Probably, many of you got low interest credit card offers in mail. Some of you probably think that these cards are simply great and are ready to jump on these offers right away. But you really have to hold your horses!

Before you decide that low interest rate credit cards are right for you, there are several things you have to know about them. These cards are not equal! Even the phrase "low interest" can have different meanings depending on the credit card issuer or on the type of charge.

Remember that the next time you get the credit card applications in mail; make sure that you read the fine print attentively before signing up. Many credit card companies will promise you extremely low interest rate and even no interest, but these rates will not last forever! Check the terms and conditions of the card and you will find out that these rates are only good for the introductory period, which can be up to 15 months, but usually it is from 6 to 12 months.

If you are planning to make a big purchase or want to transfer your credit card debt from a card with high interest rate to a low interest credit card, the low interest credit card offer can be very helpful! You can pay off your balance in full before the introductory period is over in order to take full advantage of the reduced interest rates.

You should also check to what types of charges the low rate applies to. You can pay 7% interest on purchases and at the same time 20% or even more on balance transfers! Remember that even the best credit cards can be not so great in reality!

It is also very important to see the company's policy on universal default. If your credit card company participates in it, you should look for a better credit card deal. Universal default means that your credit card interest rate can be increased any time you are late with your payments. Your rate will be increased not only if you don't make your credit card payments on time! If you are late with your car or utility payment, your credit card interest rate could be affected! That's why it is a good idea to avoid universal default.

Another factor you should consider is the grace period of your credit card. It is the time you are given between making purchases and having those purchases start to accrue interest. 22 days is an average length of a grace period, but some credit cards don't offer one anymore. That's why it is worth looking for a card that does.

Very often things sound great from the first sight, but it is always important to get into details in order not to get fooled! You should be an educated credit card user and find out everything about the card you are signing up for. Low rate card offers sound really great, but you have to make sure they are for real.

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