Low APR for Life

There are two ways of looking at "Low APR for life". One option is to take a look at the credit card issuers who provide fixed low rate balance transfer cards. Although there is now only one credit card company offering this kind of deal, we expect more to follow. These long term balance transfer offers, rather than introductory rates, could actually be one of the great undiscovered secrets of the credit card industry. The second option is to consider the best low interest credit cards, although these credit cards often require a strong credit score.

Long Term Fixed Low Rate Balance Transfer Cards

The best credit card (and now the only credit card) for fixed low rate balance transfers is the Capital One Platinum, which provides a long term balance transfer rate of 3.9% (with a 0% purchase APR for the first six months followed by a standard purchase APR of 10.9%).

The Barclaycard Classic was also launched in a blaze of publicity, offering a long term rate of 0%, however this required a mininum monthly spend of £50 (charged at a purchase APR of 17.9%) and Barclays were dogged by controversy over this policy, subsequently changing the card so that it now offers 0% on purchases and balance transfers for 9 months.

For this sort of offer to apply, you will need to have borrowings which can be transferred using this deal - although some credit cards such as the Egg Card are able to accept balance transfers from just about any kind of borrowing, including loan and overdraft balances, the current "low APR for life of balance" deal is only available if you have credit card or store card balances to transfer.

These interest rates are at least as attractive as some of the best personal loans available, without any of the strings which can be attached to a secured loan.

The main factor to look for with these balance transfer offers is the interest rate, as other credit card features are not likely to be all that relevant. We are assuming that if you take out this long-term balance transfer, you will not be using the card for any other reason, as if you do this, your increasing debt will start attracting interest at a higher-rate.

Low Interest Credit Cards

The second option is to consider the credit cards which offer the lowest standard APR. This is really only an option if you have a good credit score, otherwise you are likely to be rejected at the application stage, or offered an interest rate higher than the advertised rate.

With an APR of 9.6%, the Cahoot credit card would be considered one of the cheaper credit cards available in the UK, although this has recently risen from a much more attractive 8.6%. Cahoot used to offer two types of card, the Cahoot Fixed Monthly Fee being the better option for those with debt, however the company have now discontinued this card. The 9.6% card is aimed at individuals that clear their credit cards most months, but may occassionally carry a balance from month-to-month.

Why not click below to read the reviews on these Low Interest cards.

Card Name	Issuer	Rating	Review
Credit Card	Intelligent Finance		Read Review (15/03)
Simplicity	Barclaycard		Read Review (15/03)
No Hassle Platinum	Capital One		Read Review (15/03)