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Advantages and Disadvantages
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What's the best low rate credit card? There are a lot of factors that you should take into consideration when searching for it. Here's some questions that you'll want to ask yourself when doing your search. Does the card have an annual fee? What rewards will I receive with the card? Can I transfer balances from other credit cards? Below you will find some advantages and disadvantages to look for in credit cards that offer low rates. You'll also find out which credit cards I consider to be the best low rate credit cards.
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Disadvantages of the Best Low Rate Credit Card
Here are some of the possible disadvantages you may encounter when searching for the best low APR credit card:
- Some low rate credit cards have an annual membership fee. This fee is assessed to help offset the profits lost from providing you with a low APR. An annual fee should not discourage your choice if you plan to carry a large balance. The savings will still outweigh the cost of the fee. See the chart below as an example.
- If you're looking to earn rewards, you might be out of luck. A majority of credit cards that provide a low APR do not also supply you with rewards, although a few select cards do. It's in your best interest to not carry a balance if you're earning rewards anyway. The interest you would pay cancels out the rewards you would earn.
- Another disadvantage to low rate credit cards is that they are not available to people with poor credit or no credit. If you do have blemished credit, your best bet would be a credit card specifically designed for people with problem credit.
Advantage of A Low Rate Credit Card
The biggest advantage of a low rate credit card is the money you will save. See what you can save in the examples below.
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Another idea is to find a low rate card that also offers a balance transfer option. What would be better than paying 0% for 6 to 12 months? After that, on my favorite low rate credit cards, you'll still have a low rate after the promotional offer expires. This will save you even more in finance charges.
I hope this gave you an understanding of how much you can save by finding a low rate card. Finally, you will find my opinion of the best low rate credit cards for each of the categories below.
Best Low Fixed Rate Card
Pulaski Bank MasterCard® or VISA®Best Variable Rate Card
Pulaski Bank Visa GoldBest Low Rate Reward Card
Discover® More CardBest Low Rate Business Credit Card
Advanta Platinum BusinessCard with RewardsRemember, this is just my opinion of what I feel that the best low rate credit cards are. If you don't agree, you may want to continue your search. There are hundreds of credit cards out there to choose from. Don't take it just from me, watch for television ads, solicitations by mail, and online information articles about low rate cards. I'm positive you'll find the best card for you.
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