If you’re in the market to get a secured credit card, you may be wondering if you can find a card that has a low interest rate. While most of the rates on secured cards are generally high, there are some options when it comes to finding a low rate. Here’s a few tips you can use in order to find a lower rate.

Look for higher fees – I know you won’t want to pay higher fees when it comes to annual fees, monthly fees, etc but generally, when the fees are higher, you’re going to pay less interest. This is a way for the credit card companies to recoup the costs.

Look for intro rates – I know intro rates don’t’ last for long but if you can find one that’s good enough, you may be able to use the card and then request a different type of card. Sometimes this works and sometimes it doesn’t. It never hurts to try! The worst thing that can happen is that you will need to cancel the card.

Research online – There are a lot of cards out there. It’s your job to research all of the cards and find the lowest rate if that’s what you’re worried about. Since rates change on a daily basis, I can’t tell you exactly which card has the best rate.

As long as you do your research and you follow some of the tips above, you’ll be able to find a card that hopefully suits your needs. Honestly though, in the long run, worry about paying your card off in full so that you can avoid the interest rates.

The name might lead many to believe that these low interest credit cards have lower interest rate on outstanding balance beyond the bill payment date than other cards. This is true to some extent but not entirely. In reality, the interest rate also known as APR is of two types, the initial APR and the regular APR. The initial APR is either 0% or very low for many credit cards, while the regular APR is the more nominal rate charged after a fixed time period. The point to consider here for customers is what the time frame of the initial period is.

Types Of Initial Periods

For example, the Capital One Venture rewards Credit card has the initial period lasting up to May 2011, which is one way of specifying the time period. Therefore, the card benefits include no interest rate or 0% APR on all purchases during the time frame which is very good. If you are a customer with a clean credit history and no outstanding debt, you could prefer this card.

Another way of looking at the initial period is by distinguishing between balance transfers and general purchases. Chase Freedom Visa card has 12 months initial period for balance transfer while it is only 6 months for purchases, which is less than that of Venture. However, if you are a customer who has many outstanding debts or unpaid bill amounts on other cards you can transfer all the balance to this card saving interest that is accumulating in other cards due to the outstanding dues. You will now have a 12 month period to pay off those balances without worrying about accumulating interests which are usually high after that period. At least you will get a so called breather.

Another offer present in some low interest cards is when the intro period talks about 7- 10 billing cycles which is slightly different way of looking at the whole deal. Customers also need to look at the terms and conditions of these low interest credit as they might have a catch or two.

Other Advantages Of Low Interest Credit Cards

Low interest credit cards apart from their zero interest rate in the initial period also sometimes have cash back offers and bonus payment. For example, Chase Freedom offers a bonus of $100 for every $799 of purchase that you do. You must once again check the difference between purchases and balance transfers. Most cards do not include balance transfers at all in these benefits while some cards may give discounts, which means you can actually go one step ahead and reduce your outstanding balance by transferring all dues to one credit card deals.

Cons Of Low Interest Credit Cards

These cards have a regular rate which is higher than you would come to expect from standard cards. This means after transferring all your outstanding balances to one card you must be careful not to let those dues stay unpaid beyond the initial period. Some credit cards in fact have variable interest rates, depending on purchases which mean you might have to pay extra interest for amounts accrued for balance transfers.

Credit Cards have become an absolute necessity so much so that we take them for granted. A number of money experts have already slated the paper currency as a dying dinosaur. But have you ever wondered where did this plastic money of credit card come from? Whose genius was it anyways?

Though the idea of “have now, pay later” existed since the 1700s but it was only in the early 20th century that the banks started taking credit protection in form of overdrafts. In 1914 Western Union gave its customers a metal card allowing them interest free deferral payments. This gave their clients a freedom to spend beyond their means. However, the idea of actual credit card did not strike ‘father of Credit Cards’, Frank McNamara until he forgot his wallet back home while going out for a dinner with friends.

