Low Interest Credit Cards: Still Available?

                                                                                         

Back during the early part of this decade when interest rates were at historically low figures, a whole rash of low and zero percent credit cards were offered by major banks and financial institutions. Indeed, if you wanted to get out from underneath your debt all you had to do was apply for one of these cards, transfer balances from the old card to the new one, and you would save hundreds if not thousands of dollars on interest rate costs. Today, interest rates are the highest they have been in more than five years time. Are low interest rate credit cards a thing of the past? The answer is a resounding no: they are still available; please keep reading to find the credit card venue that is right for you.

Consumers burdened by credit card rates of 15%, 20% or more need not feel trapped. Fortunately, there are plenty of credit card offers out there that are still darn good buys, oftentimes offering a reprieve from high interest rates for as long as 16 months.

What should you look for when selecting a new credit card? Several things, including:

A balance transfer option allowing you to move funds from your current high rate credit card to the new card. This is particularly a good deal if balance transfer fees are waived during the transfer option period.

When funds are transferred to a new card a low introductory interest rate would be extremely helpful. Many cards still offer a 0% interest rate on new transfers: some will even allow you to keep that rate until the transferred funds are paid off. New purchases are assessed the standard rate, but you could conceivably have an interest free walk on old funds for several years.

Many credit card offers waive the annual fee at least for the first year. Shop around and you could find a credit card with a balance transfer deal, low annual APR, and no annual fee. Almost like receiving free money!

In some cases a credit card provider will sweeten the deal by offering rewards with each purchase. These offers can vary tremendously: some offer free airline miles; others offer cash back; some will give you free hotel nights or car rentals; the list and variety is nearly endless. Read the fine print to find the program that works best for you.

In conclusion, low interest rate credit cards are still around. Shop wisely, compare plans, and you could save hundreds of dollars on credit card interest with the right card.

About the author:

Joseph is the proud owner of Finance Guide, a website that will
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