A low APR credit card is only available for the very best customers. A July 2008 Consumer Action credit card survey revealed that the average interest rate on an outstanding charge card balances was 13.54%. However, of the 41 banks surveyed, rates varied between 6% and 22.75%. This illustrates the importance of comprehensively checking the entire market for the cheapest credit card rates.

Get Approval for the Lowest Interest Credit Card Rates

Rising levels of default have resulted in an increase in the median interest rate, but it is still possible to qualify for a more competitive deal. This means that approval is far more likely to be granted to those who actively use their charge card, are in stable employment, have a low income to debt ratio and have a reliable repayment history. Financial institutions want profitable customers who won't default.