Whether you are shopping for your first credit card or round out your current wallet, a low introductory rate credit card is a necessity. No matter if you are using a new credit card to pay off debt or just need to take a little extra cash every month, you do not want to be hit by astronomical interest rates. One of the best ways to avoid high interest is to find a low introductory rate credit card and you should take advantage of any offers that come your way. How can you locate a great introductory rate card? Keep reading!
One of the easiest places to find a great low rate credit card is with a credit union. Credit unions have special interest rates because they are often owned by large financial institutions such as banks, so they have access to low interest rates. Often, if you transfer balances to a credit union account, you will receive a substantial rate credit card discount. If you are paying off debt, seek a zero rate credit card from a credit union that comes with a 0% Intro APR offer, which can save you hundreds of dollars over the life of your card.
Another good place to shop for low rates is online. There are many companies online that offer low rates and even some that offer balance transfers. However, you should consider using a company with less than an average customer service record to ensure you receive your money back in a timely manner. Also, there are some online companies that charge annual fees and other charges, but these can often be avoided if you know what you are doing.
Most credit cards come with an interest rate that changes over time, but the initial rate can be more than 50% higher than the rate after twelve months. To protect yourself, make sure that you only carry a minimum payment and pay it off each month. This will help you maintain a high credit score and prevent high interest rate credit cards from being completely wasted on your balance.
Balance transfers are the best way to acquire low interest credit cards. If you transfer your high interest debt to a lower interest rate credit card and maintain a good relationship with your new card issuer, you will save money in the long run. By transferring your balance to an introductory rate card you can enjoy instant savings. Before making your decision, carefully compare all of your available credit cards and carefully evaluate their interest rates and terms.
A great way to ensure low interest rate credit cards is to open a small emergency fund. By having an emergency fund set up, you can use it for any necessary expenses, without having to dip into your emergency fund each month. A portion of your emergency fund can be placed in your credit card savings account, while the remainder can be used to pay down your balance and build your emergency fund quickly.
If you currently hold a balance on a credit card that offers a low interest rate, make sure you take advantage of the promotional offers. Most introductory offers are limited to six months and should be taken advantage of if you have enough of a balance to benefit from the low interest rate. The key to making a big monthly payment is to pay more than the minimum every month. When you are able to do this, your balance will decrease quickly and you will be able to reduce your balance and pay off the credit card quickly.
There are many more factors that go into a credit card's approval, but by following the basics mentioned above you should be able to find something that suits your needs. Just remember that when applying for new credit cards, it is important to look at things like the APR, annual percentage rate, and other fees and charges. These things can greatly affect your overall ability to spend and by reducing or eliminating any unnecessary fees you can save yourself hundreds even thousands of dollars over the life of your card. And with so much competition between credit cards these days, it is quite easy to find a good deal.
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