But before you get your heart set on any one type of credit card account, it's important
to review your overall credit card spending and payment habits so that you can limit
your search to a reasonable number of credit card applications with the features and benefits most appropriate
your unique financial habits.
Depending our your overall financial picture you may benefit most from a rewards
card, a balance transfer credit card or a card based on your credit type, for example.
What are the advantages of a low-interest credit card offer?
If you are the kind of person who generally carries a balance from one month to
the next, you probably know exactly how costly it can be, but low interest credit
cards can be a huge help in reducing those added charges.
Some of these cards are even specifically designed to help you significantly reduce
the amount you owe on your existing cards. These accounts - known as
balance transfer credit cards - typically carry a 0 percent interest
rate for six, 12 or even 18 months and only carry a small fee for moving the total
owed from an old account to the new one.
However, more often, consumers who are looking for ongoing deals might want to think
about a card that carries a low standard interest rate. This will help them keep
costs under control for the life of the card, rather than just the introductory
period. In much the same way as a balance transfer account, consumers who have balances
they don't think they could pay back in the first several months may be better served
chiseling away at their outstanding debts with a longer period to do so.
Are there drawbacks to low interest credit cards?
Generally, there are few benefits associated with a low interest credit card that you might find on other accounts. These typically
do not come with their own rewards programs, for instance. Therefore, if you're
used to earning points, cash back or airline miles for every dollar you spend on
your rewards credit card account, a new one with a low interest rate may not help
you as much as you would like.
Further, you may need a higher credit score to qualify. Typically, the lowest
interest rates are reserved specifically for consumers who have the best borrowing
histories, and the rockier your credit score, the higher your interest rate will
tend to be. For this reason, you might find yourself locked out from getting a card
In addition, these cards may often come with an annual fee, which can counteract
some of the savings you may enjoy from paying the lower rate overall. Doing some
math can help you figure out the combined cost of these two factors given your current
habits, and allow you to determine whether this will be more cost-effective than
your existing cards.
Applying the cost/benefit test to any credit card application you review will help
you to determine exactly which card is right for you. You should also take the time
to review more than a handful of accounts to get a general idea of what the kind
of card you're looking for might end up costing you.
Looking for a low interest card with other benefits?
At CreditCardApplications.com we make the complicated easier. To get your best credit
card offer, you need to compare similar credit card offers that provide the benefits
and features you will use. We provide a fast way to do this. Just go to
Card Search Engine and check off ‘low interest cards’ plus the other terms
that describe your needs. Within seconds your will be presented with a detailed
list of credit card that provide the features you are looking for.
Next, press the button ‘view credit card snapshot’ or ‘view credit card details’.
This allows you to toggle between a list of relevant credit cards and a matrix-view
that allows you to compare key details side side.
Once you have spotted your the low interest card that best meets your needs carefully
complete one or 2 applications and wait for the results. Online applications are
approved faster, so there is no need so submit a large number of applications.
In fact, that can be detrimental to being approved for the card you really want.
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