Posted by admin on Aug 9, 2010 in Articles | 0 comments
Low interest credit cards are a great choice if you feel that you are paying too high interest rates on your credit cards. If you want to lower your credit card debt, then you can consider getting a credit which has a low rate of interest. Here are some of the guidelines which you can take care of while you chose the best low interest credit card:
Maintain a good credit history: It is better if you keep a clean chit as far as your credit history is concerned. You should be making your credit card payments on time and not going over the limit with the credit line. If companies view you as a valued customer who knows to spend the credit card wisely, they will like to do more business with you. You can definitely tilt the deal to your side by asking for a credit card with a low rate of interest.
Ask for balance transfer cards: When you have a credit card or more with an outstanding balance at a high rate of interest, then you can find a balance transfer credit card as one of the best ways to reduce your interest rate. A balance transfer credit card helps you to transfer the balance from the credit card with the higher rate of interest on to this card, so that you pay less as interest. However you should bear in mind that the balance transfer credit cards have an introductory rate of interest, after which the interest rate can shoot up to a regular APR. Make sure that you pay the transferred balance within the limited introductory period; otherwise it may not serve any purpose.
Read the credit card documentation: Most people think that the low rate credit card is for the keeps. You have to read the fine print and the credit card to double check on what you believe. The low rate of interest may be prevalent in the ‘promotional’ or the introductory period after which the interest rate can come to the regular APR.
Call the customer service department: If you are a good customer with the credit card company or an old customer, you can always call up the credit card customer service division and ask them to what extent they can lower your interest rate. In case the options that they give do not satisfy you, you can tell them that you wish to switch and go to another credit company. Your credit card will definitely not like to lose hundreds and thousands of dollars worth of business from you just for the sake of an interest rate. If you are paying your bills on time and keep your balance low, the credit card company will consider your demand and help you. All it takes is one phone call to lower the interest rate.
Research: You can do ample amount of research online and choose the credit card with the low rate of interest. The advantage of online research is that you can compare the benefits they offer and the rate of interest of different credit card companies and chose the one that appeal to you.
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Posted by admin on Jul 21, 2010 in Articles | 0 comments
There are many different kinds of credit cards on the market today and the most sought after is the low APR credit card and with good reason. Low APR credit cards will give you the lowest interest rates throughout the year, saving you money.
In the process of finding the best low APR credit card, be sure to look for one that is suitable for you. Take a look at some of the credit cards that are on offer, so you know which ones are available to you. The low APR credit cards offer a wide range of extras including reward schemes where you get a percentage of cash back on purchases at grocery stores, bookstores and in some cases even on gasoline. You will find the cash back offers normally range between one percent and five percent.
The APR is the Annual Percentage Rate. This rate takes into account set up fees, interest rate and other factors included in the lenders agreement. It is the rate charged that you would be obliged to pay over a one year period on your low interest credit cards. It is good for the borrower as you can calculate just how much you are going to pay and if the rate offered is within your budget. The APR will vary between lenders, depending on how competitive the lender is. Lenders looking to attract new customers for their low APR credit cards may offer the best introductory rates. If you are taking out a secured loan against your property, then the APR is normally calculated in relation to the sum you are borrowing in comparison to your property’s value. This means you may not qualify to get the lower rates on offer. Also if you have had difficulty obtaining credit, or a poor credit rating in the past, then it is unlikely you will be offered the low interest credit cards.
Some low interest credit cards offer a permanent low rate. Other low APR credit cards give you an introductory offer where you get a lower rate for a fixed period of time, maybe six to nine months. As an example you may get a card with a six months 5% APR, then a 12% APR thereafter. This means for the first six months you will only be charged an annual interest rate of 5% on your balance, or purchases. However any purchases or balances that are outstanding after six months will be charged at a rate of 12%.
A low APR credit card is used by many people to make large purchases. They take advantage of the low rate offered, so they can have a few months to pay off the balance. Using your low interest credit cards this way can save you quite a lot of money. It is important however to fully read and understand the terms of the introductory rate offered. You don’t want to end up by paying interest or fees you don’t need to.
