Low Interest Credit Cards

Low APR credit cards are for those looking to have a credit card with a low interest rate. Whether you’re a business or your consumer, there are many low interest cards on the market that can cater to your needs. Depending on what kind of card you are looking for will depend on what kind of interest comes with your credit card.

Business credit cards — a business credit card will generally have the lowest rate on market if you’re a business looking for a low rate card, this is ideal for those that aren’t going to pay their card off in full. Many low rate cards that are designed for businesses have introductory rates of 12 months to 15 months of 0%. If you’re looking to make either a human transfer or just have a card of lower interest rates you and your business may want to look into getting a card like this.

Consumer credit cards — a low rate card for consumers is great for those looking to get a lower rate on either purchases from a previous car or for those that are looking to get a low rate for future purchases. If you find yourself not being able to pay off your bill in full each and every month you may want to look into getting one of these types of cards simply because you’ll be able to save on interest. A typical low rate card has an interest rate anywhere from 9% to around 13%. If you have any card in your wallet, you probably have an interest rate higher than this and simply by applying for one of these cards will save you a lot of money over the year.

I would recommend that those that can pay off their bills in full look into getting a card with a low rate. These cards usually require a good credit score, so if you don’t have a great credit score your find that your ruble rate might not be that high all the cars they apply for. There are many cards on the market that you can apply for, do your research and find the right one and save on interest today.

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In this last article of the series on credit cards we’re going to discuss some of the features of credit cards. These are as numerous as the number of cards itself. These features will not be in any particular order.

Of course the main feature of a credit card is the interest rate you pay on any unpaid balance. With most cards, after your initial purchase, you get 30 days to make your payment. If you pay the balance off in full, which is actually required with some cards like American Express, then there is no interest charge because there is no balance left to pay. However, if the charges are not paid off within 30 days then the remaining balance is carried over with an interest rate charge. The rate depends on a number of factors including the current APR and the customer’s credit rating. Persons with a good credit rating get a better rate than those with a poorer credit rating.

Another feature of credit cards is of course your credit limit. This is the amount of money you are allowed to charge to your card before the credit card company cuts you off. Again, the credit limit will usually depend on the cardholder’s credit rating. Persons with a good rating will have a higher credit limit than those with a poorer rating.

A feature of credit cards that most people overlook, and this is where they get killed, are fees associated with just having the credit card. This is called an annual fee. Today, many cards have no annual fee but for those with poor credit these are hard to come by. Other fees are cash advance fees, balance transfer fees, late payment fees and penalties, which usually result in higher interest rates, over credit limit fees, credit limit increase fees, setup fees, return item fees, and a host of miscellaneous fees that each cardholder should review before using their card.

Then of course there is the kind of card itself, which is a feature. There are basically three types of credit cards; secured cards, regular cards and premium cards. Secured cards require a security deposit. The larger the security deposit the higher the credit limit the person gets. Secured cards are usually gotten by people with limited credit histories who have trouble getting cards. Regular cards don’t require any security deposit and have higher credit limits than those cards but not as high as premium cards. They also don’t have as many features and benefits. Premium cards have the highest credit limits and come with a number of extra features such as product warranties, travel insurance, or emergency services.

Other features of credit cards are rebates on purchased items. Some of these cards refer to these as cash back incentives. This is where when you make a purchase, say for $100, you get a percentage of that money back. The percentage of the money you get back depends on the card. One of the first credit cards to offer this feature was the Discover Card.

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There are few situations that are as overwhelming as debt, and sometimes payments can seem impossible. Many times, people get so caught up in worrying about making payments that they forget to even look at what the debt is doing to their credit score. When you’re struggling just to make payments does your credit score really matter?

Well first off let’s look at what credit ratings are used for. Loans are the most common thing people think of when they hear credit score. If you ever need to borrow money you can be sure that lenders will check your credit history. This not only helps determines if they will lend you the money, but also helps determine what your interest rates will be. Some people suggest getting loans with low interest rates to help pay off credit card debt. However, if you have a low credit score, then you will be considered a higher risk to the bank and they will compensate by increasing your interest rate. Remember that generally, the higher your credit score, the lower your interest rate.

Other instances when your credit score is important would be buying a car, mortgaging your home, and maybe even getting a job. Yes, it’s true that some employers will check your credit history to see how you manage your finances. Whether trying to consolidate your credit card debt or just trying to maintain a good score, let us give you a better idea of how you can improve your credit rating.

Credit Score Breakdown

First, take a look at how your credit score is determined. Many people think that credit scores and credit reports are the same thing. In actuality your credit score is based on your credit report. The report is basically a history of your financial actions. It includes current credit accounts, your payment history, how you’ve used your credit, and if you’ve ever filed for bankruptcy. From these reports compiled by the three national credit bureaus, the Fair Isaac Corporation will determine what your credit scores are. Although FICO does not reveal exactly how they calculate scores, they have revealed some important factors that are included in their formula and their approximate contribution:

• 35% is based on your payment history. This includes how quickly bills are paid, how many bills are paid late, if any bills were sent for collections, or if you’ve ever filed bankruptcy.

• 30% is based on your outstanding debt. How much do you owe on car loans, home loans, or other loans? Do you have more than one credit card?

• 15% is based on how long you’ve had established credit. Lenders like to be able to see a few years of credit history.

• 10% is based on new credit. If you’ve recently opened a new credit account that will reflect poorly on your score.

• 10% is based on type of credit. If you’ve had several different types of credit accounts that will look better for you score. Just credit card debt does not look good.

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The widespread use of credit card is an indication that people still love to use plastic money for different types of purchases. The option of paying money after few days can be extremely helpful in some situations. But, it is an undeniable fact that you must never overlook the importance of paying off your bills on time otherwise credit card debt will be your fate.

Now, when you will check why many people don’t like using credit cards you will find that it is mainly because of the high interest rate. Looking from a credit card company`s point of view, it is obvious to see them imposing a higher interest rate to give you the facility of paying your dues after a specific amount of time. But, if you are not interested in credit cards only because of the interest rate, you must stop thinking on these lines as there is a better option available for you to consider.

This particular option is about going for low interest rate credit cards. These type of credit cards allow you to enjoy all sorts of benefits without worrying about the interest rate. But, before finalizing your decision about a particular low interest credit card you must make sure that you make an informed decision. This is possible only after conducting some research.

In case you don’t like searching for the best, try exploring the range of credit cards offered by American Express. These credit cards are the best and allow a person to purchase anything without considering the interest rate.

Although all of the American Express cards are good but True Earnings card is the very best. It is so because the benefits associated with this particular card are truly remarkable. The first thing about this particular card is the interest rate. Here, you can enjoy an interest rate as low as 13.24%. The availability of statement credit of $25 for your first purchase is another great feature. Plus, the option of earning cash back on gas inspires many to opt for this particular credit card. In fact, cash back is available on different type of purchases. It doesn’t matter if you are taking lunch in a restaurant or traveling to your favorite place, this card will help you get some discount in form of cash back.

As a whole, it can easily be deduced that opting for a low interest credit card is the right choice for all. Credit cards are not liked by many people only because of exorbitant interest rates but a low interest credit card is now available for you. But, do pay attention to the aforementioned credit card as it is the best amongst the many and you will surely be able to save a lot of money by opting for it.

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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 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 rates 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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