A low interest credit card can definitely help you save in a number of ways. Adults who have taken the time to build a strong credit history and manage their budgets properly can use low interest rates wisely in a number of situations including:
- Debt Consolidation: Digging yourself out of a financial hole is a lot easier to do when you can keep track of what creditors you are working with. If you are swimming in credit card debt, there is a good chance that your high credit card interest rate makes getting rid of debt more complicated. If you secure a low interest credit card, you can transfer the balances to your new low interest rate credit card (to the maximum of the new credit line). Not only will you condense all your outstanding debt into one, lump sum, but also you can save hundreds of dollars in interest if you handle it properly.
- Shopping Power: It is impossible to predict when a major appliance will die, but they do. If you unexpectedly have to pay for a new refrigerator, car repair or any large ticket expense, a low interest credit card will provide you with a cheap way to borrow cash in a crunch.