low interest credit cards

low interest credit cards were launched a few years ago, and are taking an increasingly large share of the market.  Why not use a low interest credit card ?

But some people still keep using high interest cards !  Perhaps it's inertia, or maybe they don't qualify for a low interest credit card ?

Anyone who qualifies for low interest rate credit cards should apply for one right now.  Why keep paying higher rates if you don't clear your balance every month ?

low apr credit cards are available from most financial institutions now.  There's a wide choice.  What should you look for to get the best deal ?

Many low interest credit cards have an introductory low apr.  But you need to check it doesn't revert to high interest after 6 months or whatever introductory period you've been offered.

Some lenders only offer reduced apr deals to people with the highest credit ratings.  They try to give higher rate deals to people with lower credit ratings.  Then if some default, the lender has still made money.

So who can benefit from a low apr deal ?  Everyone who carries a monthly balance on their card.  Everyone who has a good credit rating and can qualify for a deal.  If you carry a large balance forward every month, you can save $'000s over a year.

If you really want to work at saving money, you can take a 0% apr introductory deal, and then keep swapping cards as each deal expires !

That's a neat trick for a while, but doesn't work indefinitely.  Why not ?  Well, each lender will check your credit rating, and they all exchange info with each other.  Eventually someone will see you've got 20 cards, and you might be seen as overextended...

So check the offers on the market, and go for the best deal.  Slash your monthly payments now...

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