The interest rate is what causes so many problems for people.  When a person charges something to their credit card and does not pay it back before the end of the grace period the credit card company charges interest on the balance.  Interest is a percentage of the balance.  For example a $100 balance at a 10% interest rate equals $10, so now instead of owing $100 a person owes $110. 

After time this really begins to add up and eventually a person who is making only the monthly minimum payment is really only paying the interest accrued.  That is why people get trapped into credit card debt so easily.  Cards that offer a low interest rate offer a chance for a person to pay down their actual balance.

However, the low interest rate usually comes at a price.  The credit card companies make their money off interest and fees. When they offer a low interest rate they usually make it up in fees. When a person is looking for a low interest rate credit card there are a few things they must watch out for. Many companies instate an annual fee. The annual fee can end up being as much as the interest saved. 

Many times the low interest rate is only temporary. If the offer say introductory then the interest rate will go up. A person should check out how much the interest will go up because many times they are higher verses other credit cards. They also jump up other fees like balance transfers or over limit fees. These are all things a person must look for when choosing a low interest rate credit card.

Low interest rate credit cards can be a good deal if a person chooses wisely. Usually, though, to get the best low interest rate credit cards a person needs to have very good credit, which includes low average credit card balances. Even so, a person with less than perfect credit may be able to find a low interest credit card that works for them.