Digital News Report – Outstanding credit card debt is declining according to data provided by the Federal Reserve. The amount outstanding fell 6.4% in January when calculated on an annual basis.
Credit card rates declined according to two surveys. One credit card analysis showed an average rate of 14.15% while another found an average rate of 14.44% this week.
Low Interest Cards
One of the best low interest credit cards is the Capital One® Platinum Prestige Credit Card. The card is designed for people with excellent credit and there is no annual fee.
There is an introductory period of zero percent on all purchases and balance transfers until June 2012. The card has an ongoing variable rate between 10.9% – 18.9%.
Balance Transfer Cards
The SlateSM from Chase is a great balance transfer card. There is an introductory period of 18 months. Slate also offers Blueprint which helps borrowers pay-down their balances faster with lower interest.
The ongoing rate is variable between 11.24% and 22.24%. Barrowers will need excellent credit scores to get this card.
There are many cards that offer some type of reward. The Capital One® VentureOneSM Rewards Credit Card is a good one. There is an introductory period for purchases until March of 2012. There is no limit on airline miles you can earn and the miles will not expire.
Customers can fly on any airline at any time with no blackout dates.
Besides travel, cardholders can use their points for merchandise, gift cards and more. There is no annual fee on this card.
By Tina Brown