This embarrassing moment was just too much for McNamara. Thus, he created the “Diner’s club card”. It was initially a businessmen’s card for dinners and retails purchases while traveling but by the end of 1950 it had become a phenomenon. A national frenzy that began with just 200 customers who could use it in 27 restaurants, it swelled to such massive size that it spread over the whole USA with 20000 customers and more varied kinds of retailers subscribed to it as credit providers. The Diners card charged seven percent for each individual transaction with card subscribers paying a three-dollar annual fee. Stores and service companies readily extended this facility. They could benefit from it since the customers spent more than they would if they had to pay the cash up frontally.

The General Petroleum Corporation was one of the first companies to offer an actual credit card that allowed for fuel and automotive repair purchases to its employees. They could use their card and make payments towards these things with portions of their paychecks.

The monopoly of Diner’s club was short lived. McNamara withdrew his share of money from the company in 1952. Very soon American Express launched its similar yet more generalized credit card and Bank of America came out with BankAmericard (now called VISA) in 1958. Master card came up in 1966. These new market players overpowered the old titan.

While McNamara created credit cards, John Biggins is acknowledged as the inventor of the bank credit card. He worked at the Flatbush National Bank of Brooklyn in New York. In 1946, Mr. Biggins developed the “Charge-It” program in which local merchants who accepted the card would deposit sales slips into the bank and the bank billed the customer.

Low interest credit cards seem to be the answer to prayers for many people these days. More and more people are in financial trouble and in debt over their heads and are desperately trying to get out from under. When they see a low interest or even 0% interest card they think their troubles are over. It can be very enticing and the credit card companies make it seem very appealing.

The truth is their troubles may just be beginning. Before anyone applies for this type of credit card it is advisable to read the fine print.

First of all, most of the time the low interest rate is only for a short period of time, usually for the first year. After the year has passed they may find that the interest rate increases and in many cases to a higher rate than the regular credit card they had before. This is a way for the credit card company to recoup their losses from the low interest rate in the beginning.

Also it is important to note that if you are late or miss a payment, not only does it affect your credit rating, the credit company will charge late fees. In addition they will erase the low or 0% rate and raise it back up to a higher level rate. This usually goes retroactively back to the beginning of the account so in effect you are now paying the high interest rate plus the late fees tacked on. The low rate usually applies to new purchases, not a balance transfer from another card, or cash advances.

Sometimes cash advances are at an even higher rate, plus fees. What it boils down to is that these types of promotions are rarely a good deal for most consumers, they end up costing you more in the long run. Keep in mind a credit company is in the business of making money.

Regardless of all the non-sense fees, as long as you’re smart with your application and you know what you’re getting yourself into, you should be able to find yourself a great card that works for you!

Credit cards for people with very bad credit are difficult to get, but they can be acquired with a bit of effort on your part.

Now, if you have less than stellar credit, you are going to have problems getting a card from most credit card companies. This is because with credit history that’s in the red, you represent a significant risk for them.

This means it’s a challenge to get such a card. You can still apply online for an unsecured credit card with poor credit history, but you probably won’t get accepted – if you do, you will be give a card with VERY high interest and many restrictions placed on it.

The key then is to look at getting a secured card. Secured cards are great for many reasons – mainly you can use them to help rebuild your credit history and they are very easy to get.

The way a secured card works is that when you apply for one, you put a deposit down that becomes the card limit. Since you are essentially “paying” for the credit card, you stand a VERY good chance of getting an unsecured card with bad credit.

Indeed, if your credit history is poor, you will probably only be able to get a secured credit card for people with very bad credit.

Before getting a card like this, you need to look around online for the best credit card for people with poor credit. Companies offer different interest rates, so it’s best to get the lowest interest rate secure card you can find.

Let’s face it: the last thing we need is credit card debt and sometimes our intentions to pay our balances in full each month are made in vain. Low interest cards are a worthwhile alternative to no annual fee credit cards, which require squeaky clean credit histories to qualify for at times.

However, one card issuer’s notion of ‘low interest’ may not leave you scrambling to fill out an application. Think about the following if you’re considering a low APR credit card:
Annual Fee – Many low APR credit cards don’t charge an annual fee, such as the Advanta Life of Balance Platinum Card. Think of it as dually saving money: on interest and fees. Fixed Interest Rate – Cards like the Pulaski Bank Gold Visa offer fixed interest rates of less than 10%, which is a great rate if you don’t always pay your balance fully each month. Cash Rewards – It isn’t always the case that low interest rate credit cards provide great cash-back rewards schemes. The Advanta Life of Balance Platinum Card offers cardholders 6% cash rebates on specified purchases. Introductory Offers – We all like receiving special rates and promotions, such as the Pulaski Bank Gold Visa’s no interest on balance transfers for 6 months.

