Here's the Basics:

0% APR credit cards use a "teaser" or "intro" rate to attract new card holders (and new purchases). For a specified period of time-- sometimes 12 months or more, you won't pay any interest for new purchases and / or balance transfers. If used properly, you can save a ton of money transferring an existing balance or making new purchases with this type of credit card. But be aware, the 0% APR doesn't last forever! And after the introductory period is over, the ongoing rate may (or may not) be higher than the average credit card APR.

Low ongoing rate credit cards have an upfront, low APR. While this rate may be variable or fixed, the rate isn't an introductory or "teaser" rate that changes after a set period of time. The better your credit is, the better the rate you'll receive. Luckily, many low ongoing rate credit cards on our site also include a 0% introductory APR as well!

Here's the Pro's and Con's:

  0% Intro APR Credit Card:

PROS:

Save money on new purchases you can pay off quickly. Save money by transferring existing credit card balances. Carry your debt interest-free by transferring cards regularly.

CONS:

0% APR doesn't last forever! Could cause overspending or misuse of card. Interest charges could compile after intro period ends. May have higher ongoing interest rate afterwards.

  Low Ongoing APR Credit Card:

PROS:

Save money on LONG-TERM charges. Don't have to "switch" credit cards to save money. No surprise rate increases after intro period.

CONS:

Don't gain the benefits of paying 0%! Don't save as much on balance transfers and new purchases.

The Best of Both Worlds:

A 0% APR can save you a ton of money! You can save on new purchases and balance transfers. But a low ongoing APR might be better for LONG-TERM charges. Why not take advantage of both! When you're shopping for your next credit card, try to find an offer with a 0% intro APR and a low ongoing APR. Then determine which features are more important to decide which card is best suited to your overall needs.
 

Other Related Articles:

Choosing the best low APR / 0% credit card: Find out what factors you should consider when choosing a low interest or 0% APR credit card offer.   Save money with low interest / 0% credit cards: Start saving money with a low interest or 0% intro APR credit card. We'll show you how to benefit from both!   Using 0% APR credit cards to become debt free: Find out how you can use 0% APR credit cards to save money on interest and become totally debt free!   Variable vs. fixed rate credit cards: After your intro period is over, which is better; a low variable rate or a low fixed rate? We'll show you the pros and cons of both!