Shopping for a credit card is something that should be done after taking a range of factors into account. For instance, how much you can afford to repay, your credit score as well as credit card interest rates. 

While it’s important for you to be able to get a credit card at reasonable rates, you also need to ensure that you get a credit card that’s suitable for your needs.

Getting a credit card with the lowest interest rate should be a priority. Keep in mind that the lower the interest rate on your credit card, the lower your repayments will be.

A credit card with the lowest interest rate may be ideal if you make regular use of your card and know you won’t be paying the balance off in full each month. Ideally, you should be ensuring that the balance on your credit cards should be paid in full each month.

Most credit cards will come with a variable interest rate, linked to the Prime interest rate.

The key to managing your debt is to ensure that you are not paying vast amounts in interest in the first place.

When trying to find a credit card with the lowest interest rate, you should do your homework. Make sure that you shop around and compare various credit card offers. Comparing credit card interest rates is a must.

Types of credit cards with the lowest interest:

  • Low interest rate with introductory 0% purchase rate
  • Low interest rate with balance transfer
  • Premium low interest rates

How to compare credit card interest rates: 

Consider interest free days. Most credit cards come with up to 55 days’ interest-free credit.

Consider the revert rate. Some credit card some with an interest free period, after which standard interest rates are charged on the credit card.