Credit cards when used in a proper manner can be very beneficial to the cardholder. And it can only be more beneficial if it is a credit card with lower interest. There are individuals, though, who forgo applying for a credit card with lower interest all in the name of loyalty – they stick to their very first card for years upon years to the point that loyalty sometimes becomes fealty. However, a lot of money can be saved in the short and the long term scheme of things if an individual takes time to research, a process which includes, but is not limited to comparing different options in order to find the lower interest credit card that could save them the most money and provide them the lowest interest rate possible. A cardholder would generally have two main options to select from – fixed lower interest credit cards and credit cards that already come with a lower interest rate, albeit for a limited period of time. People who have impeccable credit scores would be able to qualify for a lower interest credit card with alacrity, whereas those whose credit history is less than beyond reproach may likely qualify for credit cards with lower credit limit.
As a result of stiff competition among credit card companies, negotiating and obtaining a lower interest credit card is very simple. There are many websites which help the consumers find out a lower interest rate credit card, and promise the information needed for comparison, prevailing market rates, expected rates in the future etc which educates the consumer on the latest happenings in the industry.
A credit card with lower interest rate is the perfect pecuniary solution for anybody who generally carries a balance each month on their credit card statement. Other individuals would be more inclined to pay off their credit card debt monthly, and with a lower interest rate, this will facilitate their goals of paying off their credit card debt every month without fail. On the other hand, a gaggle of credit card providers use the promotional leverage of offering zero percent on balance transfers, a huge “come-on” for the average consumer. Hence, anybody would be able to pay their credit card debts off without being encumbered at all by interest.
As an additional enticement for consumers, lower introductory interest rate cards usually come with a few additional incentives. However, one must give pause and carefully read between the lines of the contract so it can be discerned whether there are higher interest rates to apply after the introductory period, and if so, how much. There are some companies that might negate the value of the low introductory interest rate credit card by charging a balance transfer fee. Yet if the lower-case is are dotted and the lower-case ts crossed, a lower interest rate credit card could be of good use to the consumer for balance transfers.
The details everybody must be most concerned about when researching credit card options include, but are in no means limited to: balance transfer terms and conditions, annual percentage rate, introductory interest rate, is there a security feature and whether there are any incentives worth trying out.
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