If you possess vs credit cards, it will not be uncommon for you to constantly receive offers on low interest credit cards that will offer you 0% on balance transfers, low APR% and so on. However, before you jump in an sign up for one of these low interest credit cards, you must be aware of the following aspects.
The offers for low interest credit cards will usually come with some really small fine print. Many people who sign up for low interest credit cards are those who do not read through the fine print. Sometimes, the fine print will dramatically reduce the cost saving appeal of low interest credit cards as the card might have several loopholes that will actually cost you money instead of saving you money.
Some of these loopholes and dirty tricks used by credit card companies are discussed below.
Things to watch out for while applying for low interest vs credit cards
0% balance transfer – What will you pay after the offer period?
Most of the low interest credit cards will offer a 0% balance transfer for a period of about 6-9 months, depending on 
the card issuer. If you plan on paying off your credit card balance within this time period, it would definitely be a good idea to avail the new low interest credit card. However, if you are still going to be making payments on your credit card beyond the introductory balance transfer period, you must take a serious look at the applicable APR% that will then be charged on your balance. Some low interest credit cards will actually charge notoriously high interest rates after the end of an introductory period.
Also, some of the low interest credit cards will require you to spend a certain amount on their credit cards to avail the low interest APR. Toss such offers into the trash as there are many credit card companies that will not require any kind of minimum spending to give you a low interest on your credit card.
Is it a good idea to constantly sign up for 0% balance transfers offered by various credit card companies?
Initially, it might seem like a good idea to just keep transferring the balance of a vs credit card to a new credit card that will offer 0% balance transfer. For example, a person might be paying 20% interest on an outstanding balance of $1,000. They might get an offer in the mail that will allow them to transfer their credit card balance to a new credit card account that will not charge them any interest for 6 months. As the 6 months come to an end, one can again look to transfer their credit card balance to another low interest credit card offer that will offer a 0% balance transfer for another 6 months, not paying any interest in the process.
While it is perfectly legal to do the above, one must understand that their credit score will drop every time they apply for a new credit card, whether or not they get approved. So, while it may seem like a street smart option to save money on interest, it is never a good plan for establishing long term credit that will be credible.
