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  • In today’s world, having a credit card is a huge necessity. It helps an individual get his/her hands on essential items without needing to pay for it then and there itself. Though there are many benefits that come with having a credit card, one needs to consider the monthly interest rates. This is because 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.

    Usually, interest rates in the range of 1.5% to 2.99% per month are considered as low when it comes to credit cards. Here, we take a look at the pros and cons of having a credit card with low interest rates, who should get a low interest credit card, etc.

    Advantages Of Credit Cards With Low Interest Rates

    There is no denying the fact that having a credit card with low interest rates in quite beneficial. Let’s take a look at some of the benefits:

    • Savings on annual fee - Generally, these cards carry a lower annual fee than most of the other credit cards. The credit card company may also waive the annual fee if a certain amount is spent on the card every year.
    • 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. 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.
    • Come with lower annual percentage rate: Low Interest credit cards come with lower annual percentage rate. This enables those having credit cards with low interest to continue availing lower interest rates even after the introductory period.
    • Helpful in paying current credit card debt: With the help of low interest credit cards one can pay off the accumulated credit card debt. This can be done by individuals without needing to pay any extra interest.

    Disadvantages of Low Interest Credit Cards

    Though there are advantages that can be availed when it comes with having a low interest credit card, it is not free of disadvantages.

    Here Are Some Of The Disadvantages That Are Associated With It:

    • Not many perks available: Other than getting low interest rates, an individual is not eligible for many perks. Unlike other credit cards, low interest credit cards may not offer individuals extensive rewards, cash back, air miles, offers and discounts.
    • Offered to high-networth individuals - Lower interest rates are offered to HNIs to attract them. Banks provide such perks to these individuals to ensure their business comes to them.
    • Offered to those who have high credit scores - Moreover, the cards are designed for only those individuals with good credit profiles. 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.
    • 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. This is because credit cards having low interest rates charge a fee on all balance transfers. Hence, one needs to be aware while transferring other credit card debt to the low interest credit card.
    • Cash advances come at high interest rates: Low interest credit cards come with high interest rates when it comes to cash advances. 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. 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. So if you wish to avail low interest rates on your credit card, you need to make sure you check your credit report regularly.

    Ensure you pay your credit card dues and any other loan EMIs on time. Have a balance between secured and unsecured debt to ensure your credit profile is favorable. 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.

    Sbi Advantage Gold & More Credit Card

    The Advantage Gold & More Credit Card from SBI comes with a joining fee of Rs.499, regular interest rate of 1.99% and a cash advance fee of 2.5% per month. 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.

    Best Low Interest Credit Cards of 2018

    HDFC Infinia Credit Card

    The Infinia Card from HDFC is a credit card with a regular interest rate and cash advance fee as low as 1.99%. However, the joining fee and renewal is high at 30,000 at 10,000 respectively. The card does not have a pre-set spend limit and also lets you collect 5 Reward Points with every transaction worth Rs.150.

    Citibank Rewards Credit Card

    With absolutely zero joining fee, the Rewards Credit Card from Citibank offers a regular interest rate of 3.15% and a cash advance fee of 2%. It comes with attractive features such as up to 10X Rewards, every time you shop from some popular apparel and department stores.

    First Citizen Citibank Titanium Credit Card

    With zero joining fee as well as renewal fee, Citibank First Citizen Titanium card is available with a regular interest rate of 3% and a cash advance fee of 2%. Credit cardholders can avail reward points, vouchers and other first use benefits at some stores.

    ICICI Bank Instant Platinum Credit 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%. There is no joining fee or renewal fee on this card. Cardholders can avail interest-free credit of up to 48 days on purchases made using the card.

    Kotak Velocity Platinum Credit Card

    The Velocity Platinum Credit Card can be availed at a low interest rate of 3.10% pm. Joining fee of Rs.499 is waived for the cardholders of this card. The renewal fee of this card is Rs.499, while the cash advance fee is 2.5%. Other attractive features include a 2.5% fuel surcharge discount in all petrol pumps in India.

    First Citizen Platinum Credit Card

    The First Citizen Platinum Credit Card from Citibank is available at a regular interest rate as low as 2.5% pm and a cash advance fee of 2%. With this card, you can earn up to 5% on your shopping expenses at Shoppers Stop. Both joining fee as well as renewal fee of this card stands at Rs.1500.

    Jet Airways Citibank Titanium Credit Card

    Citibank offers the Jet Airways Titanium Credit Card with 2.5% regular interest rate per month and 2% cash advance fee. The card comes with a facility to earn double JPMiles on Jet Airways tickets. On this card, you can earn 1000 JPMiles for every first time use of the card each year.

