MONEYGEEK - A low-interest credit card is an outstanding tool to utilize short-term borrowing. Along with favorable interest rates, these credit cards often have many other perks that can benefit cardholders.
Nearly a year and a half after initial pandemic lockdowns, American spending has soared. Simultaneously, credit card debt has fallen significantly. But as spending creeps back, a low-interest credit card may be favorable for consumers looking to finance a large purchase or home renovation project or refinance high-interest debt.
Americans pay hundreds of billions each year in credit card interest. However, low-interest credit cards can help you avoid excessive interest fees and give you great benefits at the same time.
Expert Advice For Finding the Right Low-Interest Card
- What can people do to increase their odds of getting lower APRs on their credit cards?
- Is it possible to get a lower interest rate on an existing card? If so, how can one go about making it happen?
Ask the Expert
Scott E. Hein, Ph.D. – Emeritus Professor of Finance at Rawls College of Business, Texas Tech University