Best Low Rate Card 3.9 Percent
• First Tennessee Platinum Premier Visa (intro rate of 3.9 percent; 800-234-2840)
The interest banks pay on your savings account may be at record lows, but average interest rates on credit cards are at near highs. What's more, fixed rate cards have virtually disappeared. Most low rate cards are now variable and have rates that rise or fall with the prime rate. The First Tennessee Platinum Premier Visa currently has the lowest interest rate on the market, with a fixed introductory rate of 3.9 percent for six months followed by an APR of between 5.15 and 13.15 percent, depending on your credit score. There's no annual fee and cardholders are automatically enrolled in First Tennessee's cash back rewards program, which credits cash directly to your statement for shopping with participating merchants. "If you're looking for the lowest rate card plus rewards, this is the best I know of," says Bill Hardekopf, CEO of LowCards.com. The catch: As with most low interest cards, this one comes with a range of interest rates and only consumers with the best credit histories will qualify for the low end of the range.
The interest banks pay on your savings account may be at record lows, but average interest rates on credit cards are at near highs. What's more, fixed rate cards have virtually disappeared. Most low rate cards are now variable and have rates that rise or fall with the prime rate. The First Tennessee Platinum Premier Visa currently has the lowest interest rate on the market, with a fixed introductory rate of 3.9 percent for six months followed by an APR of between 5.15 and 13.15 percent, depending on your credit score. There's no annual fee and cardholders are automatically enrolled in First Tennessee's cash back rewards program, which credits cash directly to your statement for shopping with participating merchants. "If you're looking for the lowest rate card plus rewards, this is the best I know of," says Bill Hardekopf, CEO of LowCards.com. The catch: As with most low interest cards, this one comes with a range of interest rates and only consumers with the best credit histories will qualify for the low end of the range.