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Do you need a credit card with a low interest rate?

Thursday, June 21, 2012 at 7:32:47 PM

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There are a large number of options available for consumers who are looking for new credit card accounts.

Between balance transfer credit cards, rewards accounts, cards that come with no annual fee, and those with low ongoing interest rates, it can be a bit overwhelming to consider all the choices out there. Determining which is right for you will take a little bit of time and consideration, but for those who are thinking about filling out a credit card application for an account that carries a low ongoing interest rate,

there may be more to think about

.

Will a low rate be beneficial to you?


The idea of a credit card with a low interest rate can be especially enticing. Who wouldn't want to pay less for the charges they rack up over the course of a month? But at the same time, it might not be as beneficial to some as it is to others.

For instance, if you're generally good about keeping your balances low, or not carrying one at all, then a low interest rate card might not be right for you. That's because rewards accounts will generally give you more back in points than you would pay in the added fees and interest charges that might come with them.

However,

if you tend to make a habit of carrying a decent-sized balance

from one month to the next, this might be exactly the kind of account you need, as it will allow you to pay down your debt more conscientiously without interest charges adding to it too significantly.

What else should you think about?


It's important to note that oftentimes, these accounts are available only to consumers who have strong credit ratings - that means no missed payments in their history and a tendency to keep balances under control - and also generally carry annual fees that can add to the debt carried on the card.

For these reasons, it's important to take the time to

compare a number of credit card offers

as you try to make your decisions. Keep in mind not only the terms of the best cards available, but also how those terms might affect your personal finances both now and in the future.



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