6 Tips To Secure The Best Credit Card Interest Rate
Last updated: Mar 22, 2010
1. First and foremost find out what your credit rating is.Your credit file is one of the most important documents in your life and it is imperative that you know exactly what written on that report. You might be shocked to find that there are notes, errors or small problems that you can clear. If this is the case it may take some time and a few phone calls to get it all sorted out but it is absolutely essential that you do so. In the long run it can save you a lot of money. Request your credit report online
2. Be aware of how you use your cards. How much do you spend on each month and how do you repay? Are you someone who pays the bill in full each month when the statement arrives or are you carrying small or large debts? After considering these questions and more importantly your answers to these you should have a clear idea of which kind of cards you are looking for.
3. Check out the wide range of offers from different card issuers available. Get information from different sources. Judge the cards based on their annual interest rate percentage for purchases or the balance transfer credit card offer rate if this is the best option for your needs.
4. Ask your current lender or banking institution about their credit cards. More often then not they have exclusive offers for their existing customers. If you are a long term account holder which has remained in good standing you may be eligible for low rates on interest or fees.
5. If you plan to apply for a balance transfer credit card you need to be aware of the interest and terms associated with the special deals. While these are an excellent way to reduce debt, many a consumer has been stung by cash advance interest rates when the honeymoon period is over.
6.Those who are long term banking customers and already have credit cards have paid their bills on time and have not carried excessive balances should definitely ask for a better interest rate. Most credit card issuers are willing to reduce interest rates or fees rather then lose an existing loyal customer to a competitor.
