The Best Low Interest Credit Card in the market

The best low interest credit card isn't a one size fits all solution. What might be the best for me, isn't going to be the best for you. You need to ask yourself if you carry a balance, take cash advances, and prefer reward options on your card. This article discusses how you can find the best low interest card for you, and by the end of this article you should be able to make that decision for yourself and start saving money on credit card interest.

What is the lowest credit card interest rate available?

Theoretically the lowest interest rate available on a card is 0%. How ever you're not going to find a company that is going to allow you to pay 0% for long. The best low interest rate credit cards offer a very competitive introductory rate, but also a good fixed rate.

What's the difference between an introductory and fixed rate? The introductory rate may be good for 3, 6 or even 12 months. You can transfer your balances from another card to a new credit card with a low interest rate and save big money on interest. Then after the introductory period you rate goes up but it doesn't sky rocket.

Why 0% isn't always the best Interest rate to look for

The down side to a 0% introductory rate comes when you cannot pay off your outstanding balance before the introductory period ends. Sure you may have the lowest credit card interest rate available, but if you cannot pay your balance off in that time period at 0% you're going to get nailed with an even higher percentage later on.

Te best low interest credit card isn't the same for every person. It depends on what your current outstanding balances are, if you usually carry a balance and if you take cash advances off of your credit card. The lowest interest rate credit card may be one with a 0% introductory rate for some, while those of you who carry balances should look for the lowest introductory interest rate credit card that has the best fixed rate as well.

So what's the best low interest credit card for me?

If you carry a balance: If you currently have a balance on your credit card think about how long it's going to take you to pay off that balance. If you know you can pay down that balance in 12 months or less, then find a card that offers the lowest introductory rate, and doesn't up the fixed rate higher then what you're currently paying. If you're unable to pay off your remaining balance in a year or less then be careful of cards that offer really low introductory rates. Often times their rate will go up to what you're currently paying or higher after the introductory period, which will have you paying more money in interest then you are right now.

Instead look to a credit card with the lowest fixed interest rate. If one of these cards has an introductory offer great, if it doesn't make sure you're getting a stellar fixed rate.

Over all, introductory rates are great, but they don't last forever. You want to find the best low fixed interest credit card since that's the rate you'll be paying for the majority of the time you keep the card.