The current offering from the Charles Schwab Visa offers a compelling mix of low interest rates, appealing teaser rates, and rewards.  One of the main drivers of high interest rate cards is seemingly attractive ‘points’ programs.  This almost always never pays off.  There are, however, some credit cards that offer both low annual percentage rates on credit card purchases and a decent rewards program.  One of these right now is the Charles Schwab Visa.  The card currently has a low variable 7.9% interest rate on purchases.  It’s introductory teaser rate is only 1.9% and includes both balance transfers and cash advances.  The rewards are offered at 1 point for every $1 spent on the card.  Also, of course, like all of the ‘best offers’ from credit cards, there is no annual fee.  Take a look at their homepage, do your homework, and decide if this card is right for you.  A person carrying a $2,500 balance for the next year could save over $200 by switching from a 12% credit card to the Schwab Visa.

Charles Schwab Credit Card site.

During these tight credit times, it is no surprise that credit card industry mailings are down 14% year-over-year, according to a report this morning from Credit Suisse.  The amount of mailings going out with a 0% teaser interest rate on balance transfers remains steady, however, at 50% of all mailings.  According to the report, Bank of America (NYSE: BAC) is pushing the 0% rates the heaviest including them in 93% of all mailings and American Express (NYSE: AXP) the lowest including them on only 27% of all mailings.  Expect around a 10% lower decrease in credit card mailings, generally, though those with exceptional credit may actually receive more offers.

The bottom line here is to take advantage of these balance transfers, especially if you are being bent over the barrel by an interest rate above 12%.  If you do not plan on being able to pay your balance off, however, pay special attention to the normal interest rate (what kicks in after the teaser) of the balance transfer ends.  Also, you should be wary of ‘playing this game’ over and over, it looks bad on your credit report.  If you haven’t ever used a balance transfer offer, however, it just makes good economic sense when you have a significant balance and can get an interest rate (after the teaser rate ends) at or below your existing credit card’s interest rate.

Best Bank Offer is a consumer focused financial services blog.  I post some of the best offers from banks, stock trading companies, credit cards, mortgages, and other offers that are relevant to your personal finance.  It is our mission to help better inform and educate consumers regarding their personal finances.

While there are a lot of websites out there currently offering similar services, there is also a lot of junk out there.  I hope to cut through the morass of splogs and affiliated-focused websites by offering a unique conbination of personal finance education and helping you find your ‘best bank offer.’

I am a firm believer that personal finance education is sorely lacking in the US, despite it being one of the most relevant aspects of life.  I hope that I can fill in some of that gap and save (or make!) you a lot of money.