You can consider yourself very lucky if you are eligible for a low interest credit card. They offer great rates so it is easier to pay off your balance in a timely manner. These cards are perfect for those making large purchases on their credit cards, or even those that use their card for everyday purchases. That said, you have to research your options and the different low interest credit cards you might qualify for, and if you are, take note of the factors below.
Your Credit Score
It is a gospel truth that your credit has to be great if you want a low interest credit card. There are several scores that fall in the "excellent credit" and in the "good credit" groups in terms of the credit bureaus. The bottom line is, your credit should have little to no blemishes in order to qualify for these cards. However, if your score does not fall into these groups, you will most likely not be able to get any low interest credit cards. These cards are for the lowest risk cardholders, which are those with nearly flawless credit score.
What Rates are Charged?
The interest rates on low interest credit cards are as low as you would typically think they are. Normally, the rates are 9% to 15%, which is a great deal lower than average. Compared to the interest charged on your average credit card, you can save a lot of money if you ever need to make a large purchase - the only problem you will have to deal with, of course, is the high balance. Do not jump at the first good offer available, though. Do not affix your signature on the application form unless you have done enough research on your options.
Introductory Rates
Another thing about low interest credit cards would be the introductory rates - they are as close as you can get to rock bottom. In fact, a lot of low interest credit cards would give you one full year with zero APR. This is an amazing opportunity for cardholders to charge without any fees attached.
This is still a profitable situation for card issuers, as most cardholders who own these cards would make it a point to pay off their balance each month, even if they do not get charged interest for the promotional period.
Charges, Surcharges and Fees
It is good to note that low interest credit cards very seldom have annual fees associated. These are the top of the line credit cards. So it would be tomfoolery if a respected financial institution would levy an annual fee, right? However, there are issuers who still have the audacity to charge an annual fee, never mind if your credit is spotless, and if you run into those issuers, then take your business elsewhere. Those with great credit should never pay these fees, for they are intended for high risk cardholders with bad credit.
Low interest credit cards can be extremely helpful when it comes to your credit card finances. The less amount of interest you have to pay, the better off your finances are in the long run. Be sure to research your low interest credit card choices before applying. In some cases, it may be an actual promotion where the low interest rate is only valid for a few months, but in other cases, it may be a covert deception not included in the fine print. As long as you are informed about your credit card, you can make wise decisions.
Your Credit Score
It is a gospel truth that your credit has to be great if you want a low interest credit card. There are several scores that fall in the "excellent credit" and in the "good credit" groups in terms of the credit bureaus. The bottom line is, your credit should have little to no blemishes in order to qualify for these cards. However, if your score does not fall into these groups, you will most likely not be able to get any low interest credit cards. These cards are for the lowest risk cardholders, which are those with nearly flawless credit score.
What Rates are Charged?
The interest rates on low interest credit cards are as low as you would typically think they are. Normally, the rates are 9% to 15%, which is a great deal lower than average. Compared to the interest charged on your average credit card, you can save a lot of money if you ever need to make a large purchase - the only problem you will have to deal with, of course, is the high balance. Do not jump at the first good offer available, though. Do not affix your signature on the application form unless you have done enough research on your options.
Introductory Rates
Another thing about low interest credit cards would be the introductory rates - they are as close as you can get to rock bottom. In fact, a lot of low interest credit cards would give you one full year with zero APR. This is an amazing opportunity for cardholders to charge without any fees attached.
This is still a profitable situation for card issuers, as most cardholders who own these cards would make it a point to pay off their balance each month, even if they do not get charged interest for the promotional period.
Charges, Surcharges and Fees
It is good to note that low interest credit cards very seldom have annual fees associated. These are the top of the line credit cards. So it would be tomfoolery if a respected financial institution would levy an annual fee, right? However, there are issuers who still have the audacity to charge an annual fee, never mind if your credit is spotless, and if you run into those issuers, then take your business elsewhere. Those with great credit should never pay these fees, for they are intended for high risk cardholders with bad credit.
Low interest credit cards can be extremely helpful when it comes to your credit card finances. The less amount of interest you have to pay, the better off your finances are in the long run. Be sure to research your low interest credit card choices before applying. In some cases, it may be an actual promotion where the low interest rate is only valid for a few months, but in other cases, it may be a covert deception not included in the fine print. As long as you are informed about your credit card, you can make wise decisions.
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