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Low rate credit cards

COMPARE LOW RATE CREDIT CARDS

  • See your chances of approval before applying

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MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident.

Compare low rate credit cards from across the market

MoneySuperMarket works with a wide range of household-name credit card providers, including

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Why compare low interest credit cards with MoneySuperMarket?

It’s quick and easy to compare low interest rate credit cards with MoneySuperMarket and you’ll know your chances of being approved when you apply.

  • It’s quick and easy

    We’ll ask a few straightforward questions then show you the information you need to choose the best deal.

  • Protects your credit score

    You’ll only be shown credit card deals you’re likely to be accepted for, so there’s less chance of being turned down.

  • Apply in minutes

    Once you’ve made your choice, click through to the provider to complete your application online.

What is a low rate credit card?

A low-interest, or low-APR, credit card in the UK offers consistently low interest rates to help keep your monthly credit card repayments affordable. This means you might not need to switch credit card providers as often.

A low rate card won’t usually offer a 0% interest or low interest for a specific discount period, but instead it offers a permanent low rate.

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How to choose the best low-rate credit card

There are a few considerations when choosing a low rate credit card. These include:

  • Low interest rate

    Aim for the lowest possible rate (APR) so you pay less interest on your balance.

  • Interest-free period

    See if there’s an introductory 0% interest period and how long it lasts.

  • Check for fees

    Find out if there’s an annual credit card fee or any other charges.

Can I get a low-rate credit card with bad credit?

While you may be able to get a credit card even with a low credit score, you are likely to find that compared to customers with good credit ratings...

  • Interest rates will be higher

  • Credit limits will be lower

  • Interest-free periods will be shorter or unavailable

You may find that a credit builder card best suits your needs. While these offer higher interest rates and lower credit limits initially, your credit score should start to climb over time if you keep up with repayments.

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What are the pros and cons of low APR credit cards?

A low interest rate credit card has lots of advantages, but there could be some downsides. Here are the things to consider:

  • Tick

    Pros

    • Low interest rate means you’ll be charged less if you don’t repay the balance in full

    • Can help spread the cost of a large purchase 

    • Could sometimes include introductory periods of 0% interest on purchases

  • Cross

    Cons

    • You could lose the low interest rate if you miss a payment

    • The low interest rate usually only applies to purchases – not cash withdrawals

    • Could damage your credit score if you miss repayments

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Compare low interest rate credit cards with MoneySuperMarket

If you think a low-rate credit card is right for you, use our eligibility checker to see what cards are available – and which ones you’re most likely to be approved for. 

  • Tell us about yourself

    We'll ask a few simple questions about you and your finances and what you’re looking for from a credit card.

  • We search the market

    We'll compare credit card offers from across the UK market, and show you the cards we think will suit you best.

  • Choose the card you want

    We’ll show you low rate credit cards, which you can sort by APR, fees, other features and your chances of being approved.

A low interest rate credit card charges you interest if you don’t clear your balance in full every month whereas a no interest rate credit card allows you to build up a balance without incurring interest. 

A no-interest, or 0% interest, card is likely only to be offered for an introductory period to entice customers to apply for the card. There are also likely to be terms attached to keep the 0% rate, such as making sure you still meet the minimum required payment each month.

Customers with a higher credit score are more likely to be eligible for a low APR card. This is because they have proved they can borrow responsibly in the past. It’s difficult to be precise because each credit card provider will have its own criteria for deciding who is eligible for a low-rate credit card.

Lenders can only advertise an APR as ‘representative’ or ‘typical’ if 51% of their customers get that rate or lower. This means you are not guaranteed to get the low APR, but you will have more chance if you have a high credit score. 

If you need to borrow there could be other options available:  

An agreed overdraft.  Make sure the overdraft is authorised by your bank and check the interest rate as it could be expensive if you are in the red for a long time.  

Loan. A personal loan or secured loan can give you access to funds, the advantage being you can usually borrow more than on a credit card and the repayments are fixed and structured.

Divide the amount you transfer by the number of months your interest-free deal lasts for. The result is the amount you need to pay each month to clear the debt.

If you do not clear the balance by the end of the 0% period, you will be charged interest on what you owe.

You will have to make at least a minimum payment each month.

If you know you’re not going to clear the balance within the 0% period, you could consider transferring to another card with an interest-free period.

Always pay the minimum monthly payment on time to avoid penalties and interest charges.

Avoid exceeding your credit limit or you’ll face penalties such as losing your interest-free deal.

Make the necessary payments to the card or cards you move the balance from, especially if you do not clear the balance completely.

If you do not clear the balance by the end of the interest-free period, transfer that sum to another 0% balance transfer card.

You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.

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