San Diego, Calif. (PRWEB) April 18, 2013
Two of the biggest reasons that many American consumers have sworn off credit cards completely are the fees; interest fees and annual fees, to be specific.
"We asked members of our dedicated Forum what the biggest factors were when determining which credit card to apply for," said Jason Bushey, Vice President of Creditnet.com, a personal finance and credit card comparison website. "The word that kept coming up was 'fees', especially annual fees."
While Creditnet cautions that not all credit cards with annual fees are bad - in fact, far from it - it understands that many consumers would prefer to eliminate credit card fees as much as possible. To the average consumer, this means low interest rates and zero annual fees.
Taking that into consideration, Creditnet.com today released its list of the best low interest credit cards that carry no annual fee. Along with ongoing interest rates and no annual fees, Creditnet also used outside considerations like cash back programs, 0 percent introductory periods and cardholder perks when determining which cards made the cut.
Creditnet notes that credit card approval and interest rates for each of the following cards vary based on the consumer. Creditnet also notes that the only time consumers need to worry about interest rates is when carrying a balance.
"If you never carry a balance, you'll never pay interest," said Bushey. "We understand that's not always realistic, but it's absolutely they best way to avoid interest rates and credit card debt completely."
With that, here are Creditnet's top picks for the best low interest credit cards with no annual fees...
1.) Discover it™
The top-rated low interest card with no annual fee is this cash back option from Discover. The variable APR associated with Discover it™ starts at 10.99%, plus cardholders will pay no interest on new purchases or balance transfers for up to 14 months. There's of course no annual fee, and this card is reserved for good-to-excellent consumers.
Another feature that makes this card Creditnet's top pick is a 5 percent cash back program applied to the first $1,500 in purchases each quarter made in select categories when cardholders enroll; currently, members earn bonus cash back on home improvement purchases. Cardholders earn 1 percent cash back on all other purchases.
Finally, consumers particularly annoyed by credit card fees will appreciate the policies enacted by Discover it™; there are no overlimit fees, no foreign transaction fees and no pay-by-phone fees. Discover will even waive the late fee on the first late payment, and won't increase a consumer's APR for paying late (though that's still never recommended).
Overall, this is Creditnet's No. 1 choice for low interest credit cards without annual fees.
2.) Citi Simplicity®
This card from Citi includes one of the longest 0 percent introductory periods available today - 18 months applied to new purchases and balance transfers - and an ongoing APR variable that ranges from 12.99%-21.99% (V).
This card makes Creditnet's list thanks to its lack of fees. The Citi Simplicity® Card boasts no late fees or penalty rates ever, there's no annual fee and no rate hike due to late payments made.
Unfortunately there's no rewards program associated with this card. However, consumers more interested in building credit or paying down debt via a 0 percent balance transfer will find few low interest credit cards as solid as this one.
3.) Slate® from Chase
Rounding out the list is this credit card from Chase. The only credit card to boast zero balance transfer fees associated with a 0 percent balance transfer period (note that consumers must make this transfer within 60 days of account opening), Slate® from Chase offers a 15-month introductory period and a regular APR variable that starts as low as 11.99 percent.
There's no annual fee attached to this card, however there's no rewards program, either. The cash advance rate is on the low side and starts from 19.24 percent, but the real highlight is the lack of a balance transfer fee. The industry average is around 3 percent per balance transfer, so consumers prioritizing debt consolidation can save money when applying for this card.
These care Creditnet's three favorite low interest credit cards that do not charge annual fees in 2013. For more information on low interest credit cards, contact Creditnet Vice President Jason Bushey directly via Google+ or using the Twitter handle @Creditnet.