Are Low Interest Rate Credit Cards the Best Option for you
Everyone loves a good deal, especially deals where they end up saving a lot of money. As a result, many persons would love to have credit cards with low interest rate. However, as surprising as this may be, these cards are not for everyone. They are very hard to get and if you don’t qualify applying and being denied could hurt your credit score. Hence you will need to seriously consider if this card is right for you before applying.
Should You Get Low Interest Rate Credit Card
Low interest rate credit cards are not the best option for everyone. They are however the perfect option for those who tend to use their cards to make purchases on a regular basis. In addition to this, they work well for persons who make their payments on time but do not make their payments in full. As a result of this they tend to carry a balance whether large or small for a certain period of time. Even if you fall into this category of persons, you will still need to have a good credit history and a consistent and stable income to qualify.
When to Ignore Low Interest Cards
Every person will not qualify for best balance transfer credit cards having a low APR, but not to worry you may just be able to find a better deal to suits your lifestyle. As a result, if you are an individual that only uses your card occasionally you could find a better option. In addition, persons who only use their card to make big purchases which they quickly repay will not enjoy the full benefits of a low APR. If you pay off your balances each month and do so during your grace period this is defiantly not the best option for you and it’s likely that you would also be declined for a card of this natures. Persons who have a poor or limited credit history will also be denied. In addition, if you had problems with making payments in the past due to financial problems or misted a payment it is highly likely that your application will be denied.
Things to Look At When Choosing Low Interest Credit Cards
If after reading the information mentioned before you still believe that low interest rate cards are suitable for you, you will need to compare a few cards before making a decision. Of course, you will need to compare the APR% and choose the lowest available. However, along with this you will need to ensure that the other fees associated with the card are also low. The best deal will have no annual fees, low introductory rates, no cash handling fee, low foreign exchange fees and extra features which may include reward programs.
The greatest advantage of low interest rate credit cards is of course their low APR. As a result, even if all your balance is not paid off you will not sink deep into debt as the interest being applied is low. Nevertheless, just like anyone else, you will need to ensure that you make your payments on time and pay at least the minimum payment required for your purchase.
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