Comparing Low Interest Credit Card Cards
August 18th, 2010
When you try to compare low interest credit cards, you may find some cards that offer an ongoing rate of 11%. If your spending is always up and down, and you find yourself going through a pattern of having a balance that you can’t pay off in a few months, this may be the card for you.
Compare Low Interest Credit Cards
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 Bankwest Breeze MasterCard | 10.99% | 4.99% for 12 months | $69 | 21.99% |
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 Suncorp Clear Options Standard Visa Card | 12.74% | $27 (Usually $55) | 21.99% |
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Low Introductory Rate on Purchases
Sometimes, when you compare low interest credit card cards, you’ll find these types of cards that offer a lower rate on purchases that are made within a certain time frame after you activate the card. This could be three to six months, or it could be a year or more. You could find that it’s even less than that if there’s a balance transfer offer included.
Making a Low Rate Balance Transfer
You’ll find this deal attractive when you start to compare low interest credit card cards. With this type of card, you’ll usually have a low rate of 0%-9%, depending on the card’s terms. You’ll usually find that six month deals are 0%, while twelve month deals can be 3% or even 5%.
And life of the debt deals can typically be found from 5-9%. You may think that the 0% deal sounds like it’s the obvious choice, but it really depends on how much you owe and whether or not you can pay off your debt in a timely manner.
Which Card is For You?
When deciding on a card, only you can decide which one is right for your needs. If your financial situation is grim, you will need a card that fits your situation. You need to take care that you aren’t choosing a card that looks like it’s a good fit for you only to find that the terms and conditions state otherwise. You can find credit cards that have low rate deals, but you need to make sure that’s all you’re getting.
When you combine a 0% balance transfer and a 0% deal on purchases, you can only work with this if the period works at the same time. If there is any offset in time, such as the purchasing deal lasts for a little bit less time than the transfer deal does, then you could find that you are suffering from the adverse order of payments rule.
This rule is where your cheapest debt is taken care of first and foremost, which leaves your expensive debt to grow with no stop to the interest. If you have a low credit card balance transfer deal, you need to make sure you never buy anything with it.
You must always look at how much you have to pay to hold the card yearly, and all the other benefits you get with the card. All of these elements should factor into your final choice of whichever credit card is for you. However, whatever you happen to do, ensure you think things over very carefully before apply for any cards.
Editors Choice: Featured Credit Card Deals
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 Westpac 55 Day Credit Card | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 | 21.49% |
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 Citibank Clear Platinum Card | 11.99% | 2.9% for 12 months | $99 | 21.74% |
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