How to Find the Best Fixed Credit Card Rates

best fixed rate credit cardFinding the best fixed credit card rates can be quite easy. Essentially, you will find them the same way you would find any good credit card, by shopping around and carefully comparing what is available to you before making a choice. While a majority of credit cards have variable rates, it is still possible to get fixed credit card rates if you look carefully.

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Fixed credit card rates are found with credit cards that charge a flat interest rate each month. Usually, APR is variable and is tied to a national index like the prime interest rate and can fluctuate accordingly, as the prime rate fluctuates. If you find predominantly variable credit card rates, you can choose the credit cards that offer the best regular rates and simply request a fixed rate.

APR is Easy to Understand

best fixed rate credit card ratesAn APR or annual percentage rate is one of the most important aspects to consider when shopping around for a new credit card. Essentially, the APR is the interest rate that you will be paying on any balance you have on your credit card.

Be aware that when you take out a new credit card, there is typically a very low or non-existent APR in place temporarily, typically six months to a year. This helps to entice new clients to choose a credit card. However, when comparing credit card offers, it is necessary to look at the standard APR that will kick in once the introductory rate is finished. Introductory rates are not always paired up with great follow-up rates.

Eligibility for the Best Fixed Credit Card Rates

Even if you uncover the best fixed credit card rates, you may not be eligible for them. This is because credit card issuers use underwriting guidelines to determine whether someone is a good enough risk to be given the best credit card rates. Many companies will not turn down an applicant whose credit is not good enough, but will instead offer them a credit card with a higher credit card rate.

In order to get an idea of whether you are eligible for such preferred rates, find out what your credit report says. Only those applicants who have the best possible credit reports will be offered such a rate.

You can get a free copy of your credit report annually from one of the major credit reporting bureaus, such as Experian, TransUnion, and Equifax.

When you get the report, look it over carefully because, unfortunately mistakes are quite common. If you find mistakes, you can take the steps to rectify them and clean up your credit report. If such errors do exist on your report, do not start applying for a new credit card until your credit history has been repaired.

If you genuinely have not so great credit, it is important to learn the steps to take to rebuild your credit. Be sure to make all payments on time and for at least slightly more than the minimum payment. Keep your debt-to-income ratio below 30%. Check out an informative site like MyMoney.gov for help on managing debt and credit in order to rebuild your credit in no time.

Know the Details of Credit Card Rates

A credit card can have a variety of terms and conditions that you may not be aware of and that may change from card to card. For this reason, it is very important to read the fine print in your credit card offer before committing to getting a new one. You should be aware of the fact that the credit card company can actually change the rates quite easily by giving you only a 15 to 30-day notice.

Interest rates that can change so easily and quickly are little more than variable rate credit cards even if they claim to be fixed rate. Essentially, with a small amount of notice, they can do, as they want.

Understanding such details will help to prevent you from being frustrated with a new card that changes rates.

Don’t expect a fixed rate credit card to be perfect. Often such cards are only partially fixed rate. They have the fixed rate only on purchases and not on cash advances or balance transfers. Learn more by carefully reading the fine print on your credit card offer

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Disclaimer: This content is not provided or commissioned by American Express, Visa, MasterCard, Discover, or any other credit card company or issuer. The opinions expressed here are the author's alone, not those of any credit card company or issuer, and have not been reviewed, approved or otherwise endorsed by any credit card company or issuer. Credit Card Chaser may be compensated through various affiliate programs with advertisers. As always, Credit Card Chaser is an independent website commmitted to helping people research credit card offers and find the best credit card!