(5.00 out of 5) (5.00 out of 5) (5.00 out of 5) (5.00 out of 5) (5.00 out of 5) (5.00 out of 5)
(4.80 out of 5) (4.67 out of 5) (4.50 out of 5) (4.50 out of 5)Credit card and finance computations can make your head spin, we have developed common calculators to assist you.
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An introductory rate is a short-term low rate of interest offered by credit... ...more
The national average for an APR on a credit card tends to hover around 14 to 15 percent. If your credit cards have a higher interest rate than this, you need to find a new one. Low interest credit cards are those what have an interest rate quite a bit lower than the national average. If you need to lower the interest rate on your existing cards, here are some tips to help you find low interest credit cards… read more.
Who Qualifies for Low Interest Credit Cards?
Not every consumer will qualify for low interest credit cards. Those who have credit score problems will be charged higher interest rates for their credit cards. However, if your credit is solid and has been for a while, you will qualify for low interest credit cards.
Where to Find Cards
The best way to find low interest credit cards is to shop online. Using a site that allows you to compare cards side by side is ideal. This will give you the chance to compare APR, as well as fees and rewards associated with a card. You may find that a card that has an 8 percent APR is actually more expensive than a card with a 9 percent APR when you factor in the fees on the card.
There are numerous websites where you can compare cards. Make sure the site you use is thorough and shows a wide range of cards. Some sites look like comparison sites, but are actually promoting a specific card and will not provide unbiased information.
You can also find out about low interest credit cards by talking to your existing credit card company. Sometimes you can get a great deal by offering to move your business somewhere else. If you have been a profitable customer, they may offer you a lower interest rate or a different card in order to keep your business.
Compare Carefully
Keep in mind that there are often catches to extremely low interest credit cards. Sometimes the low interest rate is only offered for an introductory period. This can help you, but you need to know how long the low rate will last, and what the APR will be when the promotional period is over.
Some low interest rate cards charge an annual fee. Because there is such strong competition out there for credit card customers, you probably are better off avoiding a card that charges an annual fee, unless the rewards programs are good enough to offset the amount charged.
Finally, learn whether the card is a fixed rate card or a variable rate card. A fixed rate is always better on a low interest credit card, but these can be hard to find. With a variable interest rate, you may end up with a very high interest rate when you have had the card for a while. Fixed rate cards stay the same unless you miss a payment or pay late. This is ideal, because you are guaranteed to have your low interest rate for a long period of time.
