5 Ways to Ensure Low Interest Cards Are in Your Wallet
Category: Credit
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As you look for low interest cards, you may have learned
about the Credit Card Accountability? It sounds like a great idea, and it will
aid in many ways, but it does not offer consumers lower rates and it most
definitely could spur lenders to charge you in other ways to make some for some
of the restrictions that this act puts in place. If you are shopping for a new
line of credit, be a smart shopper by knowing how to avoid some of the latest
pitfalls in store for borrowers.
1. Read through the terms on current lines of credit you have. What you may not realize is that some lenders have placed new fees and restrictions on current credit cards. This could be limiting you already. If you are unhappy with the changes, you have little grounds for changing them, but you do have the ability to pay off your debt and to look for better, low interest rate cards.
2. Do shop around. This is the best route to take to get the lowest possible interest rate available. Not all lenders are the same and many do offer significantly lower charges for those who are well qualified. You can get free quotes from lenders without hurting your credit rating in the process. This is especially important for those with a good or better rating currently.
3. Do keep your credit score high and work to continuously improve it. Those borrowers who are less risk are likely to pay less for any of the charges they make, even if there are instances where the rates will increase. To get the best option for yourself, keep payments on time, avoid over the limit fees and be sure to pay off your balance as much as possible each month.
4. Do look for companies offering rewards to good customers. If you are in the market for low interest rate credit cards right now, do look to lenders who are offering benefits to those who maintain a good standing. Some lenders, for example, may offer a reduction in your rate if you pay on time for a specific amount of time. In addition, avoid lenders who are offering you gimmicks or tools that look nice but do not actually save you money.
5. Compare the benefits of a lower interest rate compared to the benefit of getting a reward from a company. Be sure to know about all fees associated with these programs, too. Law requires all of this information, to be provided to you by the lender before you actually apply for the card.
There is some good news in all of this. Lenders still want your business and if you have a good credit score, chances are good they will want to work with you. Ask for lower rates and negotiate other credit terms with these lenders. By shopping around and determining which companies offer low interest cards, chances are good you can find a bargain.
1. Read through the terms on current lines of credit you have. What you may not realize is that some lenders have placed new fees and restrictions on current credit cards. This could be limiting you already. If you are unhappy with the changes, you have little grounds for changing them, but you do have the ability to pay off your debt and to look for better, low interest rate cards.
2. Do shop around. This is the best route to take to get the lowest possible interest rate available. Not all lenders are the same and many do offer significantly lower charges for those who are well qualified. You can get free quotes from lenders without hurting your credit rating in the process. This is especially important for those with a good or better rating currently.
3. Do keep your credit score high and work to continuously improve it. Those borrowers who are less risk are likely to pay less for any of the charges they make, even if there are instances where the rates will increase. To get the best option for yourself, keep payments on time, avoid over the limit fees and be sure to pay off your balance as much as possible each month.
4. Do look for companies offering rewards to good customers. If you are in the market for low interest rate credit cards right now, do look to lenders who are offering benefits to those who maintain a good standing. Some lenders, for example, may offer a reduction in your rate if you pay on time for a specific amount of time. In addition, avoid lenders who are offering you gimmicks or tools that look nice but do not actually save you money.
5. Compare the benefits of a lower interest rate compared to the benefit of getting a reward from a company. Be sure to know about all fees associated with these programs, too. Law requires all of this information, to be provided to you by the lender before you actually apply for the card.
There is some good news in all of this. Lenders still want your business and if you have a good credit score, chances are good they will want to work with you. Ask for lower rates and negotiate other credit terms with these lenders. By shopping around and determining which companies offer low interest cards, chances are good you can find a bargain.
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