Low interest rate credit card

Credit cards are one of the most expensive lines of credit. However, with the interest rates on a constant rise and more and more consumers avoiding to take up these cards the credit card providers have come up with low interest rate credit cards.

The low interest rate credit cards are supposed to be cheap cards as they give an initial 0% introducing offer up to one year of usage and after this period ends you are offered a low interest rate. However while taking these cards you should be careful and know how to use them. It is important to understand how can you qualify for these cards and how should you use them.

Qualifying for a low interest credit card

Qualifying for a low interest rate credit card is obviously one of the most advantageous things. But for qualifying for such cards the only thing that you need to have is a good credit score.

Besides the credit score the credit card provider would also look at your income and employment history. If you have a solid employment history and an income that can support the monthly payments then you can apply for these cards.

Lenders consider giving these cards to people with a good credit history because they consider such candidates as reliable ones and since this line of credit is not secured they would like to have a borrower of low risk.

Qualities of low interest rate credit cards

Besides giving a low interest rate these credit cards come with regular features of a standard credit card. You can enjoy having cash backs and other rewards that can give you a number of benefits. You can also enjoy no annual fee and with some of these cards bonus air miles.

When you take such credit cards you should be sure that you compare different offers and then decide which would be the most beneficial for you. You can also have balance transfers available with these cards and opt to transfer all your high interest credit card balances to these low interest rate credit cards that can help you stay away from debt.

How to use these cards?

Though the low interest credit cards offer low interest rates and a lot of advantages but you should be careful when using these cards. It is advised that you use these cards with much care and make sure that you do not accumulate much debt on these cards.

It is important that you use these cards for not making any high purchases and if you do so then also make sure that you can make the payments on time. By making the payments on time you can also be sure that you can improve on your credit score.

These cards are usually good for people who wish to consolidate their credit card debts because of the fact that they offer 0% introductory offer and a low interest rate thereafter. With these cards the payments towards the previous debts would also become easier. Once that this happens you can easily manage your credit and make things simpler for yourself.

Comparing the offers

When it comes to comparing the low interest rate credit cards you should make sure that you compare all the aspects associated with the card. Some of these points include:

Whether the card has an introductory offer. And if so is it applicable to both balance transfers and purchases.

The annual fee associated with the card

If there is an introductory period then the interest rate charged after the offer gets over

The grace period that you get to make your payments

Are the payments reported to at least 2 out of the 3 credit reporting bureaus

Can you check your account online and track your payments

These are just few of the things that can be compared without taking a decision. You should make sure that you go in for a card that would be beneficial for you on the long run.

Low interest credit card offers

When you look for a low interest credit card offer you can find a number of them in the market. Some of the most interesting offers that I could find are mentioned below:

Citi Platinum Select Card: Introductory APR 0% for one year on balance transfers and purchases. Regular APR is 9.49%. No annual fees associated. You can manage your account online.

Capital One No Hassle MilesSM Rewards: Hurry for this card, as intro APR of 0% is applicable only till July 2008. Regular APR is 13.4%. No annual fee is associated with this card.

Chase Platinum Credit Card: They offer 0% Interest for up to 12 months on all purchases and balance transfers. Regular APR is 13. 74% and there is no annual fee associated with this card. You can have free access to your account online.

Discover More Card: You can enjoy 0% APR for first 12 months on balance transfers and purchases. Regular APR is 10.99%. There is no annual fee and you can have up to 20% cash back when you shop online.

Bank of America Visa Signature WorldPointsTM Rewards: They offer 0% Intro APR on balance transfers for your first 12 months. Regular APR varies from 9.9% to 15.99%. You can get 1 point for every dollar that you spend for retail purchasing. There is no annual fee associated with this card.

Blue Cash from American Express: They offer 0% APR for the first 6 months and; a low balance transfer rate of 4.99% for the whole period of the transferred balance. The regular APR with this card is 13.24% and there is no annual fee associated with this card.

Besides these there are many more offers that you can opt for. However, before you take any make sure that it would be the best for you.