How much money can Credit Cards with low interest save me?

Do you carry a balance on your credit card? If so then you might be paying to much money in interest each month. Just how much money can credit cards with low interest save you? That's the question we'll answer in this article. More specifically we'll compare month interest charges, learn what really is a low interest credit card, and determine which card is best for you. By the end of this article you should be able to apply for a low interest credit card and start saving.

How much money can I save?

Let's start with a simple example:

You have $5000 on a credit card that charges an interest rate of 19% per year. So assuming you keep that balance you're going to be paying about $80 a month in interest. What type of savings would you see from a low interest credit card? Let's say you got that interest rate below 10%, you'd see almost a 50% reduction in the interest you're being charged each month. That means almost a $500 a year savings. Credit cards with low interest are well worth investigating when  you consider big savings like that.

Are credit cards with low interest to good to be true

You do need to be careful when applying for so called low interest credit cards. Some cards will post a very attractive APR interest rate, how ever in the fine print it will note that this is only an introductory offer. The standard interest rate for that particular credit card is closer to 20%. Be sure to check that the credit cards with low interest you're considering are indeed permanent rates, and not just for the first 6-12 months you have the card.

What are the best credit cards with low interest?

The credit card market is competitive, everyone wants your business and their all willing to do almost anything to get it. Because of this shop around, it's worth looking at a couple of different cards before you apply. You should be able to find a low fixed rate credit card with under 10% APR. This card may have an annual fee associated with it, how ever as long as it's not outrageous (over $100) don't be afraid to pay it, you'll save well more then that in interest charges.