The best offer that a lender will give you is of course 0% APR rather than just the low interest credit cards. Many offer this for an introductory period only. Don’t just jump in and sign an agreement with a company because they offer 0% APR. Always take into consideration what their normal rate is going to be. It is this rate you are going to pay interest on, so you don’t want the permanent APR to be too high.
If you already have credit cards it may still be well worth looking at changing to another low APR credit card. Many lenders will let you transfer the balance from your current low APR credit cards to a new card. You may be able to save a lot of money by doing this, if the rates are lower than you are currently paying. There is nothing to stop you changing every time your low interest credit cards introductory rate is about to finish, and is well worth considering.
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Posted by admin on Jul 3, 2010 in Articles | 0 comments
Hunting for and selecting the very best low APR credit cards has become easier with the advent of the Internet where you can do easy comparisons (from the various options available to you at the click of a mouse) as to which low APR credit card will be the best for your needs.
Simply put, low APR credit cards charge you an interest rate even lower than the standard APR offered by most traditional credit cards. The lower the interest rate or APR, the cheaper the card is to carry and the more money you’ll save on it. Easy enough, right? So if you carry a large monthly card balance, a low APR credit card could be very beneficial for you. In some cases, low rate credit cards can help cardholders save a lot of money. But what’s an APR anyway?
The Rationale of Low APR Credit Cards
The Annual Percentage Rate (APR) is the cost of credit; it is the amount of interest rate that is chargeable to any outstanding balance on a credit card. If you don’t make the full payment within the grace period certified by the credit card company, the card issuer has the right to charge you an interest rate for the service, a fee known as the APR. For a credit card to be considered a “cheap” credit card it should have a low APR.
With a low APR credit card, there is always fine print in the terms and conditions to take note of. Commonly, consumers fail to read the fine print that might include the following:
1) Annual Fees: Many low APR credit card offers might provide a low interest rate or APR but require you to pay a substantial annual fee. If the effective interest rate (after counting the annual fee) is indeed higher than the actual rate, then this credit card is obviously masked in the garb of a low APR credit card.
2) Low Introductory Rates: Credit card companies know that low introductory rates are a great incentive. So when suddenly, the initial period ends, and your monthly minimum payment increases dramatically, you know something definitely smells fishy. Check it before you fall prey.
3) High Balance Transfer Fees: Another trick in the trade is that some amongst the low APR credit card fraternity offer low balance transfer rates that come with a high balance transfer fee (which would be mentioned in the fine print).
The moral of this story: Read and re-read the fine print associated with any low APR credit card before you apply.
Want Low Rate Credit Cards?
Follow these simple steps:
-Call the institutions in which you already have a bank account or credit card account. Discuss with them the possibility of converting your existing account to a low rate account.
-If your existing credit card company cannot provide this request, seek out an offer and a card issuer that does.
-Get in touch with the companies you are interested in applying for low rate credit cards. They might be able to provide information about existing card offers that you might not be aware of.
-Fill out the card application and return as per the instructions. Make a follow-up call to the credit card company if you have not heard from them within the next 10 to 15 business days.
-You have the right to obtain an explanation if the credit card company has turned down your application. The denial letter must explain how you can obtain your credit report.
Keep in mind, however, that credit card issuers reserve the lowest possible interest rate offers for customers with the strongest credit histories, so maintain a good credit history is essential when trying to secure all types of low APR credit cards.
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Posted by admin on Jun 30, 2010 in Articles | 0 comments
Hunting for low APR credit cards has become easier with the advent of the Internet where you can draw an easy comparison (from the various options available to you at the click of a mouse) as to which low APR credit card will be the best for your needs. The article below provides the complete informational lowdown on low APR credit cards.
Low APR credit cards charge you an interest rate even lower than the standard APR. The lower the interest rate or APR, the cheaper the card is to carry and the more money you’ll save on it. So if you carry a large monthly card balance, a low APR credit card could be very beneficial for you and in some cases where low rate credit cards have offers, they can also help cardholders like you save significant dollars over time. What is an APR anyway? Well, let’s discuss…
Rationale of Low APR Credit Cards
The Annual Percentage Rate (APR) is the cost of credit; it is the amount of interest rate that is chargeable to any outstanding balance on a credit card. If you don’t make the full payment within the grace period certified by the credit cards company, the company has the right to charge you a fee for that service, an interest rate fee known as the APR. But for a credit card to be considered cheap for a consumer, it should have a low APR.
