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The Benefits Of Low Interest Rates On Credit Cards
Author : Werner Ruf
You may want to get one of those credit cards with low interest rates but it's an option that isn't available for you. Especially it's true if your credit history is bad or poor and if your credit is problematic. But then, if your credit standing is excellent, it is easier for you to get a credit card with low interest rate.
First it's all important to read the terms and conditions on credit card applications, especially for credit cards offering low interest rates. You might find out that the card you are applying for does not have such a low interest rate after all. Oftentimes, this is the case with introductory offers where the interest rate is low for a short period of time until it goes up to 15% or 19%, no matter if you have paid your bills on time or not. Also, the so-called short interest may be applicable only to a transferred balance and not to your leverages
What Is More, the rates of interest of dedicated credit cards are determined according to the prime rate, thus leaving you with a variable rate of interest. What does this mean? Every time the prime rate rises so does the interest rate, leaving you with a higher amount to be paid at the end of the month. This doesn't look like a really beneficial deal for you.
Just how beneficial are these credit cards coming with low interest rate? They are fantastic until the day you lack a payment and this extraordinary deal turns into a nightmare. If you lack a payment you have not only to pay an extra fee, but also get your interest rate skyrocket. As an example, let's say you have a standard credit card that provides a 7% interest rate. This same card will upraise the rate to 15% if you happen to lack 2 defrayments on the year. This higher rate can be kept until you are able to make your payments six months in a row without failure.
Being late can be disastrous. In fact, you have to pay a fee for not paying on time and another fee for exceeding the limit of your credit card. It's essential to be careful not to miss making your payment on time or else you will lose the low rate offered by the credit card.
The bottom line concerning the credit cards with low interest rates is never lack a single payment. It's necessary to always pay your bills on time, if you want not to lose your privileged low interest rate.
Author's Resource Box
To learn much more about what type of credit card will match your personal needs check out also www.BestCreditandCard.com, where youll find this and a lot more tips and advice, including how to find the best credit card offers.
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Tags: low interest rate credit cards, credit cards, best credit cards, credit history, credit standing
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Submitted : 2009-03-27 Word Count : 569 Popularity: 55 Times Viewed: 10
