|Low Interest Credit Card Offer|
Read on to learn how to obtain your own low-interest card.
1. Maintain a good credit rating. Credit card companies save their best offers for consumers with excellent credit. The worse your credit rating, the more difficult it will be for you to obtain a card with a low interest rate.
2. Consult a credit card comparison website to determine the annual percentage rate (APR) of various cards. The APR tells you how much interest you will owe the lender in a year and is measured as a percentage of the balance owing.
3. Look for a fixed-rate card, which is often the best low-interest option. The interest rate of variable-rate cards may change at any time with little notice.
4. Narrow the field by considering APRs, annual fees and any low- or zero-interest introductory periods. Ideally, your first choice will have a low APR, no annual fee and an introductory interest-free period.
5. Apply with care. Do not send out a large number of applications, reasoning that one company is sure to accept your application. Every application for credit means a deduction of points from your credit score.
6. Consider a secured credit card if your credit rating fails to qualify you for an unsecured, low-interest card. These cards require a cash deposit, guaranteeing the lender of payment. Secured credit cards offer a way to improve poor credit, helping you to eventually qualify for a low-interest credit card.
Image Credit: Andre Rueda
Written By: Shannon R