Hardworking Americans Benefit from a Myriad of Options for Low APR Credit Cards

WASHINGTON, D.C. - Within the highly competitive and well-regulated credit card market, consumers have real choices and tools at their disposal to select a card with the features that meet their unique financial needs. Proposals to cap credit card interest rates would reduce access to credit and drive consumers outside of the well-regulated banking system toward unregulated, more costly options.

As policymakers and the public focus on credit card affordability, it's important to recognize that many consumers already have access to effective, no-interest tools that help lower borrowing costs and pay down debt.

According to the CFPB's 2025 Consumer Credit Card Market Report:

• Consumers moved $59.5 billion in credit card balances through balance transfers in 2024. That total is comparable to two thirds of the private-label credit card market changing issuers each year.
• More than 99 percent of balance transfer offers feature a zero percent promotional annual percentage rate (APR) for purchases, typically lasting six to 21 months, giving consumers meaningful time to pay down principal.
• A one-time transfer fee of about four percent can replace roughly 20 percent in annual interest, making balance transfers one of the most cost-effective options available to consumers carrying balances.
• The industry is actively working to put balance transfers and promotional offers into consumers' hands with credit card issuers sending an average of 414 million offers each month, including nearly 120 million monthly offers to consumers with below-prime credit scores.

What They're Saying

As Michelle Singletary conveyed in a new Washington Post piece today:

"Many of these consumers turn to high-interest credit as a lifeline to cover medical emergencies, car repairs and even essentials like groceries and child care…

"If your credit history is excellent, you might be able to transfer your balances to a card with a zero percent interest rate promotion. I'm not a fan of using debt to pay debt, but for some, this can speed up the paydown.

"If you're happy with your current lender, pitch this: I'm looking at moving my current balance to another company offering a zero percent rate. Before I do that, I wanted to check if there are any promotional rates available on this account that would make it worth staying.

"Lenders also can help you if you're struggling, especially if you've consistently paid your card bill on time.

"There are [also] several ways to tackle credit card debt. You can try various payoff methods to systematically pay down the debt. I prefer a method I call the debt dash, which involves organizing your cards from lowest to highest balance. Then, working your way through the pile, from the lowest balance to the highest.

"Lenders also can help you if you're struggling, especially if you've consistently paid your card bill on time. Here's what you might say: I am currently facing some financial challenges [share why, such as a job loss or medical bills]. I want to continue making my payments on time, but the current interest rate is making that difficult. Do you have a 'hardship program,' or can you offer me a temporary interest rate reduction until my finances improve?"

Credit Card Confidence and About Debt Relief

CBA's Credit Card Confidence campaign emphasizes the many options consumers have when choosing a credit card that best fits their lifestyle - highlighting the benefits of low-to-no APR rates, balance transfer options, and more.

By working alongside social media influencers to share more about credit card choice, CBA reached consumers directly where they are on TikTok and Instagram.

CBA also launched About Debt Relief to educate consumers on the risks of debt settlement companies and the many options consumers have with their credit card company to pay down debt through monthly payments, hardship programs, and more.

The Bottom Line

Today's credit card marketplace offers consumers more choice than ever before-particularly when it comes to interest rate options. And consumers that may not qualify for balance transfers may still qualify for a range of new credit card offers offering zero percent promotional rates for a year or more.

Through a wide range of transparent, competitive offers, credit card companies empower consumers to select products that best align with their financial needs, spending habits, and long-term goals. Whether choosing between promotional rates, variable pricing, or cards that balance interest rates with rewards and benefits, consumers are able to compare options and make informed decisions in a dynamic and competitive market.

Dive Deeper

To read the full column, click HERE. To improve your credit card confidence, click HERE. To learn more about debt relief, click HERE.