Do Not Be One Of The Many Victims Of Credit Card Debt

Category: Finance, Credit.

While many credit cards offer rates hovering between 20% and 24% , some of their competitors offer far lower interest rates, including introductory offers of zero percent interest and ongoing rates below 10% . Low interest credit cards are in high demand currently and credit card providers have provided a wide variety of low interest and 0% APR offers to keep their place within the steep competition in the credit card market.

These rates, make it much, obviously simpler to transfer and pay off balances quickly. You could even find some retailers offering 0% APR credit cards, often including purchase rebates and/ or discounts. Utilizing a low interest credit card offers an excellent opportunity when making large consumer purchases as well. Some credit card providers even offer the 0% APR for up to 15 months. Because the market for consumers with excellent credit is so competitive, low interest credit cards are often available with no sign up or annual membership fees. If your credit is unblemished, you can take your pick off offers and you should never have to pay a fee to acquire a low interest credit card or 0% APR credit card- ever.

Many times, these fees will keep the cream of the crop credit customers from applying for their cards. The fees are only for those with poor credit, who are a significant risk for nonpayment. The obvious benefit of a low interest credit card is that you will spend a lot less money over time on interest and fees. Shop around until you find a credit card company that is willing to compete for your business by eliminating fees. One thing to watch is the length of the" introductory" period. Make sure you read the fine print of any credit card offer before you sign up.

Many cards offer low or zero percent interest for several months, and then the interest rate jumps directly up to 20% . The more information you have about your credit card upfront, the fewer unpleasant surprises you will face down the road. Sometimes, the introductory credit card rates are even better than auto loan rates, so there are some who would transfer their remaining car loan debts onto a new credit card and save on interests, knowing they can pay off the balance of the car before the introductory period expires. One of the most popular ways to save money with 0% APR credit cards is to transfer a balance from a higher interest loan to a new credit card account. Be aware that cash advances may come with their own fees, and with their own correspondingly higher interest rates. While one way low interest credit card companies make money is from the percentage they gain from retailers and merchants, they also make a significant amount of money from people who do not take the time to read all of the specific terms and conditions that go along with their new low interest credit cards. There may be separate interest rates for balance transfers, and cash advances, new purchases.

Again, read the fine print before signing up! Do not be one of the many victims of credit card debt. Properly researching the card offer in advance will definitely save you a lot of headaches in the future. Instead, use your low interest credit card to your financial advantage. The more information you can gather, the better decision you would make. The key is to find and utilize the available information. It would be a shame to rejoice over a newly gained low interest or 0% APR credit card, just to open up your bill after the first month of purchases to find an unpleasant surprise.

Stay ahead of the game, and know what you are getting into before you apply. Low interest credit cards could be a real financial lifesaver, but they could easily become a trap for the unaware.

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