    SBI Advantage Platinum Credit Card

    The Advantage Platinum Credit Card from SBI can be availed at a low interest rate of 1.99% pm and a cash advance fee of 2.5% pm. Although both joining fee and renewal fee is quite high at Rs.2999, you can earn up to 5X Cash Points from your shopping at Departmental Stores, Dining or International spends.

    ICICI Bank Instant Gold Credit Card

    With a regular interest rate as low as 2.49% pm and cash advance fee at the same rate, the Instant Gold Credit Card from ICICI Bank is a great choice if you are looking for credit cards with low interest rates. It does not require any joining fee, neither does it have any renewal fee, making it all the more affordable.

    SBI Advantage Plus Credit Card

    The SBI Advantage Plus Credit Card charges a meagre joining as well as renewal fee of Rs.500. It also comes with the minimum regular interest rate of 1.99% pm and a 2.5% pm cash advance fee. Additional feature includes a credit free period of 50 days.

    TATA Empower Credit Card

    With absolutely zero joining and renewal fee, the TATA Empower Credit Card comes with a low regular interest rate of 3.35% pm and 2.50% pm. Along with the affordable charges on the card, cardholders can avail up to 4% value back at Tata stores and its partner stores and products.

    HDFC Regalia Credit Card

    At a low regular interest rate of 1.99% pm and a 2.5% cash advance fee, this luxury card makes an attractive deal. Offered by HDFC, the Regalia Credit Card requires cardholders to pay a joining fee of Rs.2500 and a renewal fee of the equivalent amount. Additionally, it grants a welcome benefit of 2500 Reward Points.

    HSBC Platinum Credit Card

    The HSBC Platinum Credit Card comes at a regular interest rate of 3.10% and 2.5% cash advance fee, per month. Cardholders can also get 8000 Reward Points as a welcome gift. Apart from these charges, the card incurs a joining fee of Rs.6000 and a renewal fee of Rs.2000. The card’s Reward points can be redeemed for air mileage points.

    HSBC Gold Credit Card

    Cardholders of HSBC Gold Credit Card can enjoy a low monthly interest rate of 3.3% and a cash advance fee of 2.5%. HSBC does not require any joining fee for this card, however renewal fee of Rs.2000 is charged by the bank at the time of card renewal.

    HSBC Classic Credit Card

    With attractive features such as Zero lost credit card liability benefit, the Classic Credit Card from HSBC offers a regular interest rate of 3.5% pm and a cash advance fee of 2.5% pm. The card does not incur any joining fee but a renewal fee of Rs.700 is charged by HSBC upon card renewal.

    However, there are ways to lower the interest rate on your existing credit cards, they are:

    • Always pay your bills on time and if you maintain it for a decent enough time, you can request the bank to further lower your present interest rate.
    • By making your payments in full or excess, you could create a good record with company and avail a low interest rate.

    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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    Credit Card Reviews

