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Getting The Lowest Interest Rate For Your Credit Card (PDF)

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									Title:
Getting The Lowest Interest Rate For Your Credit Card


Word Count:
501


Summary:
Everyone needs credit these days and credit cards have become a part and parcel of everyone’s life. But man
has woven a credit card debt trap around itself. To avoid this debt trap low rate credit cards have been
introduced. A low rate credit card is usually for those who hold a good credit history and have considerable
repayment capacity. For example the student credit card is generally not a low rate credit card. The travel
cards issued by some of the reputed merchants like...



Keywords:
Business Credit Cards,Best Credit Card,0% Credit Cards,Low Interest Credit Cards,Credit Card Service



Article Body:
Everyone needs credit these days and credit cards have become a part and parcel of everyone’s life. But man
has woven a credit card debt trap around itself. To avoid this debt trap low rate credit cards have been
introduced. A low rate credit card is usually for those who hold a good credit history and have considerable
repayment capacity. For example the student credit card is generally not a low rate credit card. The travel
cards issued by some of the reputed merchants like British Airways, NorthWest Airlines etc are cards that
attract high interest charges.


If someone carries a large balance on a high interest credit card then transferring the balance to a low rate
credit card can save some honest money. Low rate credit card ensures paying off large outstanding on
numerous cards at an attractive low interest rates. Some cards offer 0% APR on balance transfer and cash
advances from six months to twelve months.


The rates involved in calculating the finance charges are usually the interest rates. Other charges include the
late payment fee, over limit fee, rates applicable after the introductory period, etc. For those who carry a
large balance on their cards opting for a low rate credit card can save thousands of dollars. A low rate credit
card also offers several other benefits like 5% cash back reward on select purchases from outlets like
grocery stores, supermarkets or gas stations and 1% cash back reward on purchases from other outlets.


Citi® Diamond Preferred® Rewards Card, Citi® Dividend Platinum Select® Card, Chase Flexible
Rewards® Platinum Visa® Card, Citi® Premier Pass Card, Chase Cash Plus® Rewards Visa, Free Cash
Rewards Platinum Visa® Card, etc are some of the credit cards that fall in a low rate credit card category.
A low rate credit card does not have any annual fee which is another form of cutting overhead costs on any
credit card debt. Many of these cards offer up to 1000 bonus points on first purchase. There after one bonus
point is awarded to the card holder for every one dollar spent. Some of these cards also offer checks or gift
certificates from participating merchants when specified amount of bonus points are accumulated. For
example Free Cash Reward Platinum Visa Card offers a $25 check or an equivalent gift certificate from
many leading national merchants after accumulation of 2500 points.


Usually it is wise to pay off a high interest rate card with a low rate credit card. But one should watch out for
the traps of high transfer fees and short promotional low-term rates. One should read the fine print. Usually
the fine print on any low rate credit card states that if the card holder default the payment or makes any
consecutive late payments then the existing interest rates dissolve and the usual high interest rates prevalent
in the market are applicable. Finally, the card holder should avoid maxing out a new low rate credit card, as
this can cause the card holder’s credit score to dip.




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