Lowest form of interest rate based credit cards are often the amazing tools for those who want to reduce the current interest they are working on some hefty balances, or just don’t require any form of added features, which might result in higher interest rates. Switching to low-interest credit cards can often be a proven way to save some bucks in long run. You have so many choices in this current category. Therefore, it is always important to do your bit of research to come across some of the perfect combinations of interest rates, added features, credit history based requirements and balance transfer options, matching your needs the most.
All that you need to know:
It is always vital to go through the fine prints on card offers before you can get hands on any one of the following. Some cards might advertise a certain interest rate but that can prove to be just an introductory rate. After a certain point, that interest rate might get a bit higher. In case, you ever come across an annual interest rate of around 1.00 to 5.99% for a certain period, you might have to end up paying more and a higher rate of interest after that time. It can rise as high as 17 to 20%.
- Dealing with the APRs:
Some people have this misconception that the highlighted introductory rate in bold print is the actual card’s rate. But, there are multiple times, when the credit card firms will show actual interest rate for card in just tiny prints down the terms and conditions section. So, it is always a clever task to actually go through and read all the fine prints from now onwards before signing dotted line. Most of the time, the lowest form of low-interest rate credit cards will be within a 7% to 15% rate. So, if you ever come across anything lower than that, it is just the introductory rate. Remember this point thoroughly when you are actually investigating the card, to know which one suits the best.
- Be sure to check your advantages:
Just because you are dealing with low rate card, that does not mean you cannot enjoy any common features of cards. You will have some like the:
- Travel accident coverage
- Cash back package on some purchases made
- Fraud protection
- Travel rewards
Moreover, as this section of the lowest rate credit card is growing at a fast pace, therefore; banks are offering these cards at competitive pricing. So, you can get the best ones in store for you.
Why you need these cards in your life?
In so many instances, granted credit limits will be quite the same to those offering with higher interest rates. There are some cards available, which are designed to entice people to switch over because of the attractive balance options like lowest introductory rates to incoming balances, no transfer fees and more. It means now you have every right to start saving some bucks.
- Working on current debts:
These lowest rated credit cards are appealing choice for those already carrying the debt burden on shoulders and those beginning credit history. The perfect combination of lowest interest rate and without any annual fees will make these options a sought out example in present economic scenario.
- Check on interest and fees:
Most of the lowest rate credit cards don’t need annual fee. Some other cards are available offering extra benefits like lower variable rates, no fees for balance transfer, no minimal requirements for credit or income history and more. Most of these cards have to go through an approval procedure, making them not suitable for those suffering from lowest or poor credit history. The cards with no minimum income or credit history will mandate a minimum deposit fee. During such instances, the credit will be granted equal to deposit that you are about to make. So, you won’t get qualified for fraud protection. The most attractive form of annual rates like the 7.25% will be available to those with good credit history.
Who can head for low-interest credit cards :
There are multiple consumers, who might get benefitted from lowest interest rates of credit cards. One major group of people is the one willing to reduce current debts. If lowest interest card offers low-interest balance transfer, this provides the opportunity to pay down some existing debt without accruing added interest. Another type of people who might get benefitted from low interest credit card is the one, willing to keep debt low. By avoiding any kind of high cost of fee, you can actually save a lot of bucks and don’t have to pay any extra.
Check out the advantages:
In terms of lowest interest credit cards, there are so many advantages available just for your use. This form of card is designed to offer consumers with the easy way to actually reduce debt and begin paying some debt off which they otherwise owe. This is a perfect step towards the field of financial freedom. As you are able to maintain your credit card well, there is no chance of lowering your credit score. It means you will enjoy a higher credit score, which will later help you to get some financial help. Apart from being an awesome tool, there are so many other perks as procure from credit cards with lowest interest rates.
- You will enjoy low APR. The annual percentage rate is the amount charged for using cards. It can range from around 9% to 30%, based on so many factors. In terms of lowest rate credit card, the APR will be within 12 to 16%.
- You will always get the chance to stay right on top of the credit score. You get the chance to monitor credit, which comprises of FICO score, without paying a single buck.
Apart from that, you don’t have to pay for the balance transfer as well. These are few of the major reasons for people to rely on lowest interest rate credit cards these days.