Finding the Best Low Interest Credit Cards
Magazines like Money Magazine publish a list of banks offering lowest interest credit cards, another possible source for finding low interest credit cards is at credit unions. You should be able to find low credit card rates in the single digits. A lot also depends on your credit history and credit score which will have a direct impact on the interest rate you pay.
Pentagon Federal Credit Union is offering a low interest balance transfer credit card with a 2.99 percent rate for balance transfers for the life of the loan, usually banks offer an intro rate for 6 months to one year. The interest rate for purchases is around the average credit card interest rate of 12.50 percent to 14.00 percent.
Balance transfer credit cards for the most part all offer low interest rates for a period of time and all charge a balance transfer fee. The fee can be as high as 3.00 percent of the balance with no limit, which raises the interest rate you are paying. When you factor in the fee, that 0 percent balance transfer credit card isn't really a 0 percent interest rate. You can search for 0 percent balance transfer credit cards right here by using MonitorBankRates.com credit card serach engine tool.
Low interest credit cards sometimes offer introductory rates that some people referr to as "teaser rates" that you should be concerned about. If you read the credit card terms and manage your credit wisely, you shouldn't be concerned. You should take advantage of these low interest credit cards and use them as a financial tool to save money on interest payments.
Good luck with your search for the lowest interest credit card. Again, be sure to read what the balance transfer fee is and any annual fees associated with the credit card. MonitorBankRates.com also offers a low interest credit card search engine tool that you can use to start your search.
MBR's credit card search engine allows you to search and compare credit cards by category. In addition to low interest credit cards and balance transfer credit cards, categories include instant approval credit cards, rewards credit cards, gas credit cards, cash back credit cards, bad credit cards and more.
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