With a low APR credit card, comes an agenda in fine print. Lesser mortals like you and I fail to recognize the same and read it to our advantage. Here’s what the hidden agenda might state:
1) Annual Fee: Many a low APR credit card might offer you a low interest rate or APR but require you to pay a significant annual fee. If the effective interest rate (after counting the annual fee) is indeed higher than the actual rate, then this credit card is obviously only cloaked as a low APR credit card.
2) Low Introductory Rate: Credit card companies know that low introductory rates are a great promotional incentive. So when suddenly, the initial period expires, and your monthly minimum payments mount dramatically, you know something definitely smells fishy. Check it prior to applying before you fall prey to this credit card company trick.
3) High Balance Transfer Fees: Another trick in the trade is that some amongst the low APR credit card fraternity offer low balance transfer rates that come with significant fees. These balance transfer fees are always mentioned in the fine print or the terms and conditions but are rarely spoken loudly about in the promotional language of the card.
Moral of the Story: Read and re-read the fine print and all of the terms and conditions associated with any low APR credit card before you apply.
Follow these simple steps when shopping for low rate credit cards:
1) Call the institutions in which you already have bank account or credit card account. Discuss with them the possibility of converting your existing account to one with a lower APR than you currently have.
2) If your existing credit card company cannot indulge this special request of yours, seek a company that will.
3) Get in touch with the companies where you are interested in applying for low rate credit cards.
4) After selecting the best card, fill out the application and return as per the instructions via mail or online. Make a call to the credit card issuing company if you have not heard from them in the subsequent 10 to 15 business days.
5) You reserve the right to obtain an explanation if the credit card company has turned down your application. The denial letter must explain how you can obtain your credit report to investigate the application denial.
More Tips On Low Rate Credit Cards
One of the strategies that some people utilize to get the most out of their low rate credit cards is to keep rolling over credit card balances to different cards with 0% introductory APR offers until successfully paying down the card balance. But beware of this particular strategy. Make no bones about it though; this strategy takes time and discipline and a high degree of diligence and meticulousness in keeping exact records.
Credit card issuers reserve the lowest interest for customers with the strongest credit histories, so, as always, try to maintain a clean credit history.
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Posted by admin on Jun 18, 2010 in Articles | 0 comments
If you’re shopping around for a low interest credit card, chances are good that you already have good credit or you’re looking to transfer high balances. In any case, you need to know a few things before you sign up.
Shop around
If you’re looking for a low interest credit card, you need to make sure that you’re investigating all of the possibilities. One of the easiest resources is the Internet for comparing various credit card companies and how they can help you. You can see many companies at once and then make your decision that way, instead of having to research each one individually.
Read the fine print
Many people don’t take the time to read all of the restrictions before applying for a low interest credit card. While the initial interest rate may be low, there also might be a limited time to enjoy it. For example, many balance transfer offers are only good for a few months or even up to a year. So if you’re looking to pay down a balance by transferring, you want to be sure that you can do it in the limited time.
Balance transfers
Because so many people now have outstanding credit card debt, people are looking for ways to cut down their interest payments. This can mean that people are finding lower interest rate cards to transfer to. And in many cases, these offer much lower interest rates than a traditional card. But these can be short-lived offers and will not extend to the rest of your history with the credit card company.
Have good credit
Another way to find a low interest credit card is to already have a stellar payment history. The companies will see that you are living within your means as well as paying on time, and they tend to reward this kind of behavior. Be timely with your payments and keep the balances low.
Just ask
In some cases, you may be able to turn your current credit card into a low interest credit card by simply asking. Of course, you will have to have a good history with the company that shows that you are paying your bills on time as well as not spending more than you can afford. Call the customer service department and ask if your interest rate can be lowered. It can really be that simple.
A low interest credit card is a great way to start releasing yourself from credit card debt, but sometimes it’s just better to not get into that situation at all.
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