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					Get a credit card with a low interest rate

Before you choose a credit card it would be wise to first find out the
interest rates offered by all the credit card companies and banks. While
you compare credit card companies and banks, take note of the ones with
low interest rates and offer the best benefits. Don’t miss the fine print
as that is where the most important information is usually given. Fine
prints almost always specify the conditions applied on using their
service.

It is generally a wise decision to go with a credit card that has a low
interest rate. A low interest rate would almost always mean that using
the credit wouldn’t eat up your savings.

One of the strategies of many banks and credit card companies to attract
members is to offer an introductory low interest rate then hike up the
rate after a certain period. It is therefore advisable to inquire how
long the initial low interest rate would last.

To switch to them, some credit card companies and banks would waive fees
if you transfer balances to them from your old card. The fees asked by
banks for transfers are actually interest rates in disguise. Make sure
that a low fee, which is equivalent to a low interest rate, is charged to
you when transferring or you could end paying much more than you actually
have to for clearing your debt.

One thing you could do is pay for balance transfers   through pre printed
checks. Your best option is to transfer balances to   over the phone by
calling up the customer service line of the bank or   company. Doing such
would cost a lot less or nothing at all and because   you chose a card with
a low interest rate you know your expenses would be   lower the next time.

It is al important for you to know that incentives such as short term low
interest rate will eventually rise even without due warning from your
bank or credit card company.

You could always ask the bank or company to give you a low interest rate
provided that you have a decent credit history with the company or bank.
If they refuse to give you a low interest rate then you can always switch
to a service that offers you a better deal.

Remember to use your credit card wisely. Keep a tab on your expenses
while using this card, ensure your dues are cleared regularly and ensure
that the low interest rate remain low.

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posted:10/15/2010
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