Everyone would love to have a low interest credit card. Unfortunately, low interest credit cards are usually reserved for those that have an excellent credit history. However, those with a less than perfect credit history maybe hard pressed to find a low interest credit card for which they are qualified.

When shopping for a low interest credit card you have to read all fine print that comes with it. Some credit cards offer a low interest rate for a short period of time. As an example, the rate may be offered for five percent for first six months and then after that it may go high as 15 or even 20 percent regardless of your payment history. Additionally some rates advertised by low interest credit cards are valid only for the amount of balance The amount of purchases may have a different, usually higher interest rate.

Some low interest credit cards offer of variable rate interest rate, based on a prime rate.

That rate can be anywhere from 5 to 20 percent above the prime rate. Try to stay away from the variable rate cards because one of big disadvantages is that the payments can increase whenever the prime rate changes.

Make Payments To Keep Low Interest Rates

It is important that once you have a low rate credit card to also keep it. You can do this by continuing to have a good credit history. If you start to miss payments you will trigger additional charges to your account, and also increase you rates, sometimes drastically. For example, one of the more popular low interest credit cards offers a seven and a quarter percent interest rate on purchases and transfers. If you miss two payments within a six-month period you will have your rate increased to 15.25 percent and it will be in effect until six consecutive payments are made on time.

With many of the low interest credit cards, it is not uncommon to be slapped with a $29 charge on a late payment and another $29 for going over a credit limit. If you do have one of those low interest credit cards make sure to keep your balance close to zero.

If your payment gets there late, you will not only be charged the late fee, but if it raises the balance above your limit, you will be charged the additional fee. Miss two payments and you will be charged this theoretical $116 in fees and watch your interest more than double.

CLICK HERE for a list of low interest credit cards

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