Posts Tagged "Credit Card Debt"

Which Low Rate Credit Card Will Work Well For You?

Posted by admin on Aug 27, 2010 in Articles | 0 comments

Today, even more then ever before, it has become increasingly inconvenient and very dangerous to carry large amounts of cash with you where ever you may go. Which makes carrying a credit card a simple way to pay your daily expenses without the hidden dangers of carrying cash.

But, the repayment of your charges is not quite as simple as swiping your card through a machine. Although there are many credit card companies out there that offer low interest rate cards , there are slight differences in the different kinds of low rate cards available which will work differently.

Get a Fixed Rate

As always, you should read the fine print when you are shopping for a low rate, a slight difference is the way a card type is being phrased can mean something completely different. When you are shopping for one, select one with a fixed rate.

Although this does not mean the rate stays the same forever, you do get a warning when the rate changes, often a period of fifteen days precedes the actual change rate. A rule of thumb when selecting a card is that the card with a fixed rate is better than that with a variable rate. A variable rate card has a rate that can change regularly and this can really have an impact on your payments and your wallet.

Credit History Factor

It is not only easier to apply for a credit card when you have good credit history but it also makes it easier for you to choose the best low rate. By looking back at your credit history and spending habits you can get a good assumption of what type of card can benefit you better. The first thing you need to look at is how good you are at repaying your credit card debt.

If you have been late with payments in the past then you should looking for a higher interest rate but a lower late fee rate. This type of card could save you money if you have a habit of making late monthly payments.

A good idea when selecting a low rate is to go through all the fees and monthly payments you will have to face. Besides looking at the interest rate, you should also look at the over-the-limit fees and interest on cash advances you might be forced to make. A credit card with a slightly higher rate but more flexible fees in other areas might be a much better choice for you rather than the first low rate credit card that turns up in your mailbox.

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How to Find the Best Low Interest Credit Cards

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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Low Interest Credit Cards – are the Right for You?

Posted by admin on Aug 3, 2010 in Articles | 0 comments

Low interest credit cards can look very tempting as compared to the average credit card interest rates of 16%, or even 18% (APR). With a lower interest rate these cards will cost you less if you are not able to pay your credit card debts on a monthly basis. For long-term credit card debts, you will be looking for lower interest rates and these types of credit cards may offer you the best credit card rate, for your needs. You will be saving a substantial amount on your credit card debt as opposed to a standard high interest rate found on most cards.

However, there is a downside to low interest credit cards. This is the fact that you will not be offered any reward schemes. Reward schemes are perks associated with credit card use. For example you can earn 1%-5% credit on every purchase you make with a higher interest rate credit card. If you use your card frequently this can add up to substantial savings and reduce your overall payment to your credit card company.

However, if you do not use your credit card for many purchases this may not be worth it. Another consideration is if you regularly make rather small purchases. This will mean that rewards may again not be feasible for you. In this case a lower interest credit card might offer the best credit card rate for your needs.

If you make larger purchases then rewards may be the best thing for you, as the 1%-5% credits on each purchase will save you a considerable amount of money. Thus reducing your cost per purchase and decreasing the amount you owe to the credit card company. The savings may very likely offset higher interest rates and make a lower interest rate credit card not very practical.

If you are in the habit of paying off your credit card debts monthly you may want to consider the pros and cons of low interest credit cards. What you gain with low interest, you will lose with reward benefits. If you pay your credit card debts on time you will not be paying much interest, if any, and the lower interest rates will not really benefit you. However, the reward programs will benefit you on every purchase.

You can make fast comparisons of low interest credit cards on line and by this means get the best credit card interest rates. There are many websites available which show the different credit cards and what they are offering you. They have reviews and comparisons available to help you make an educated decision.

Now that you are aware of the advantages and disadvantages of low interest credit cards you can make an educated decision as to whether this type of card will work for you. Assess your needs and take a look at your purchase patterns. In this way you will be able to make the right decision on which credit card will be best for you and your needs.

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5 Ways to Find the Best Low Interest Credit Card for You

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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Best Low Apr Credit Cards

Posted by admin on Jun 9, 2010 in Articles | 0 comments

Let’s face it: the last thing we need is credit card debt and sometimes our intentions to pay our balances in full each month are made in vain. Low interest credit cards are a worthwhile alternative to no annual fee credit cards, which require squeaky clean credit histories to qualify for at times. However, one card issuer’s notion of ‘low interest’ may not leave you scrambling to fill out an application. Think about the following if you’re considering a low APR credit card:

• Annual Fee-Many low APR credit cards don’t charge an annual fee, such as the Advanta Life of Balance Platinum Card. Think of it as dually saving money: on interest and fees.

• Fixed Interest Rate-Cards like the Pulaski Bank Gold Visa offer fixed interest rates of less than 10%, which is a great rate if you don’t always pay your balance fully each month.

• Cash Rewards-It isn’t always the case that low interest rate credit cards provide great cash-back rewards schemes. The Advanta Life of Balance Platinum Card offers cardholders 6% cash rebates on specified purchases.

• Introductory Offers-We all like receiving special rates and promotions, such as the Pulaski Bank Gold Visa’s no interest on balance transfers for 6 months.

There is an immeasurable number of credit cards available to businesses and consumers alike, some with great bonuses, some with none. Low interest rate credit cards are a perfect credit card pick for those who wish to save on interest each month. If you wish to reduce the rate currently attached to a card, making a call to the card issuer may save you money, as many are willing to compromise if you are serious about completing an application or are a long-standing customer. As with any credit card, one should spend with caution to avoid late fees and accrued debt.

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