There is an immeasurable number of credit cards available to businesses and consumers alike, some with great bonuses, some with none. Low interest rates are a perfect credit card pick for those who wish to save on interest each month. If you wish to reduce the rate currently attached to a card, making a call to the card issuer may save you money, as many are willing to compromise if you are serious about completing an application or are a long-standing customer. As with any credit card, one should spend with caution to avoid late fees and accrued debt.

People use balance transfer credit cards for a variety of reasons that range from making money from balance transfer and credit card arbitrage to paying down and reducing high interest debt by applying for zero per cent to low interest credit card offers. Those trying to earn money by making multiple balance transfers are usually more focused on finding no fee 0% offers that last for a period of one year and those trying to pay down credit card debt generally have a long time span in mind. Our central point here is to offer some useful and practical help to those struggling with high interest credit card debt. We also help them understand and find more manageable ways of relieving and resolving this financial load.

Credit card debt is especially hard to handle if you compare to other forms of loans for the reason that it is usually associated with high interest rates in excess of 15-20% or more depending on individual’s credit score and history. If the credit card debt remains unpaid for a long time, the interest will continue to accrue, and the balance can balloon out of control very quickly. That’s why it becomes a prime responsibility of people to make a concerted effort towards paying off the debt through regular payment increments. The key to making higher sums of unpaid credit card debt more acceptable while you reduce or make progress on it incrementally is to switch those high interest debts over to accounts that offer lower rates. This can be accomplished by shifting the card balance over to 0% balance transfer introductory APR offers and through the use of so-called lifetime balance transfer credit cards that provide low interest rates. For people who maintain more than average to excellent credit scores, we recommend them to take 0% balance transfer scheme and apply for no interest balance transfers because it offers the least amount of financial investment and no interest is laid on to be borne as long as people continue to pay off regularly each month’s minimum card balance.

The biggest negative point with 0% cards is that the longer duration offers generally impose some type of 3% advanced balance transfer fee. No balance transfer fee is more attractive offers that usually have a very short duration which is limited to 6-12 months periods. Another drawback with 0% offers is that after a period of six months or one year promotional period starts running its course and people will need to apply for another balance transfer card if they like to keep rolling over their interest-free debts. If people anticipate paying off their debt soon within a time period of a few months or within a year, 0% balance transfer is a better option for them.

A large number of people coping with the inability of paying off their credit cards debt in such a short span of time. In addition, many have some tough time managing and handling the stress involved with tracking balance transfer offer expiration dates. They have to worry about if they will qualify for another 0% card offer later on when the time or need arises. Luckily, there are several alternative options for those with considerable amount of credit card debt and options are also available for those who find 0% balance transfers too short and hard to handle.

You may think that the rate you are paying on your current credit card is low, but chances are it isn’t the lowest rate you could be paying. 0% interest rate credit card offers are still available…do you have one? If not, why not? If you don’t have a low interest credit card in your wallet, you may be missing out on a great way to save yourself hundreds of dollars per year. Let’s take a look at some of the ways you can find a low interest credit card today.

Contact Your Current Credit Card Company.

Once in awhile, consumers can persuade their current credit card company to give them a lower rate. Unfortunately, most credit card companies will not budge much on their current rate to you or the rate they agree to give to you is not the lowest available rate going. What a hassle! While you don’t have to get rid of your current card, shopping for a new one is probably the easiest and most pain free way to secure the lowest rate.

Shop For A New Card.

Speaking of new cards, there are hundreds of credit card providers, each of whom wants your business. With bankruptcy laws tightening and consumers shopping more carefully, the competition for customers has sharpened. For smart shoppers, it is a “buyer’s market” when it comes to finding a low interest credit card that meets your needs. Rewards cards are popular and so are credit cards such as Citibank’s Citi Simplicity card which doesn’t charge you late fees. Compare the various offers out there to select the card that is right for you.

