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While I’ve never carried a balance on my credit card before, making sure the card offered a low interest rate was always important to me. While I never intend to carry a credit card balance, I’m also a realist. I recognize that sometimes you can’t control what you can or cannot do. Things get out of your control and during those times it’s important to make sure that you’re prepared. Should you ever need to carry a credit card balance, it’s important to make sure that the cards you choose offer a lower interest rate. When I analyze credit cards, I usually look at the rewards program first, then any special offers, followed by the interest rate.

I separate the list into two camps – those who are currently battling debt and those who are like me, looking with a more preventative eye. I’ve listed those cards that are strongest for credit card debt warriors first. All the cards are suitable for those in debt, but the Citi Platinum Select and PenFed Visa Promise cards are likely best. The Discover® More and Chase Freedom, the third and fourth card listed, are better for those without debt since they offer rewards but slightly less attractive APRs for existing debt.

Citi Platinum Select Mastercard

If I needed a balance transfer and had to choose one card, the Citi Platinum Select Mastercard ^[3] would be my first pick. They recently unveiled a new program where they would offer 0% APR on balance transfers and purchases. If you look around online, the longest anyone else offers a 0% anything is twelve months.

There is no annual fee and the Citi Platinum Select does not have a rewards program.

PenFed Visa Promise

The Pentagon Federal Credit Union is a credit union that has gotten a lot of publicity because of the great products they offer. Their PenFed Visa Promise ^[4] card certainly falls into that category when it comes to a low interest credit card because there is an low introductory interest rate.

• Absolutely no fees!
• 7.49% introductory purchase APR for first 36 months! After that, the APR will vary with the Prime Rate, and is currently 9.99% APR.
• No-fee cash advances carry a 17.99% APR
• No Foreign Transaction Fees!
• Some restrictions apply.
• You must be a Pentagon Federal Credit Union member to apply. Not a member? It’s easy to join. Click here ^[5] to learn more.

  Apply Now! ^[4]

The only downside of this card is that there are no rewards. If you are currently battling with debt, this is an attractive low interest rate card.

Chase Freedom® Visa – $50 Bonus Cash Back

The Chase Freedom® Visa ^[6] has, what I consider, the big three features of the “perfect” credit card and why it rounds off our section for the preventative crowd:

• 0% Intro APR for 12 months on balance transfers – a variable APR as low as 9.99% -22.99% after your 0% ends
• 0% Intro APR for 6 months on purchases – a variable APR as low as 9.99% -22.99% after your 0% ends
• $50 Bonus Cash Back after your first purchase
• 5% Cash Back on up to $1,500 spent on Gas, Hotel and Airline purchases from 7/1/11 – 9/30/11
• You’ll enjoy new 5% categories every 3 months like grocery stores, dining, department stores and even home improvement stores. It’s free and easy to activate your bonus each quarter!
• Unlimited 1% Cash Back on all other purchases without limits on what you can earn
  Up to an additional 10% Cash Back when you shop online at select merchants through Chase
• Cash back rewards never expire.
• No Annual Fee

(Photo: mangpages ^[7])