Are you currently looking for a low interest credit card, only to find that many have either been switch to a variable interest rate or completely disappeared? If so, you are like millions of other Americans that seem to be searching in vain. However this does not have to be the case as it seems the new places to look are smaller banks and credit unions.

According to an article entitled "Credit Unions Offer the Best Low Interest Deals" when it comes to the largest credit unions, interest rates are considerably lower than many of the major national issuers. Not only that, it also seems that consumers can expect other fees that have been added or increased by many of the major issuers to be much lower at credit unions if they exist at all.

So why hasn’t everyone who has had their credit card terms changed dramatically moved over to get low interest credit card from a credit union? For some it could simply be the fact that credit unions are on a membership basis with many requiring a deposit be made with that institution. In addition to that, traditionally when getting credit extended the limit may be too low to make the purchases traditionally made on many other credit cards. As for the other reason, it is that millions of people are trying to be debt free, and for them plastic is one option that is not an option.

With even higher interest rates expected by experts in the future before the CARD Act is fully implemented, millions of cardholders have already seen their interest rates raised above 30 percent. For many that have tried to negotiate with their issuers unsuccessfully the only option has been to rid themselves of using credit cards altogether. While ridding yourself of your plastic may be for some, it is certainly not for all especially those who have their credit built on those cards. This is where an article entitled "How to Take the Sting out of Credit Card Rate Hikes" comes into play. It has many helpful tips on allowing you to keep plastic even if you have to go somewhere else.

From this article consumers will learn tips on the following strategies:

• Have back-up credit cards in place
• Shop for low interest credit cards
• Call your credit card company
• Phase out your high-interest credit card
   

While they might not sound like much, when compared to paying more of your hard earned money, this information can take you a long way. As with any advice that you receive regarding your credit cards, it always makes since to go in the direction that will leave you financially stable and if that means just not having a credit card, than by all means just get rid of your card and focus on paying off the amounts you already owe.

When it comes to choosing a low interest credit card, does whether it have a fixed or variable interest rate make a difference? If so, you will have fewer choices of fixed rate credit cards as JP Morgan (Chase) and Bank of America have opted to change many of their credit card options to variable rates. The reason for the switch, changing cost and U.S. curbs on pricing from the Credit Card Accountability, Responsibility and Disclosure (CARD) Act being signed into law earlier this year.

For Chase, the largest credit card issuer among U.S. banks, changes are due to increased cost of funding credit card loans. Bank of America stated that they took in consideration the implementation of legislative and regulatory changes from the CARD Act, which to Bank of America will limit their ability to re-price cards based on changes in economic conditions and risk of cardholders. Both have stated that the variable rate will be based off the prime rate.

So when will these new variable rates take effect? Bank of America looks to start their new rate structure in August. Although I don’t know the exact date for Chase cardholders it is said that they received forty five day notices earlier in the year, so the change should occur very soon if it has not occurred already.

It is said that a smart consumer selects a credit card that matches his or her spending and payment habits. If in your case it happens to be a low interest credit card you are not alone. In fact nowadays, more and more consumers are looking for a credit card with low interest rates to save more money on new purchases and balance transfers. When looking for low interest credit cards that are a couple of things that you may need to know, which will allow you to feel more comfortable about your purchase and most importantly, save money.

When choosing a low interest credit card, you need to remember that there are two different types, a low fixed rate credit card and a low variable rate credit card. Most experts and consumers alike will tell you that a fixed rate is the better option due to how issuers are able to raise rates, if that happens. With a fixed rate your interest rate can go higher but the change is not without warning, as credit card issuers are required to you 15 days’ notice before the change. With a variable interest rate the issuer can change your rate without prior notification.

Also when choosing a low interest credit card or any credit card for that matter, you should look for one that offers a low introductory rate for an extended period of time. Usually lasting no shorter than six months, there are plenty that have a zero percent introductory rate on new purchases and some on balance transfers. If you decide to go with an offer with an introductory rate always know when the introductory period expires, and what your interest rate will be.

In closing, there are plenty of great low interest credit cards available if you qualify for them. Knowing and understanding the difference between them can save you even more money in the long run.

During a time when many Americans have seen their interest rates rise and credit limit decrease, there is one type of credit card that almost seems like a myth. That’s right, I am talking about credit cards that are tabbed as low interest. If asked, many people may tell you that they don’t exist or the interest rates will change after the first couple of months of making purchases with the card. The fact is that there are still low interest cards around, but due to the tightening of criteria and decreases in lending the cards are harder to obtain. 

Even more so today, for most low interest rate credit cards you may need to have excellent credit. So if you are looking for a great credit card and meet the requirements; the options are plentiful and the rates are low. For example, take the credit card from Simmons First National Bank which could very well have one of the lowest APRs in the country.

When looking at a low interest rate credit card, one must remember that the rate itself could pertain to purchases, balance transfers, cash advances, or even all three. So please read the terms and conditions closely, as this can help determine if this is the right card for you.