A poor credit score may hinder your ability to obtain a credit card. Usually, a credit score lower than 600 is considered a poor credit score. A poor credit score mostly results from high credit use and missed payments.
However, low-interest credit cards typically have interest rates lower than those of most cards, which helps you manage debt easily and save money. Check out the top five low-interest-rate credit cards:
Annual fees: Zero fees for the first for the first four years
Renewal fees: Rs.499 from the 5th year
Interest rate: 2.50% per month or 30% per annum.
Annual fees: Zero
Joining fees: Zero
Interest rate: 2.50% per month or 34.49% per annum
Annual fees: ₹500
Renewal fees: ₹500
Interest rate: 2.25% per month or 27% per annum
2. The card allows transfer of balance for the Advantage Plus credit cardholders.
3. The credit limit can go up to 85% of the fixed deposit amount.
Annual fees: ₹500
Joining fees: ₹500
Interest rate: 3.49% per month
Annual fees: Zero
Joining fees: Zero
Interest rate:0.75% to 3.65% per month or 9% to 43.8% per annum
It might get difficult to get a credit card with a low credit score, as many card issuers might consider it to be risky. Even though low-interest credit cards may offer lower rewards, they can help you to improve your credit score.
These cards act as a great tool for those having a credit score below 600 to rebuild credit. Once you get this card, make sure to use these cards carefully and make payments on time to build a good credit score. With consistency, you can build a good credit score.
Disclaimer: Credit card features keep changing with time. The specific offerings mentioned here, although valid at the time of writing this article, may not be active anymore. Readers are advised to check the relevant bank's website for the latest updates.
