Learn about Credit Cards with Low Interest Rate

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Information on Credit Cards with Low Interest Rate vs. 0% APR

Another offer that often looks attractive are cards that advertise 0% APR. Investigate these offers fully and determine what hidden fees may be present to sour the deal. These may include annual fees, membership fees, and processing fees.

On the other hand, some cards offer money back on purchases or points redeemable for prizes and gift cards. An important thing to remember is that most of the time cards with 0% APR only offer that APR for a limited time at which time the interest rates go up.

Pros and Cons

There are definite benefits to choosing credit cards with low interest rates, primarily saving money. By switching to a card with a low APR you can save hundreds of dollars a year depending on the amount you have on the credit card. On a $1000 balance, switching from a card with 20% APR to one with 6% will save you approximately $139 a year. Be careful, though! Some cards offer a low introductory rate for six to twelve months and then you start paying more. Perhaps the greatest "con" with low interest rate cards is the fact that the customer must pay close attention to all the fine print in order to get the most from the offer.

Where To Look for Low Interest Rate Credit Cards

There are a variety of places that you can look for credit cards with low interest. Start online by visiting the home sites of various card companies. American Express offers 0% APR for 6 months, and 4.99% fixed rate on balance transfers. Discover offers 0% for 12 months, and then goes to a variable rate after the introductory period. HSBC Platinum Master Card offers 0% introductory APR for 12 months and 11.24% after the introductory period.

Are Low Interest Rate Cards Friend or Foe?

Often low interest cards can lead you into a financial trap. It's easy to look at the 0% introductory interest rate and decide you can spend more. The next thing you know you're stuck in the credit card game, moving balances from one card to another trying to take advantage of a lower interest rate but never actually doing anything to pay off the balance. Low interest and fixed low interest credit cards should always be used in conjunction with careful financial planning. Low interest rate credit cards may look good at first glance, but they're not always the best financial answer. Look before you leap.

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