Low Interest Cheap Credit Cards
We could all benefit from low interest cheap credit cards - at least those of us carrying balances could! - but we do not all have that option, or do we?
If you are one of the minority that do not yet own a credit card, then you have the option of shopping around to find the best deal available for your new card, based on your present needs. For more information take a look at Credit Cards Online so that you know what to look for.
If you already have a credit card, or several, and you are carrying a balance, ie you are not paying your balance in full every month, then you need to make sure you are not paying more in monthly interest than you need to. These rates vary tremendously from rates like 2.99% per month to a whopping 29% or more on some department store cards.
Always make sure you know what your rate is, and if it is high see if you can get it reduced.
How? Credit card companies would like to keep you as a customer if you are carrying a balance - after all you are paying them a nice amount of interest every month! This means they are often amenable to reducing your rate, but this will depend on your credit history. Provided you have been paying your monthly minimum amount on time, at least this minimum, and your credit history is good, meaning you are not late with payments, don't go over your available credit limit etc, then a phone call to your credit card company asking if they have a credit card with a lower interest rate that you could switch to, could be very beneficial to you.
You should be aware that they may charge you a higher annual fee than you presently have - if you are charged an annual fee at all - but this is often very worth while considering the amount you will save in interest fees on your outstanding balance.
In the unlikely case that your bank does not offer you a credit card with a lower interest rate, consider switching banks. You can often get the transfer fees waived if you switch companies. Transfer fees are the fees charged when you transfer an amount from one bank to another, and as with all bank fees, these are different for each card never mind each bank, so make sure you know in advance what you are likely to be charged.
Banks often have introductory fees of 0%, meaning you do not pay interest on any outstanding balances, but make sure you read the fine print. Banks sometimes cancel this rate if you are late with a payment, or do not pay the minimum due, and they put up the rate considerably, which defeats the purpose of obtaining a low interest rate card in the first place!
Make sure you deal with reputable banks like American Express, Citibank, and JP Morgan Chase. Consider the following:
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What are the interest rates? Check out how long these rates are offered for - is it a 6 month introductory period or 12 months? Or less?
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Is it a fixed rate or likely to change?
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Is there an annual fee? How much is it?
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Are there late fee penalties? What are they? When do they come into effect?
When you do have credit cards, make sure you use them responsibly, and do not buy things you cannot afford, whether it is on credit or not. And always look around for low interest cheap credit cards.
If you are looking for more information , go to Credit Cards Online.