It is important to find low interest when getting a credit card. Low interest credit cards can save you a lot of money over time. A great number of bankruptcies are declared each year because of overwhelming credit card debt. Low interest credit cards can help you avoid such a situation.

You can find low interest credit cards by shopping around. Conducting your search on Internet can help you browse through wide variety of credit card choices available.

You may have seen many advertisements for low interest credit on TV or newspaper. Many of these offers require a person to have good credit. Sometimes low interest credit card advertisements may only state introductory rate. The introductory rate is only applicable for a stated period of time and it will increase after period has expired. Therefore it is important to find out what long term APR is on any given credit card. The introductory rate can be as low as 0%.

Low interest credit cards can be great to transfer balance from your old credit cards. This means you will end up paying a lot less interest on your balance. Make sure that your low interest credit card accepts transfers and find out if there is a transfer limit.

Low interest cards may not have many additional offers and rewards on purchases. Low interest credit cards are best for those people who normally carry over a balance each month.

Its fun to play with financial calculators and see what might happen.

If you have just graduated from college and are about 22 years old and if you put $100 a month in an IRA that grows at 10% a year, you will have around $865,000 at age 65. 10% a year is about what you should expect if money was placed in a no-load S&P 500 Index Fund.

So for about $23 a week or $3.30 a day you will be close to being a millionaire.

If you contribute full $4000 a year allowed right now (rising to $5000 in 2008), you would have $2,600,000. For about $11.00 a day, you would have a small fortune.

If you didn’t want to take a chance with stock market (after all, it goes down sometimes), you would still have over $600,000 if you could get a 5% return.

If your grandmother leaves you $10,000 in her will and you invest it for same 43 years at 10% without adding another cent, you’d still have over $600,000 if you placed it in a tax sheltered account.

Time and power of compound interest are on your side. So if you’re in you twenties, do whatever you have to scrape together that IRA contribution. Every day you procrastinate is another day your money is not working for you.