Low APR Credit Cards:

Lots of credit card companies offer low APR rates or no fee balance transfers, but are you really getting your moneys worth. Depends on the fine print say many experts. You may get an offer in the mail for 0% APR on balance transfers to a new credit card. If the balance transfer fee is minimal, then this a good option to lower your interest payments each month on a credit card debt. On the other hand, if you plan on using the new card to charge things, you may be surprised that the interest rate on purchases is really high. As with all things that are too good to be true, look into the details of the APR rates on transfer and purchases to see how long they last and if there are any fees just to do the balance transfer. Many wise consumers will take advantage of the 0% APR offers for 6 months or 1 year when opening a new credit card. If you use balance transfers to much, we have heard that it will effect your credit scores, so don't make it a habit of transferring your debt every 6 months or so.

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There are some credit card companies that offer low APR rates on regular monthly purchases, and those are the cards you should be looking for. Don't get tricked into taking the 0% APR offer if you may not be able to pay off the loan in the given time period since many of those 0% APR deals turn into 25% APR or more after the grace period and if you are late on payments with those cards you pay a hefty premium. The marketing behind those cards is to take advantage of people who never seem to pay off their credit cards and probably never will. Credit card companies therefore target those consumers with offers in the mail all the time hoping you will signup for a free grace period with low APR rates. The catch to the whole thing is that when your 6 months or 1 year ends up you will still owe money on the debt and the interest will really startin accruing on the account. Avoid all these offers unless you can guarantee you will have paid off the balance in full within the alloted time. Many low APR credit cards are offered by banks that may not be mainstream in your home town but are recognized nationally like Wachovia bank. Bankrate.com does an excellent job of following the top low APR credit cards and offering a direct comparison between cards. Ultimately you need to decide if you want a credit card with a low APR on balance transfers or purchases as rarely do you get both. Below we have tried to list a few choices in each category so you can choose the best one for your situation.

Best Low APR Credit Cards:

Wachovia Bank has always offered competitive credit card rates and they are an excellent company to get a credit card from if you plan on playing your monthly bill in full most of the time. There are no annual fees, 0% APR is offered for six billing cycles on balance transfers, and their rates are as low as Prime + 1.99%. You can apply online for the Wachovia credit card right on their website at Wachovia.com. Another good credit card offer is from Pulaski Bank & Trust Co. with a 7.99% APR (as of 2/7/2007) on purchases and cash advances. There is a 0% annual percentage rate for balance transfers for 6 billing periods. There is an annual fee of $35 for the VISA or Mastercard, but that fee is well worth the low APR you may get. Lastly, the Capital One Platinum: Prestige credit card is perfect for those with great credit. You could get an APR at 7.9% with no membership fees, no balance transfer fees, & fraud protection. Minimum credit limit is $2000 and some are started with credit lines up to $20000. You can find more details and the latest available rates online at Capitalone.com.

Balance Transfers:

It's hard to find a bank that doesn't offer a credit card with 0% APR on balance transfers. The real question is how long does the rate last and is there a fee to transfer the money. Periodically transferring a balance from a credit card with a high APR rate to one with a lower rate is a good idea to save you money, but don't let it become a habit. Credit card debt is perhaps the biggest issue weighing down Americans and learning how to stay debt free is a good skill acquire. Certainly paying off $5000 with zero percent APR versus 15% is a huge difference over a year. Instead of paying $750 in interest charges over a year, you will pay nothing. Making sound financial decisions can save you $1000's over the long run and it usually starts with the credit cards you use everyday.

No Fee Credit Cards:

One of the biggest complaints that consumers talk about is that they get too many offers each week from credit cards competing for their business, or debt. What all wise consumers should do is pit those credit card companies against one another to find the best available low APR credit card that benefits you and not them. Look for a credit card with no balance transfer fees, no yearly or annual fees, and a low APR % on all purchases you make going forward. Start with the list above and also take a look at your mail and read the fine print before making a decision. Being in debt is no fun and it doesn't have to be a part of your life if you choose to take a different path financially.

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