By: Ishan Mukhopadhyay May. 30, 2018

Raltin recently conducted an analysis of credit card survey data and found that Utah Community Federal Credit Union has the lowest APR in the country, at 7.75 percent. This analysis was conducted using data from the Consumer Financial Protection Bureau, which requires all credit card companies to fill out a standard survey. Through this tool, the organization obtains key information such as the institution’s APR, late payment fees, index, grace period, and other variables. APR is the annual percentage rate that indicates the interest you pay for borrowing money on your credit card. Second in the list of banks offering low APRs is Northwest Bank, at 8.74 percent, and 1st Summit Bank comes in third at 8.75 percent. All the plans assessed were signed on in 2017.

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INSTITUTIONAPR
Utah Community Federal Credit Union7.75%
Northwest Bank8.74%
1st Summit Bank8.75%
State Employees Credit Union8.75%
Farmers State Bank9.25%

Utah Community Federal Credit Union Visa Credit Card:

Alongside the lowest national APR, this card also offers a 25-day grace period, travel accident insurance, and free balance transfers. Further, it does not charge introductory rates like many other cards and requires only a minimum credit line of $100.

Northwest Bank Loyalty Visa Credit Card:

The APR for this credit card has fluctuated from 7.74 percent in 2016 to 8.99 percent in 2018. In 2017, it offered the second lowest APR in the country at 8.24 percent. The grace period offered was 25 days and there was no late fees at all. Since 2018, however, the grace period has been completely eliminated and a late fee of $35 has been added.

1st Summit Bank Visa Credit Card:

This card comes in two types—preferred points card and low rate card. The low rate card offers no annual fee, a 25-day grace period, and a low introductory rate for the first 6 months. The annual fee offered since 2015 is $15.

State Employees Credit Union Visa Credit Card:

The APR of 8.75 percent offered by this institution applies to purchases, cash advances, and balance transfers. This card also has no introductory fee and a grace period is of 21 days. It also offers the opportunity to transfer high interest loans and credit card balances from other institutions with no transfer fee.

Farmers State Bank Visa Platinum Credit Card:

This credit card waives the annual fee entirely, charges no balance transfer fee, and offers strong security and protection for both its normal card as well as its rewards card. On comparing the data from the last four years, Raltin finds that it has charged no late fees since 2014.

This comparative study by Raltin enables customers to gain a better insight into the prevailing options in credit cards, and make informed choices while opting for one.