    • IndusInd Bank Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      The rate of interest and charges are pretty decent. I have taken INDUSIND BANK PLATINUM AURA EDGE MASTER CARD because there is no joining fee and also offers were good. The credit limit is pretty average but its fine. There was little delay in delivering the card. The documents are provided to the executive.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 17, 2019
    • ICICI Bank
      ICICI Bank Credit Card
      "Convenient card"
      0.5 4.5/5 "Excellent!"
      ICICI BANK is giving good benefit for American Express Coral credit card and am using it for almost 1.5 years. The credit limit is fine and there is no annual fee. The customer service is excellent. The rate of interest should be reduced for late payments. Am getting 2 free movie tickets every months.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2019
    • HDFC Bank Credit Card
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have selected HDFC platinum credit card .Its is annual charger applicable . Rate of interest is stable .while transaction through on line flipkart ,amazon ,while document submitted through executive using through 10 years ago , While Documents submitted through executive.There is no sufficient limit is not provide.All notification message and email no receive from banker end. Sufficient limit is not provide there is no delay while receive credit card. Customer service is good and responsive .EMI option is applicable
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2019
    • SBI Cards Credit Card
      "GOOD"
      0.5 4.0/5 "Great!"
      I am holding the card from last few years, they have provided with lesser credit limit also there are no offers with the card, sometimes offers are there with the online. Rate of interest is lower, application is easy and comfortable to use.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 17, 2019
    • Citibank Credit Card
      "GOOD CARD TO USE"
      0.5 4.0/5 "Great!"
      They offer with the loans with the card also there is a clear statement to do the billing. The card has the good credit limit also it is a life time free card. There is a option of cash withdrawal. There is a EMI option available, but there is a higher rate of interest.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 17, 2019
    • Bank Bazaar Credit Card
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      By a website I came to know about Bank Bazaar for the first time. I am using the mobile application for Bank Bazaar and it is user friendly to access. I have applied for a credit card and the process was good. I use to check credit score through an online and also other rate details are applicable in a website.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 17, 2019
    • SBI Cards Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding SBI credit card from long time, their service is good, they have charged me annual fee but waived off option is available, i am happy with the credit limit they have given me good limit as per my requirement, even the interest rate they have charged me is less comparing to market price.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 16, 2019
    • SBI Cards Credit Card
      "Good Card"
      0.5 4.0/5 "Great!"
      In SBI, i was charging too much like annual charges, monthly interest rate. I'm paying my late fee which is a nominal. Its a 1 year old credit card and i have a credit limit of Rs. 25000. They are charging some annual fee but I'm not sure about it. While swiping the card, i did not had any issue.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 16, 2019
    • Kotak Credit Card
      "Need improvement in service"
      0.5 3.0/5 "Satisfactory"
      I bank with Kotak Mahindra Bank for the credit card. It has not been a up to the mark experience. The statements are delayed and it takes me a long time to connect with the customer care. Th rate of interest is high when compared to the other banks. There is a annual fee which gets waived off because of my usage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2019
    • Citibank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I have been holding CITI bank credit card for recently, they have not charged me annual fee as it is life time free credit card, they have given me good credit limit , i am happy with the credit limit which they have given to me is good, but their interest rate is very high.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 16, 2019
    • Kotak Credit Card
      "Need overall improvement"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra credit card interest rate is higher side for the transaction, they are charging too much hence I moved to other card. Even the customer response is not upto the mark I am not satisfied at all. Now I am planning to close this card permanently.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • Kotak Credit Card
      "Worst Card"
      0.5 2.0/5 "Expected more"
      I have used the card for last 3.5 years. At the time of my purchase, i'm not much aware of the credit card hence i have misused it. This is my first card and they have not provided me any support regarding the bill payment hence i have not made any bill payment. After that they have charged me a interest rate and late fee of Rs. 10000 finally i have close the card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2019
    • SBI Cards Credit Card
      "Average Card"
      0.5 0.5/5 "Unacceptable"
      Around 2 years, i have been using the SBI prime card and their rate of interest is very high. They are deducting lots of hidden charges. Offers are okay which we can consider. The customer service is prompt. I have no idea about the annual fee. Without my knowledge, they are deducting lots of money.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 16, 2019
    • YES Bank Credit Card
      "Excellent card with less limit"
      0.5 5.0/5 "Blown Away!"
      YES bank card is absolutely free and they are not charging anything. I am not called the customer care service till now because i didn't get any problem till now. There is no interest rate They are very good rewards points on each and every purchase but the given limit is very less.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2019
    • Kotak Credit Card
      "Good card which is useful"
      0.5 5.0/5 "Blown Away!"
      I wanted a credit card hence i bought the Kotak Mahindra card. They are giving loan on credit card and they have increased the credit limit within one month. I've tried the free movie ticket offer. Got my first month bill and there is no issue on that. They are charging some interest rate which is high along with GST.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2019
    • SBI Cards Credit Card
      "Its Userfriendly"
      0.5 5.0/5 "Blown Away!"
      SBI card is nice and the interest rate is cheap in the market even I don't want to reach their customer support because their app was designed user friendly. Yearly interest are reasonable and they gave me Elite card its good for the regular usage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 15, 2019
    • HDFC Bank Credit Card
      "Very fast services"
      0.5 4.5/5 "Excellent!"
      From my HDFC card, i can get the lowest interest rate and doing the transaction with the POS machine which is very fast. Last 8 months, i am using this card. I need to pay the annual fee of Rs. 500 and it will get waived off if i use the card for certain limit. The card has a time of 45 days to make the bill payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 15, 2019
    • HDFC Bank Credit Card
      "Good Accessible Card"
      0.5 5.0/5 "Blown Away!"
      This card is supportable all over the location, even some cash back offers are available. The credit limit is good in HDFC, I am using this card around six months, the payment gate way is convenient. The interest rate is also nominal for the card transactions.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 15, 2019
    • IndusInd Bank Credit Card
      "Offers can be increased"
      0.5 3.0/5 "Satisfactory"
      Indusind credit card interest rate is higher than other cards around 3.5% but the offers are good but it would great if they more offers for online and offline shoppings. I am using a chargeable card and the credit limit is fine for me. But it would be great if they provide add on card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 15, 2019
    • IndusInd Bank Credit Card
      "Process wise good card"
      0.5 4.0/5 "Great!"
      Till now i have not even done a single transaction from my indusind bank credit card. I want to buy some products hence i have bought the indusind bank because the interest rate is okay and the no annual fee. There is no much offer available on the online website like Flipkart and Amazon.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 15, 2019
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