What's the lowest CC APR you know?

[Anonymous]

Hi, All,

Obviously 0% promos are the best, so I have three versions of my question:

1) What's the longest you've seen a 'new account' 0% promo last?

2) What's the longest you've known of an established account 0% promo lasting?

3) What's the lowest CC APR you know to exist (and which CC offers it)?

Curiousity about #3 is what really prompted this post, but #1 and #2 would be interesting to know, too.

Personally, my answers are 1) 18 mo - found online, 2) 12 mo - discover card for me, 3) I've read about people having 8.xx, but where??  Mine is 10.49 w/DC and they say that's their limit, but I can't help but wonder ... is it true?? I know I'm about on the worst scorecard out there right now.  Since my rate is lower than their advertised, I wonder when my scores improve if I can get them to go any lower, and if not, what's the lowest out there? 

Thanks!

[Anonymous]

I have an old secured card that is 6.99% on all purchases AND cash advances...BUT they have zero grace period, lol.  No annual fee, so I keep it because it's my oldest positive account (no lates thanks to goodwill letter campaign).

I only charge it and PIF immediately to show usage so it reports consistently.  The last time I charged something to it was in 2016 when my debit card got eaten on a vacation and when I logged into the payment site to PIF the site blocked me because it was an international trip so I couldn't PIF until I got home 15 days later.  Oddly enough, they didn't charge my interest even though zero day grace period.

[Watchmann]

I have an AMEX Platinum Optima card that I've had since 1990 but is backdated to 1980 when I got my first AMEX card.  It currently has a $62,400 CL and an everyday APR of Prime + 2.49%, which is 6.49% today.  I always PIF so the rate doesn't really matter to me but the combination of high CL and pretty low rate is about as good as you can get overall.

[dragontears]

Credit unions are where you typically find really low APR cards but can have restrictions to get, for example I have a card with a local CU that has 6.74% but it is only available if you live in Colorado.

[MrDisco99]

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@Watchmann wrote:

I have an AMEX Platinum Optima card that I've had since 1990 but is backdated to 1980 when I got my first AMEX card.  It currently has a $62,400 CL and an everyday APR of Prime + 2.49%, which is 6.49% today.  I always PIF so the rate doesn't really matter to me but the combination of high CL and pretty low rate is about as good as you can get overall.

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Wow... that's the best rate and limit combo I've ever heard of.  Who can beat that?

[Anonymous]

6.99% Amex BCE

[Themanwhocan]

Them lowest I know of is 4.99% APR from Bourns Employees Federal Credit Union.

https://www.bournscu.coop/loans-and-credit-cards/credit-cards

Though that rate may be from before the last several prime rate increases.

[galahad15]

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@Themanwhocan wrote:

Them lowest I know of is 4.99% APR from Bourns Employees Federal Credit Union.

https://www.bournscu.coop/loans-and-credit-cards/credit-cards

Though that rate may be from before the last several prime rate increases.

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+1, this is also the card with the lowest/overall best APR I have in my current card collection.  Although my BEFCU card APR is a little higher at 5.49% F, rather than the lowest-advertised 4.99% F rate, it still handily beats out the APR of all of my other cards.  Plus it has rewards -- as a result, this is currently my #1 favorite card in my collection, followed by my 7.50% F PACU card close behind in second place.

With ultra-low APR plus rewards together side-by-side, you really can have the best of both worlds with the BEFCU card, in mho    Even if you always PIF, have an emergency fund, and don't care as much about APR, the BEFCU card for example can be useful if there is ever some event that occurs where you may have no choice but to carry a balance, such as a very costly or expensive medical procedure or car emergency/repair, etc. 

[AverageJoesCredit]

I would love to have a Bourns credit card, id even name it Jason

[Anonymous]

Just look around your local town first, you might be surprised.  Don't let a credit unions initial eligibility requirements let you down.  Often times you can gain membership by joining another organization.  For instance, I was able to help a family member gain access to what appeared to be a closed credit union by paying $25 once to join a rifleman's club.  This in turn led to a usual $5 share in the form of a savings account, and then a single digit fixed rate card.

Bournes you do not have to live in california to apply.  But you do need to submit proof of income.  And we don't have enough data points to really see how they are with larger limits or increases.  Regardless, they are certainly on my app list once some of my inquiries fall off.

I love my private credit unions card.  They have continued to extend the 1.9% promotion even beyond the 1 year period, at which it was supposed to increase to 7.99% fixed.  Some will say that fixed APRs are a fake safety net. Banks can alter their terms at any time.  But that is what a little redundancy is for.  So you have the attention of the top 2 rate focused individuals I know of on myfico. Themanwhocan and Galahad15.  You're in good hands.

It is quite irritating as someone who does a moderate amount of traveling to not go crazy with sign on bonuses.  But proof was in the pudding when I was able to use my no cash advance fee 7.75% CU card in mexico to get small amounts of foreign currency for tipping for only 0.8%.  WITH a grace period!  Bournes would be better as they also have no ftfs.  It is also equally as irritating dealing with backlash in the rewards community if I ever mention paying interest.  Yes, as a general rule of thumb a person should always PIF.  But if you are responsible with your finances, I see nothing wrong with using these unicorn cards in moderation.  Sometimes it is a lot easier to rely on one vs dealing with penalties or waiting to transfer money around.

Amex has reduced their number of rate reductions. Instead they seem to be pushing promotional ones that last 6 or 12 months, usually 0% or single digit....and often times on a charge card....citi also has cut back. It used to be much easier from what I have read with citi, getting multiple ones in a week period online.  But I personally can attest to amex being with them over 2 years and knowing based on my profile things have changed. My delta card was reduced down to 8%, and I think its now at 8.75.  All I seem to get are promotional offers which are of no interest to me, like capital one temporary offers, nice try, but leave a bad taste in your mouth.

Anyone that is a US citizen should have 100% no difficulty in obtaining a card akin to whats discussed here. It just requires some diligent research.  Some reading. And lots of avoiding referral links for cards with 3x the rate.