The best credit card rates are a combination of the interest rates for purchases, balance transfer, and cash advances as well as the other fees charged by the card issuer. It would be easy to look at only the purchase interest rate and pick the lowest one, but it would not necessarily mean that you were getting the best deal or saving the most money. Interest rates are an important factor, but so are fees. More important is an understanding of how you spend and use credit cards so that you get the best rate for your lifestyle.
For example, a card that has no annual fee might seem like an excellent deal but that card will probably charge higher interest rates. If you are going to use your card often and carry your balance from month to month those interest fees will wind up costing more then you would have spent had you paid an annual fee. At the same time, a card that has a lower interest rate might have a higher annual fee. It is easy to see that the numbers do not always tell the whole story when it comes to deciding what are the best credit card rates.
Instead of looking at the rates alone you have to evaluate how you spend. Those people who usually revolve the balance on a card need to have the lowest possible interest rate, even if it means they spend more on their annual fees. People who rarely carry a balance on their card can accept a higher interest rate in exchange for low or no annual fees. Other factors to consider are the interest rates on balance transfers and cash advances. If you plan to do a balance transfer you will need to evaluate how long it will take you to pay off the debt. Then, choose a card that gives you the lowest rate for that length of time. As a general rule, cash advances are an unwise choice because the interest rates obscenely high. But, if you need them try to find the lowest possible rate.
In all cases the best credit card rates directly relate to your spending. You might need to consider having more then one card for your different financial needs. If you do a balance transfer you might need an additional card for purchases so you do not wind up paying excessive interest on the purchases while trying to pay down the balance transfer.
