Everyone needs credit these days and credit cards have become a part and parcel of everyones life. But man has woven a credit card debt trap around itself. To avoid this debt trap low rate credit cards have been introduced. A low rate credit card is usually for those who hold a good credit history and have considerable repayment capacity. For example the student credit card is generally not a low rate credit card. The travel cards issued by some of the reputed merchants like British Airways, NorthWest Airlines etc are cards that attract high interest charges.
If someone carries a large balance on a high interest credit card then transferring the balance to a low rate credit card can save some honest money. Low rate credit card ensures paying off large outstanding on numerous cards at an attractive low interest rates. Some cards offer 0% APR on balance transfer and cash advances from six months to twelve months.
The rates involved in calculating the finance charges are usually the interest rates. Other charges include the late payment fee, over limit fee, rates applicable after the introductory period, etc. For those who carry a large balance on their cards...
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