It is true. First-world countries like the United States of America could never be the same without the almighty credit card. According to research studies, an average American family maintains at least eight (8) credit cards, with emphasis on “at least.” Having a card is a staple in the American lifestyle. Research studies, however, have another alarming finding: the fact that most credit card holders are in debt, or are having problems with credit card companies.

One dilemma for credit card holders is the incredibly high rates that companies prescribe for consumers. It is a fact that most card applicants overlook the Annual Percentage Rate (APR) of a card because other features seem to be more important. For example, a 5% cash back incentive, and welcome gifts (a pair of Ray Ban wayfarers or a Prada purse) will surely be noticed more than an APR that dictates a whopping 22.99%. The result is that most card holders end up with cards that have expensive APRs.

Yes, this credit card game could indeed be nasty. However, it is not necessary to give up on the wonder of credit cards just yet. You could still repair your problem by replacing your card with a low interest rate credit card.  If you have a good credit standing, but just realized that you also have been paying high APR for a good number of years, you can convert existing cards into a low interest rate credit card.

For starters, know that there are two kinds of a low interest rate credit card. The first type will give you an introductory 0% APR for a certain period. The second type will offer you a fixed low rate that ranges from 11.99 to 14.90%.

What is good about a low interest rate credit card that has 0% APR is that you get to enjoy making purchases for six months without any interest charged on your account. Thus, you get to shop without money and pay for items or services in their actual value. The only catch is that offers like these most often peg a variable APR, so that you have to handle changing rates over the years.

A fixed and low APR is ideal for you if you are willing to forego the six (6) months APR-free shopping spree, as long as you get a fixed low rate all throughout the years.

No matter what deal you pick, managing your personal finance with a low interest rate credit card is quite a wise move. Go for it!

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