For most consumers the credit card has gone from being an item to use in times of an urgent situation or when cash is a little reduced at the end of the month to a kind of payment that is used routinely for items which would normally have been paid for with cash. Unfortunately, the convenience that a credit card brings with it also enables an individual to rack up an enormous amount of debt without really knowing with interest rates that are normally quite high. That’s where a low interest rate bank card can come in handy.
Most low interest rate credit cards are designed to be used by people that make use of their credit card regularly but don’t always make a large enough payment to pay off the monthly balance for the credit card. This leftover balance can make a rather large finance charge in late the month on a regular credit card with a higher interest rate. However , that isn’t the case with a credit card that does apply a lower finance charge based on an inexpensive interest rate.
When searching online for the best a low interest rate rate credit cards don’t make the presumption that all credit cards are created equal. The truth is unless you spend a little bit of time researching to find the best credit card deal you may not end up getting as low of an interest rate as you got initially planned. Just like any other purchase it is always wise to do some comparison-shopping even when it is only for a low interest rate bank card.
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The best card should be one that provides both a low interest rate on buys as well as cash advances. Many cards will offer you better rates on material items which you purchase but heaven forbid in case you make a withdrawal or obtain a cash advance using your credit card because in most cases the particular annual percentage rate or APR can sometimes be as much as 10 or 11 percentage factors higher then the regular purchase price.
A word of caution when comparing low interest rate credit card deals and offers. Always make sure to read the fine print. Some cards may only offer the lower interest for 6 months or to have an initial balance transfer. What at first seemed like the best low interest rate credit card can suddenly turn out to be a credit card nightmare if you’re sitting on a large balance at the end of that introductory time period. In certain extreme circumstances you may find that if you might have $1000 or less on your credit card it qualifies for an APR of 11% but if the amount is $1001 or more then the charged interest rate could be as high as 14% in some cases as high as 16%.
As you can quickly see a low interest price credit card can be very helpful but only when it truly meets your monetary needs based on your spending plus paying patterns. When searching for the best bank card that offers low interest rates be prudent plus take a few extra minutes to ensure the credit card does what it really claims.