Low Interest Credit Cards
Monday, November 13, 2006
Credit card usage is on the rise and it's hard to know which
credit card is right for you. If you follow a few simple
guidelines, you can be sure to get the most out of your credit
card. Beware of high interest rate cards as they can cost you
more than you are willing to pay in the long run. Low interest
credit cards are very prevalent and if you do some simple
research, they can be a great financial tool.
When looking for a low interest credit card, be sure to read
all the terms and conditions. Many low rates are just
introductory and can rise significantly after the specified
time period. Some can go up to 30 APR or more, so be sure to
read the terms and conditions carefully. Most credit cards are
variable after the introductory period and are based on your
individual credit. Variable cards add a certain percentage
point to the current prime rate, which is subject to change.
Most companies provide a 0% APR, Annual Percentage Rate credit
card as an introductory offer. Many last six months, but some
can last up to a year or longer. Again, beware of how high the
subsequent interest rate goes up. These cards are great to
transfer existing balances to so that you can save money and
pay them off quicker. Just be careful not to fall into the trap
of charging more than you can afford to pay off, simply because
of the low interest rate.
A low interest rate credit card is beneficial to all people,
regardless of your financial situation. Even if you are able to
pay off the balance each month, you never know when an emergency
will arise. Having credit readily available can be a lifesaver
in a crucial time. Having a regularly used credit card is also
good for your credit. It proves that you can use credit wisely
and makes you a better risk. If you are not able to pay your
card off entirely each month, having a low interest rate credit
card versus a high rate card will save you hard-earned cash.
Before choosing a card, browse credit card companies' websites.
Many times, reward programs will be offered at no charge with
which you can get cash back and discounts. Also, be aware of
whether a company charges an annual fee. There are so many
cards out there that, unless your credit is shaky, you can
easily find a card with no annual fee. Most websites will allow
you to apply online and some will give you a decision instantly.
If you are not comfortable with applying online, you can also
call and apply over phone.
Low interest rate credit cards are a valuable tool in anyone's
financial arsenal. If you are careful to consider all your
options and read all the fine print, you can get a great card
that is tailored specifically to your needs. Low interest rate
credit cards are truly the best credit cards to hold.
About The Author: http://www.creditcardsman.com
posted by Dennis Cheesman @ 5:48 AM,
3 Comments:
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At 12:29 AM,
said...
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Some low interest credit cards can feature a low fixed rate, but an APR rate may be too high or just hidden. My sister once was caught in such a trap and is still paying off. She loaned a small sum but now it's doubled already! Such credit cards as Discover, Visa and Mastercard offer a variety of low interest credit cards with bonuses, so you need to be just attentive and consistent!
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At 3:28 AM,
Opra said...
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Low interest credit cards are the way out for those who want to reduce their expenses and save on interest. It's normal that people take their chance not to overpay:)
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At 4:27 AM,
said...
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When I read about the hidden fees and rates in some article at http://www.credit-card-authority.com I doubted whether it was true. Until I applied for my own credit card. The low rates turned out not that low - even high. And that's because of my inattentiveness to the fine print.