. The range for the annual percentage rate of the card is 12.99%, 17.99%, or 21.99%.
Unlike most credit cards, this Citibank card does not have one flat interest rate for cash advances. This rate is also determined by the cardholder’s credit score and is the same 12.99% to 21.99% range as the purchase and balance transfer interest rate. So if the cardholder wonders what their permanent interest rate will be after the introductory offer has expired, their cash advance rate will be a very good indicator.
Also unlike most popular credit cards, this one in particular does not have a penalty annual percentage rate. Just because the cardholder can make a payment late without worrying about a permanent increase to their interest rate, does not mean they should take the chance. Late credit card payments can still affect credit scores.
This credit card is a great choice for someone that travels a lot since it comes with a travel rewards program as well as a one-year no interest offer. This one-year period applies only to purchases so it really is not the best choice for someone that wants to make a large balance transfer from another card.
The interest rate for balance transfers as well as purchases after that first year will be 17.24%, 20.24%, or 22.24% depending on the cardholder’s creditworthiness. These rates are a little higher than average because this is a rewards credit card.
The cardholder will have to pay 25.24% in interest for cash advances from the beginning. The credit card penalty rate for this card is 27.24%. This rate will only be applied if the cardholder is more than 60 days late with a payment or has a payment returned. Unlike most credit cards with a penalty annual percentage rate, this increase is not permanent. As long as the cardholder can show they can make their payments on time for six months in a row, and go that long without having a payment returned, their card would return to its previous low interest rate.
What are the rates of the Open Road credit card from Discover?
This card also offers a rewards program, but this one is not a travel rewards card it is a cash back rewards card. The focus of the cash rewards is for people that spend a lot of time on the road. The cardholder will receive 2% cash back on gas and restaurant purchases and 1% back on any other purchases.
There is a no interest period of one year for balance transfers and purchases with this card. After that first year is over the cardholder will have an annual percentage rate of 10.99% to 20.99%. There is a cash advance interest rate of 23.99%.
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