Interest free credit cards usually mean you'll get a 0% interest rate on purchases for an introductory period of anywhere between 3 - 12 months, however once the intro term has come to an end the purchase interest rate will then revert to a higher rate.

For this reason balance transfer credit cards are often best used only to pay off an existing debt, not for new spending.

Low interest rate credit card: If you're the type of person who sometimes carries a balance on your card rather than paying it off in full every month, a credit card with a low interest rate (starting from below 10% and definitely no higher than 14%) could be on your shopping list.

From balance transfer cards that can help you ditch debt through to rewards credit cards offering a range of freebies to entice any big spender's appetite, there's never a shortage of plastic to choose from in the bustling credit card market.

But what type of card is right for you and what are the features to consider and the fees to watch out for?

That way, if you do have the odd big expense like a holiday or a big ticket purchase that you need a couple of months to pay off, you won't be hit with an excessive interest rate for the privilege.

Low interest rate cards generally don't come with frills like rewards programs, travel insurance or other perks, but with the average credit card rate stuck above 17% they are significantly cheaper pieces of plastic.Let this example speak for itself: Say you went overseas with a standard credit card and spent ,000 on the card, a currency conversion fee of 3% would set you back 0.But if you searched the travel money market for a competitive deal with no foreign exchange fee, you could keep that 0 in your pocket.Rewards credit cards: Looking for a card that lets you earn rewards points on your spend?Then you're in the market for a rewards credit card.While most low interest credit cards require you to pay an annual fee, it will generally be much lower than an annual fee for a fancier platinum or rewards card, and the cost of the annual fee is likely to be far lower than paying a high interest rate on your spending each month.