How To Get The Best Credit Card Rate

2007-03-08 10:33:40

( Financial )



If you are considering several credit card offers to get the best credit card rate that you want, you have to be careful. An offer declaring itself to be a low interest rate visa may offer a low interest rate for the first month only. Other credit cards may offer a good rewards program, but their annual fees are very high compared to a typical credit card. Always read through the fine print to know what you are getting into.

To find a card with the best credit card rate that is right for you, first check the card’s APR. The lower the APR is, the lower your monthly payments will be if ever you decide to carry a balance on this particular credit card. One watch out is the time the low APR for your card is being offered. Is it only for the first year or the first month? Make sure you know what happens to your APR when the promotional period is over.

If you are considering a variable-rate card, you may also need to check if their APR has a minimum. A lot of credit card companies have this. It basically means that the interest rate for your credit card will not go any lower than what they have stated as the minimum APR.

The best credit card rates should also come with a reasonable grace period. A grace period is the amount of time allotted after your purchase before they add on their interest. Be very cautious about this as some cards do not offer grace periods at all.

Lastly, check for penalty fees. Check the fees if you go over your credit limit, if you make a late payment, etc. Check if any of the low interest cards that are being offered will change your promotional interest rate if you make any of these mistakes.


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