With many people finding themselves in credit card debt, Low interest credit cards often seem to be one solution. A low interest credit card offer will include a 0% introductory rate, which seems ideal, but comes with a catch. The 0% rate will only be available for a short time, usually six to twelve months, after which the APR will jump to a much higher rate. Keep in mind that all major credit card companies, Visa, MasterCard, American Express and Discover offer a variety of credit cards, but interest rates are not the same.
Among the list of low interest credit cards is the Capital One Platinum Prestige Card, what is different about this card is it lets the consumer know what to expect, with no fine print. They boast low interest rates without the sudden rise in APR. In addition, it not only provides a low APR for purchases, but includes a low rate on balance transfers with the fees.
Low interest credit card rates are only one step on the way to financial freedom. In order to truly benefit from one of these low interest credit cards, is to pay off balances each month and spend only what you know you will be able to pay at the end of the month. This will help avoid interest expenses and additional finance charges. There are two main types of credit cards with low interest rates, each of them offer different benefits to their customers. First is the ongoing low-rate card, this card offers a permanently low interest rate on purchases for as long as you keep the account open, however, the card will also come with additional charges with high fees for cash advances, ATM usage, and application and annual fees. In all, the low interest rate may only be half the story. On the other hand many companies will offer the low or zero interest rates on balance transfers, often for a short time then the interest rate increases to a standard rate.
Some cards, however, will offer a combination of the two by including a zero introductory rate for balance transfers, with a low ongoing rate.
A third option, and maybe not as widely practiced by companies is a low rate card that offers a low rate with the addition of attractive interest rates on cash advances – something many card do not have.
It is a lot to consider, the choices are endless, but there is a card that is right for everyone.