How To Get The Best Credit Card Rates

2007-03-08 10:33:40

( Financial )



If you are looking for your first credit card or are thinking of getting another one, you may want to check out several things before taking the plunge. A lot of credit card offers boast a very low interest rate, no annual fees and even low balance transfer rates. Before you are tempted by these offers, read the fine print. The card you are getting may offer the best credit card rates, but it may be more expensive compared to others.

The best credit card rates come with several other fees that you should consider. Check if there is an annual fee. You should also check other fees such as late payment, cash advance or loan rates, grace periods. These factors can be a big factor to your financial well-being.

You should always shop around to secure the best credit card rates. The first offer you get in your mailbox or your email may not always be the best. Do your research on the internet. Call the bank’s customer service hotline. If you are confused or you need clarification about some of the fine print in their offer, have the customer representative explain it to you.

After you have done your research, compare the data that you have gathered. One card boasts no annual fee compared to some, but the interest rate of this card may be higher than the ones with annual fees. The savings you may get from not paying annual fees, may be eaten up by the interest.

Another important factor is choosing between a variable rate card and a fixed rate card. True, a variable rate card may have significantly lower interest rates compared to a fixed rate card, but a variable rate card can dramatically increase its interest without prior notice as often as the bank chooses to do so. A fixed rate card can also change its rate, but this seldom happens and they inform you at least 15 days in advance.


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