The Finance Blogger

Lowest Credit Card Rates

Lowest Credit Card RatesDeals offered by credit card companies are available for all kinds of credit cards. They will offer low interest rates initially, zero interest rates initially for transfers, and they also offer many deals that go along with the amount that you charged to your credit card. For example you may acquire points to use on vacation or other expenses.  Some cards offer incentives such as thousands of loyatly points that can be used at hotels, travel companies and so on. If you cannot use these points or your situation changes, these incentives may not always be that useful to you. All of these will eventually catch up to you.

Lowest credit card rates we have seen include 0% for the initial 2 to 6 months when you transfer money from another credit card. In addition they may also give you an initial rate of something like 5 to 10%, for the first six months then the remaining balances will migrate to a normal credit card interest-rate which will be in the range of 21%.

They eventually catch up to you and even though they start with the lowest credit card rates available the interest-rate will migrate to the normal credit card rate of 21%. This is just a marketing gimmick to get you to transfer your money to a new credit card. One of the dangers of having many credit cards is that from a credit rating perspective this will lower your credit rating.

It will make it more difficult for you to find low interest personal loans, or mortgages or free refinancing mortgages for your home. Always maintain your credit rating at the highest possible to avoid penalties associated with finding personal loans at some future point.

Lowest Credit Card Rates – Summary

Remember to always pay your monthly bill on the balance due date. If you do not pay the total balance on your credit card by the due date, the interest-rate that the credit card charges will kick in and it will be charged from the date you initially charged items to your credit card for that billing period.

This can be a surprisingly large amount particularly if you have a high level of credit on your credit card. If you can not pay the balance on the due date try to use a personal loan or a powerline credit account to pay the balance. At least it will be at a lower interest rate. Never miss a payment, since this will directly impact your credit rating!

For more posts about dealing with credit card interest rates, click here.

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