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Review: Top 5 Low-Interest Credit Cards of 2018December 18, 2018
Credit cards are often used by consumers to finance large purchases such as TV sets or even their dream vacations, and then gradually pay back the amount borrowed over a period of time. In such cases, or even in instances where consumers wish to reduce the burden of their debt, a 0% APR or low-interest credit card can prove to be a blessing.
For your benefit, we have provided a list of the best low-interest credit cards of 2018.
- S. Bank Visa Platinum Card: This card has the longest 0% introductory APR period. For 20 billing cycles, you are charged 0% interest, both on purchases and balance transfers. Hence, it’s a wonderful option for those who want to spread out payments on a big purchase for as long as possible, or even for those who wish to pay down accumulated debt. There is no annual fee, and the ongoing APR after the introductory period may vary between 11.74% and 23.74%. To qualify for this card, you need a credit score of 720 – 850. The drawback is that the card offers no rewards, so there may be less incentive to retain it once the introductory period is over.
- Chase Freedom: This card offers 0% on purchases and balance transfers for 15 months, and a sign-up bonus of $150 if you spend $500 on purchases in your first 3 months from account opening. You get to earn 5% cash back on up to $1,500 in combined purchases in rotating categories each quarter once you opt-in. On everything else, you receive a 1% cash back. The card has no annual fee and a variable APR of 16.49% - 25.24% once the introductory period is over. You need a credit score between 690 and 850 to qualify for this card. The drawback is the high balance transfer fee of 5%. A balance transfer of $3,000 or above would wipe out the sign-up bonus altogether.
- Capital One Quicksilver Card: This card also offers 0% on purchases and balance transfers for 15 months, and a one-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening. It has no rotating categories and provides 1.5% cash back on every purchase. There is no annual fee and a variable APR of 14.74% - 24.74% once the introductory period is over. A credit score of 690 - 850 is required for this card. Keep in mind that you’ll be charged a 3% fee on amounts transferred during the first 15 months. That said, this card is a keeper for its consistent 1.5% cash back even after the introductory period is over.
- City Simplicity Card: With this card, you are offered a 0% introductory APR on balance transfers and purchases for 18 months. What’s unique about this card is that it is the only card with no annual fees, no penalty rate, and no late fees. The APR will vary between 15.74% - 25.74% once the introductory period is over and you need a credit score between 690 – 850 to qualify. The balance transfer fee is $5 or 5% of the amount transferred, whichever is greater.
- Lake Michigan Credit Prime Platinum Card: This card has one of the lowest interest rates in the country – you are charged the ongoing PRIME rate plus 3%. Also, you receive a credit line of $25,000 and free car rental insurance. There is no annual fee and the required credit score is 720 – 850. The drawbacks include no 0% introductory period, no rewards and you need to be a member of the Lake Michigan Credit Union to qualify for the card. However, you can join the Union with a $5 donation to the ALS foundation.
We have provided a list of the best low-interest credit cards above. Nevertheless, if you are looking to borrow funds at low-interest rates, there is yet another way. At Fund&Grow, we offer clients with good credit the option to receive $50,000 - $250,000 of unsecured credit at 0% for a period of 6, 12 to 18 months. This amount can be used for anything, from financing a business to providing a down payment on a property, no questions asked! So, if you have this kind of requirement for funds, call us at (800) 996-0270, and we will do our best to help you out.