Things You Must Know About Credit Cards with Low Rates of Interest
Posted at by ifydcat on category CreditMay be you are one of those people want to get low interest rates on credit cards but this may not be available as an option for you. This is particularly true if you have no credit history or if your credit is doubtful. But then, if your credit rating is outstanding, it is better for you to apply for a low interest credit card.
The single most important thing is to learn about the fine print if you apply online for gas credit card, in particular for credit cards that come with low interest rates. You might find out that the card you are going for does not provide such a low rate of interest after all. This often will happen with introductory promotions where the rate of interest is low for a short period before it goes up to 15% or 19%, independently if you have made your payment on time or not. As well, the so-called short interest may be applicable only to a transferred balance and not to your leverages.
Moreover, the interest rates of certain credit cards are set relating to the prime rate, thus leaving you with a variable rate of interest. What does this mean for you? Every time the prime rate goes up so does the interest rate, leaving you with a higher amount to be paid at the end of each month. This does not seem to be a very advantageous deal for you.
Now there is the question how to find if you apply online for gas credit card you are looking for? It seems really great until the day you lack a payment don’t pay on time and this uncommon deal becomes a nightmare. If you miss a payment you have not only to pay an additional fee, but also get your interest rate skyrocket. As an example, let’s say you have one of these common mastercard credit card offers that goes with a 7% interest rate. This same card will raise the interest to 15% if you happen to miss two defrayals during the year. This higher rate can be held until can make your payments 6 months in a row without failure.
Being late can be disastrous. In fact, you have to pay a fee for paying late and an additional fee for out matching the limitation of your plastic. You must be careful not to miss making your payment in time or else you will miss the low rate provided by the card.
Having said that the single most important thing about the low rates of interest of charge cards is never lack a single payment. It’s required to always pay your bills on time, if you want to maintain your privileged low rate of interest.