The True Nature Of Low Interest Credit Cards
- Author Shelly Evans
- Published November 12, 2010
- Word count 511
What is all the hype about low interest credit card? Are they really the best thing that conquered the market? Is a low interest rate credit card really the solution to your credit card problems? If you’re curious about what low interest credit cards are and what they can do for you, read on to find out.
Do you have good credit score?
You should know that low interest credit cards are not for everyone. In fact, these credit cards require excellent credit and if you have a poor credit score, you would need to work on it first before you can get approved for a low interest credit card. Otherwise, your credit card application may get disapproved which may cause more damage to your credit history.
Are the low interest rates for real?
Frankly, not all credit cards that claim to offer low interests are for real. Some offers may be deceiving. Despite the low rates, you could be faced with other credit card fees that are actually high or expensive, offsetting the savings you get from the low rate of interest.
Nevertheless, there are low interest credit cards that genuinely give the best deals. But you need to be diligent with your search in order to find them. Don’t just compare credit cards based on what you read in the ads. Instead, read the Terms and Conditions to really see the true costs of the card.
Is the low interest rate a long term deal?
The low interest and sometimes the zero interest offer is given for a limited time period. Generally, the introductory offer lasts from 6 months to a maximum of 12 months or an entire year. After that, regular rates will apply to your existing and upcoming balances.
In this case, if you currently have outstanding balances with a high rate credit card, transferring it over to a zero interest balance transfer card can save you a great deal. If you finish paying off your entire balance in a year without interest, imagine how much you saved from monthly interest rates in total.
What other credit card fees should you watch out for?
As we’ve said, it’s easy to get enticed with the zero interest credit card you see. But don’t choose a credit card based on the interest rate it offers alone. Weigh your options well by comparing all other costs involved.
Would you have to pay for an annual fee just to activate your card? If so, how much is the annual fee? Will it offset the amount of savings you’re supposed to get? Is there a balance transfer charge? If yes, how much? If you’re going to transfer over a big amount of balance, will the transfer fee still be reasonable?
What about the late fees? How much will you be charged if you fail to submit your monthly payment on time? Will the zero interest be forfeited if you delay a single payment? These are important factors you should verify before choosing a low interest credit card.
Shelly Evans is a freelance writer and loan consultant. The website http://www.badcreditresources.com offers resources that specialize in providing bad credit loans and bad credit cards to people with bad credit.
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