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Digital News Report – There are several types of credit cards including low interest, balance transfer and cash-back cards. Low interest rate cards have become very desirable, especially for those who may carry a balance.
The lowest rate card we found was the Chase Freedom® Visa. The card had an APR of 9.99% (variable) with 0% on balance transfers for 12 months. For the first six months there is 0% percent interest on purchases. The variable rate will depend on the prime rate that banks charge other banks.
The interest rate could go as high as 22.99%, but the card also offers a $50 cash back bonus after the first purchase. Plus, earn 1% cash back on all your purchases.
The savings don’t stop there. The bank offers quarterly bonus categories that rotate. The categories include gas, groceries, dining, department stores, airlines, hotels, even home improvement. You can earn 5% cash back depending on what you buy.
From January to March of 2000, customers who use the card can save 5% at grocery stores and drug stores. From April to June cardholders can save at on their home improvements, furnishings and garden supplies. Just in time for the travel season, save 5% on gas, airlines and hotels from July through September.
During the last three months of 2011 customers can save on dining department store purchases, movies and charities. Each quarter cardholders can save up to $1,500.
Some online purchase can save the cardholder 10%.
There may be a $10 or 5% balance transfer fee, whichever is greater. Cash advance fees are charged at the same rate. There are also $35 late payment fees and over the credit limit fees.
The penalty rate could go as high as 29.99%. These penalties are assessed if the cardholder fails to make the minimum payment. There may be other reasons as well.
By Tina Brown