There has never been a better time to consolidate your credit cards and get a far better interest rate. There are many offers out there but they all offer pretty much same thing. The only thing that varies is APR 0% balance transfer period and possibly reward points for using card.

With all these cards on offer you can be very selective and apply for a card that suits your needs and spending habits.

Looking to consolidate you existing credit cards?

Points to consider:

How long is 0% balance transfer period for?

These can usually range between 6 and 9 months. These periods of 0% interest may seem attractive but make sure you know what APR will revert to after period comes to an end. Read fine print as some credit card companies will expect you to spend a min amount to secure this low rate. Don’t fall for this as there are many that do not expect you to spend anything.

Do you plan on clearing balance within 0% period?

The first step in choosing a credit card is determining how you will use it. If you expect to always pay your monthly bill in full--and other features such as frequent flyer miles don't interest you--your best choice may be a card that has no annual fee and offers a longer grace period.

ID you sometimes carry over a balance from month to month, you may be more interested in a card that carries a lower interest rate (stated as an annual percentage rate, or APR).

If you plan to frequently use your card to get cash advances (from bank or an ATM), you'll want to look for a card that carries a lower APR and lower fees on cash advances. Some cards actually charge a higher APR for cash advances than for purchases.

Another major consideration in choosing a credit card is APR--annual percentage rate--the way of stating interest rate you will pay if you carry over a balance, take out a cash advance, or transfer a balance from another card. The APR states interest as a yearly rate. A single credit card may have many APRs. For example, your card may have one APR for purchases, another for cash advances, and yet another for balance transfers.

There are also tiered APRs where different rates are applied to different levels of outstanding balance. For example,, 16% on balances of $1-$500, and 17% on balances over $500.

A penalty APR is another possibility. The APR may increase if you are late in making payments. Your card agreement may say, "If your payment arrives more than ten days late two times within a six month period, penalty rate will apply."

Then there is infamous "introductory" APR. A different, and most certainly higher rate will apply after introductory rate expires. Always find out how much new rate will be before signing any agreement.

Finally there is delayed APR. A different rate will apply in future. For example, a card may advertise that there is "no interest until next July." Be sure to find out what APR will be after July.