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Almost everyone over the age of consent has or wants a credit card these days and they are accepted in almost every establishment. There are three main types of credit card in use in America. The first major kind of credit card is travel and entertainment cards such as American Express or Diners Card. These have to be repaid in full at the end of the month and are generous on spending limits.

If a credit card is used cleverly, it can be one of the most powerful financial tools. But not everybody can afford the expensive rates that most credit card issuers charge. This is where low interest rate credit cards can help people who plan to maintain a balance on their account and not to repay the full amount monthly. however, what does interest or APR stands for when talking about low interest rate credit cards?