The current GLONASS system suffers from the inter-frequency code bias (IFCB) and the inter-frequency phase bias (IFPB) due to its employment of the frequency division multiple access (FDMA) technology. The IFCB affects the code observation’s accuracy and further degrades the positioning accuracy, while the IFPB can be absorbed into the float ambiguity term. With increasing demand on precise point positioning (PPP) in mass market applications using low-cost single-frequency (SF) receivers, the impact of IFCB on SF-PPP with low-cost receivers need to be investigated. In this paper, we propose the use of the University of Calgary (UofC) model to estimate the IFCB in SF-PPP. The feasibility of the proposed approach is first verified using GNSS observations from the IGS stations. Comparing to the traditional SF-PPP model, the UofC model enables more stable IFCB estimations with 80.2% of the maximum changes less than 1.0 ns within one week. Then, the stability of IFCB in the low-cost SF receiver is analyzed with static data collected with u-blox M8T, and the STandard Deviation (STD) of IFCB for each satellite within 5 days is less than 1.5 ns when applying real-time orbit, clock and ionospheric corrections. Further, it’s verified that the power off won’t affect the IFCB’s value significantly in the low-cost receiver. Finally, six different strategies are designed to evaluate the impact of the GLONASS IFCB on SF-PPP. Comparing to those strategies ignoring IFCB, the strategies considering IFCB in SF-PPP can improve the positioning accuracy in both static and kinematic tests.