Real Low Interest Credit Card Facts
The more authentic information about low Interest credit card you know, the more likely you will make wise decisions. Read on for even more low
Interest credit card facts that you can share.
If you're not using a low interest credit card, ask yourself why? This credit card have numerous advantages such as the 0% Intro APR (annual
percentage rate) that enables the consumer to save on interest expense. These offers may only apply to the balance transfer and not to new
purchases and cash advance. Therefore, making purchases and taking cash advance with your promotional offer credit card may result in paying
multiple interest rates. Individuals who are planning to make purchases and carry a credit card balance each month may be better off with low fixed
interest rate credit cards. Customers will need to decide if a 0% intro APR or a low fixed APR credit card is better suited for their personal needs. It's
not uncommon for the interest rate to shoot up dramatically after the introductory period expires. Therefore, customers should know what the interest
rate will be after the promotional period ends.
The main purpose of low interest credit cards is to transfer balance from high interest rate credit cards to interest free cards to save money on interest
expense. They are also been used to make large purchases and important to customers who are planning to consolidate credit card loans and carry a
balance each month. Credit card issuers charge a fee to do a balance transfer. This fee varies from bank to bank so it is a good idea to shop around
for the best deal. Customers with excellent credit can request to have the transfer fee waived.
Low interest credit card can be very versatile because they have similar feature to a standard credit card. Similar features may be cash back, rewards,
bonus miles, no annual fee and more. Therefore, comparing credit card features is very important because it allows you to find the card that meets
your lifestyle and one that will save the most money on interest expense. The best way to save interest is to pay the outstanding balance off each
billing cycle. Credit card companies usually waived the interest charges if the entire outstanding balance is paid on time each month. If the outstanding
balance is not paid in full each month then the credit card companies will charge interest on the entire outstanding balance from the date of each
purchase. Many customers are not financially able to maximize their interest savings by paying off the entire balance each month. Therefore the next
best way to save on interest expense is to use a low interest credit card to make purchases and carry an outstanding balance.
Individuals with poor credit pay very high finance charges and miscellaneous fees. Having a good credit rating will avoid the financial burden that come
with having bad credit. Therefore to apply for a low interest credit card requires having a good to excellent credit rating. Credit card companies can
change the interest rate on your low interest credit card at any time for different reasons. These reasons may include making late payment, poor
payment history with other creditors, applying for too much credit or they can simple change the interest rate for no reason at all. Your financial
success depends on how you use and manage your credit cards.
Low interest credit cards are ideally suited to consolidate credit card debts because of the 0% intro APR or low interest rate offered. It can eliminate
making monthly payments to various creditors. Do the necessary research before deciding to consolidate because if not done wisely can end up
costing more than you would have saved. Because consolidation will extend the term of your loan it may increase the total amount of interest payment
paid over the life of the loan. Debt consolidation is an excellent opportunity to keep you out of bankruptcy and get your finances back on track.
Consolidating simplifies your paperwork and saves time and energy by only keeping records for a single loan instead of several loans.
Customers should understand the grace period agreement as it relates to their low interest credit card. Credit card agreements usually offer a grace
period from 20 to 25 days from the billing date. This is the number of days stipulated in your credit card agreement before your credit card company
starts charging interest on new purchases with certain conditions. The monthly payments must be credited to your account during the grace period
time frame and you must not be carrying a balance. Usually credit cards without a grace period are charged finance charges immediately on new
purchases even if your previous month's bill was paid in full.
The internet is the number one source to compare credit card offers. Credit card types are listed categorically which makes it easy to find the credit
card you are interested in. Submitting your online application is very secure and instantaneous and is a very practical way to obtain a credit card.
Customers with excellent credit can get instant online credit card approval within a few minutes of filling out their online credit card application. Once
approved, the customer will receive the credit card in the mail within a few days. This is the fastest and most convenient way to obtain a credit card.
Customers should make sure the credit card features fits their lifestyle before submitting an application.
Don't be surprised when you received your credit card bill to find out that you are paying different interest rates on the same bill depending on the type
of transaction you are making. While credit card companies may offer the 0% intro offer for balance transfers, there maybe a much higher interest rate
for cash advance and new purchase. This is why it is very important to read the fine prints and pay close attention to your credit card statement. This
will give you a good understanding about the miscellaneous fees and interest rates to avoid surprises.
About the Author
At David Hall's website customers are able to search and compare credit card offers and apply online for the one that fits their needs. This article is
free to publish in its entirety and must include all links: http://www.icreditonline.com