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What are the lowest APR credit cards available?
Derin Clark

Derin Clark

Online Reporter
Published: 16/02/2021

With the average APR on credit cards standing at 25.0%, credit cards are often a far more expensive way to borrow money compared to personal loans. While credit cards can be expensive, they tend to be popular with consumers as they provide a convenient and easy way to borrow money, especially during times when money is tight.

Although it is never advisable to rack up debts on credit cards – tips on how to clear credit card debt can be found here – they can be a useful way to shop as under section 75 of the Consumer Credit Act they can offer more protection for consumers. As well as this, travel cards that do not charge foreign usage fees can be a cost-effective way to use cards overseas. Meanwhile, regular credit card users could benefit from using a rewards credit card as they allow users to be rewarded as they shop.

Whatever reason for using a credit card, for those who may not be able to repay their balance in full each month, it might be worthwhile to consider choosing a card with a low APR to help keep interest at a more manageable level.

Here we’ve highlighted the lowest APR credit cards available in the 0% purchase, travel and reward credit card charts.

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New £125 switching offer and 15% cashback scheme announced

HSBC has launched a new switching offer that will see consumers earn £125 simply by switching their bank account to a HSBC Advance Account or Premier Bank Account. This offer was launched in the same week that Virgin Money revealed a cashback incentive that will see its credit card customers earn up to 15% on everyday spending.

Here we’ve looked at both these incentives in more detail, as well as at some of the alternative switching and cashback offers currently available to consumers.

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Fall in balance transfer credit card deals – what are the best 0% balance transfer cards available today?

Credit card borrowers looking to transfer their debt onto an interest-free balance transfer card will be disappointed to find that the number of deals available has fallen year-on-year.

Research carried out by Moneyfacts.co.uk has found that in four years, the number of 0% balance transfer credit card deals has fallen by 66, from 126 available in February 2017 to just 60 available this month. As well as this, compared to a year ago, there are now 18 fewer 0% balance transfer deals available in the credit card charts, as during February 2020 borrowers had 78 deals to choose from.

In addition to the fall in deals available, the average number of interest-free days being offered on deals has also fallen. Four years ago, borrowers could get an average of 669 interest-free days in which to repay their credit card debt, whereas during February this year, the average number of interest-free days is 528.

The year-on-year fall in deals and interest-free terms suggests that borrowers looking to get the best 0% balance transfer deal may want to act soon rather than waiting. “It is hard to tell what attitude to risk credit card lenders will adopt during 2021 in light of the pandemic, and whether this may lead to a further reduction in interest-free balance transfer offers,” explained Rachel Springall, finance expert at Moneyfacts.co.uk. “Consumers looking to take advantage would be wise not to wait around too long and ensure they check their credit score before they apply. They should also be careful to weigh up the length of any deal and its fees, or even search for a shorter interest-free offer without fees instead.”

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Personal loan rates rise – should you use a credit card instead?

Whether a new year goal is to clear debts or to make home improvements, many consumers will be looking to take out a personal loan this January to fund their 2021 goal. But research carried out by Moneyfacts.co.uk has found that the average rate on borrowing a small sum of £3,000 has increased year-on-year, so this may not be the best option for consumers looking for the most cost-efficient way to borrow money.

The research has found that the average personal loan rate on sums of £3,000 has increased from 14.6% a year ago to 15.4% today. Saying this, consumers looking to borrow through a personal loan should compare deals on our personal loan chart as there are deals offering much lower rates when borrowing £3,000 over a three-year period.

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Don’t suffer from a credit blackout

Sometimes, applying for a credit card can be easier said than done. Applicants need to make sure they’ve got a stellar credit rating to even be considered, and unfortunately, this means that millions of people could face being locked out of credit – and many aren't even aware of the reasons why.

The current economic uncertainty could make it even more difficult for consumers to get approved for credit. When the pandemic first began impacting the UK economy, the majority of mortgage lenders began withdrawing mortgage deals for those with a 10% deposit or less from the market – making it harder for many first-time buyers to get a deal – and, although many credit card and personal loan deals remained available, borrowers may have found it harder to get applications accepted. One of the biggest factors to getting approved for credit is the applicant’s credit score and having a poor credit score could result in the credit application being rejected.

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Recent News

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How to manage your credit card debt after Christmas

30th December 2020

With just days left until the new year, now is the perfect time to start making financial plans for 2021 and for many, one major goal will be to clear their post-Christmas credit card debt

With just days left until the new year, now is the perfect time to start making financial plans for 2021 and for many, one major goal will be to clear their post-Christmas credit card debt

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Average 0% balance transfer term on credit cards falls but competitive deals still available

15th December 2020

Shoppers planning to spread the cost of Christmas by transferring their credit card balance to a 0% transfer credit card will be disappointed by the latest research showing that the average interest-free term on these cards has fallen to its lowest level in five years.

Shoppers planning to spread the cost of Christmas by transferring their credit card balance to a 0% transfer credit card will be disappointed by the latest research

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The options available if you need to borrow to help pay for Christmas

19th November 2020

With just a week left to Black Friday, the Christmas shopping season has already begun and consumers across the UK will be deciding how much they have available to pay for this year’s Christmas

With just a week left to Black Friday, the Christmas shopping season has already begun and consumers across the UK will be deciding how much they have available to pay for this year’s Christmas

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What is the best credit card for online Christmas shopping?

2nd November 2020

With England set to go into a month-long lockdown and local restrictions already in place for the rest of the UK due to the Coronavirus pandemic, many shoppers will be looking to do the majority of their Christmas shopping online this year

With England set to go into a month-long lockdown and local restrictions already in place for the rest of the UK due to the Coronavirus pandemic

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Most Popular Credit Card News

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What are the lowest APR credit cards available?

16th February 2021

With the average APR on credit cards standing at 25.0%, credit cards are often a far more expensive way to borrow money compared to personal loans

With the average APR on credit cards standing at 25.0%, credit cards are often a far more expensive way to borrow money compared to personal loans

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Zopa launches first ever credit card – how does it compare to others on the market?

28th October 2020

Zopa has launched its first credit card, which comes with a range of features that the bank has said are designed to help customers to stay in control of their money and debt

Zopa has launched its first credit card, which comes with a range of features that the bank has said are designed to help customers to stay in control of their money and debt

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New £125 switching offer and 15% cashback scheme announced

10th February 2021

HSBC has launched a new switching offer that will see consumers earn £125 simply by switching their bank account to a HSBC Advance Account or Premier Bank Account

HSBC has launched a new switching offer that will see consumers earn £125 simply by switching their bank account to a HSBC Advance Account or Premier Bank Account

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Borrowing rates 2020 – what are the lowest personal loan and credit card rates?

6th August 2020

Today it was announced that the Bank of England has held base rate at 0.1%. While this may seem like good news for consumers looking to borrow money, our research has found that over the last few months, interest rates on loans and credit cards have increased

Here we’ve looked at what has been happening to personal loan and credit card rates since the beginning of 2020 and highlight some of the lowest rates available

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