If you are in the market for a credit card then no doubt you will be looking for low interest credit cards. The reality of the situation is that because of the poor economy in recent years there are fewer and fewer options available for both businesses and consumers when it comes to credit.
Banks, credit unions and financial institutions that issue credit cards have dealt with a record high number of defaults due to not only poor decisions to extend credit to subprime applicants, but also because the unemployment rate has reached double digits nationwide.
However, that does not mean that there are not quality low APR cards available. There are in fact, but the person that applies must have an excellent credit rating in order to be approved. An excellent credit rating would be a credit score of 750 or above.
If you believe that you have a strong credit history then it is suggested that you look for low interest credit cards on a credible and unbiased website that features offers from the major issuers which are American Express, Discover, Visa and MasterCard.
A quality site will offer information pertaining to interest rates and how they are calculated. Other important information to be aware of includes the grace period, which is the amount of time that the cardholder has to pay their bill before interest is charged.
Another important consideration is whether the card is a fixed rate card or a variable rate card. Many variable interest rate cards will feature a low APR for an introductory period. That’s great but usually only lasts for 6 months, sometimes 12 months.
Fixed rate cards, on the other hand, should be good for as long as the cardholder remains in good standing with the issuer. When I say good standing I mean making all payments on time and not exceeding the credit limit. The details outlining this information can be found in the disclosure statement and should be read carefully.
In addition to the card’s annual percentage rate there are several other factors that must be taken into account. First among them are fees. Fees come in many forms including an annual fee, balance transfer fees, penalty fees, late payment fees, cash advance fees and a few others.
Quite a few of them aren’t there? And they add up fast. Even if you were to receive a low interest rate the savings you benefit from may very well be wiped out when all the fees are added up. The point being that you absolutely must take into account any and all fees in addition to rates.
When all is said and done you will be given a interest rate that is commiserate with your credit history. The better your credit record, the lower your rates are going to be. That applies not only to credit cards but also to car loans, mortgages and personal loans as well.
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