Consolidate Debt.

If you already have several credit cards and owe money on each one, consider getting a new low interest credit card with a fixed rate. Many will allow you to transfer balances from high interest credit cards — which are currently charging you 17.9%, 21.9%, or even 24% or more per year — to their low interest rate credit card for a small fee. You can also ask the new credit card provider to waive their balance transfer fee for even greater savings for you. In addition, some will agree to give to you a low balance transfer rate [for example, 6.9%] for the life of your balance. As you might guess, you can potentially save hundreds of dollars per year with this type of an agreement.

In all cases, if you don’t have the lowest rate available, just ask your credit card provider for it. If they are not interested in giving to you a 0% percent rate, start shopping for a new low interest credit card today that is right for you. Take charge of your finances: you have nothing to lose, but plenty of money to gain…what’s in your wallet?

Copyright 2006 Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to credit-card-surplus.

So many of us have a wallet full of credit cards these days. Credit cards are easy to acquire and so we do. We rationalize when we apply for each one that it is a good idea, and we do even more rationalizing when we use each of those credit cards for making purchases. All of this can rack up quit a bit of debt. Paying numerous credit cards can be difficult because it is too easy to make mistakes and forget to budget for one. Also getting hit with fees and interest to numerous credit cards every month can really add up. This is probably why you might be thinking about low interest credit cards for debt consolidation.

Are These Debt Consolidating Credit Cards Worth it?

The answer lies with how disciplined you are and how good of a deal you can find on one. Transferring debt from one credit card to another one will not change the fact that you still have to pay credit card fees and interest every month. If you manage to find a consolidating credit card that has very low interest or not interest for an introductory amount of time then you will need to be very diligent to make sure that your payment isn’t late even once. If you do get a late payment then your good interest rate will raise to make the card very expensive. You would also need to make sure that you cancel all of the cards that you transferred your debt off of or you could just use them again and make your debt even larger. Also be mindful that as with all other credit cards you will need to make more then the minimum payment every month or you will be paying this credit card company for the rest of your life.

What are the Other Options?

There are other options other then low interest credit cards for debt consolidation [http://debtfreemap.com/secure-and-unsecured-debt-consolidation-program/]. You could just concentrate on paying everything extra you have to one credit card while paying the minimums on all of the others until the first one is paid off and closed. Then move on to the next one and do the same until you don’t have any credit cards left. Or if you are in real dyer straits then check out companies that offer debt consolidating loans and credit counseling services.

Credit cards are a modern financial tool which can be used wisely or foolishly.
Contrary to popular belief, credit cards can actually be used to your benefit, but you must be aware of the potential risks and pitfalls involved and most of all, exactly which cards suit your lifestyle.

If you are already in debt, then getting another credit card may seem foolhardy. However when you take a closer look, it could be the answer to your prayers.

The idea of a credit card, at its simplest form, is to allow people to purchase items for which they do not have the cash for. In short, it fulfills impulse purchases. It is understandably extremely easy to run your credit card to its limit in a very short amount of time. Not until you see the bill do you begin to realize the trouble you may be in due to the high interest rates on most cards. That $2000 television can over time turn into a $6000 television.

Low interest credit cards for people in debt can be a good way to pay off the debt faster. It is possible, with some cards, to transfer multiple credit card balances to a new, lower interest card. If you have the aim of paying off your credit card fast, then you will be more concerned with the interest rate rather than any interest free purchase periods (because you don’t plan to make anymore purchases!).

Credit card debt consolidation can lower your monthly repayments and ideally, lessen the total amount you will pay until the balance reaches zero.

You will require a good credit history to be able to take out another credit card if you have existing credit debt. If you have a record of missed payments then banks will be hesitant to lend you more money (which is essentially what a credit card is doing).

When consolidating your debt to a low interest rate credit card, your total balance will not be lowered. You will still owe the same amount before consolidation. The aim is to pay less interest and pay off the debt as quick as possible.

Interest on credit cards is charged on the balance owing, not on the credit limit. Therefore the more you pay and the quicker you reduce the balance, the less interest you pay per month. This leads to lower monthly payments.

Low interest credit cards for debt consolidation are just one option you may consider taking to reduce your monthly repayments.