A Guide On How To Choose The Right Low Interest Credit Card

You may notice that a lot of credit card companies today boast low interest credit cards

, especially now that the biggest shopping season is about to arrive. Some offers low interest rate, while other offers zero APR. These offers can really be very enticing. Now, the question is what is the catch? Are these low interest credit cards scams?

A lot of people today are now skeptical about grabbing these deals because they feel like they are being lured into something. Well, it is alright to always keep an eye on such things but if you are too protective, you might miss your chance of getting good deals. These offers are as great as it sounds although there are some policies that you might want to watch out for. It is always best to base your decision on the reason why you want to switch from your current credit card company to another. Here are some examples:

If you have piled up debts

If you now a multiple credit cards and your debts are too high for you to pay them all more than the minimum dues then consider getting yourself a balance transfer card. These are also low interest credit card offers but with zero introductory APR. These best balance transfer credit cards are very efficient in helping you get rid of your piled up debt. By transferring your current credit card balance you are putting a stop to the ever increasing interest charges. If you have multiple credit cards then that means you are paying multiple interest charges from different card companies. Instead of wasting your hard earned money trying to keep up with the minimum payment, simply transfer your balance to cards with zero intro APR. You would be able to pay off your debts in installment basis, therefore giving you better chance of zeroing your credit balance at the same time increasing your credit score.

What you need to watch out for in such low interest rate credit cards offer is to never use it for purchases other than your balance. You should never get cash advances or purchase any item using these cards because this may result to multiple interest rates. This card is intentionally made for balance transfers and credit card consolidation alone.

If you want to make purchases at low interest rate

If you are planning to make big purchases like you have your eye on that flat screen LED television for a very long time but have almost maxed out your card, you may use fixed rate interest credit cards. These cards have low and fixed introductory interest rates.

Choosing the right credit card

When choosing the best credit card, it is only natural for you to look at the interest charges. However, it is very important to read the fine prints before you switch card companies. If you are being offered zero intro APR, ask yourself if you need one. If you are perfectly doing well with your credit card then why switch providers. If you want your current bank to lower down your rate, consider talking to the manager and tell them about the promotion that youve seen online or through other media source.

Tell them to reduce your interest rates and highlight your good credit history with them. If the bank refuses to answer your demand, then look online for several providers. There really are low interest rate credit cards out there. But it best to compare the price and the policy. Some credit companies might offer your 9% interest for a year and then after the introductory period the rate shoots up to 25%. If this is the case then finding a company that offer 15% fixed rate is better.

by: Elissa Joyce

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