The Chase Sapphire Credit Card
Many popular credit cards on the market today have an annual percentage rate that is close to 20% if not more. The Chase Sapphire credit card has a very decent variable interest rate of 15.24%. This great interest rate applies to balance transfers and purchases.
As with most credit cards, the interest rate for cash advances is more at 19.24%. Cash advance charges and interest most often applies to purchases made with credit card checks. Most people use credit card checks sparingly and for large purchases since so many fees can apply.
Even though this card has a very good interest rate, the cardholder should be aware that this card, like most Chase cards has a penalty annual percentage rate. This penalty rate is basically a punishment for handling your credit card irresponsibly. If the cardholder makes a late payment, exceeds their credit limit, or a payment is returned their interest rate will jump to 29.99%. This new interest rate will be applied indefinitely.
This card does carry a few fees as well. While there is no annual fee for the first year, the cardholder will have to pay $95 annually after that. The cardholder should expect to pay a 3% fee for balance transfers and 5% for cash advances. There is no fee for foreign transfers.
The Capital One Platinum Prestige Credit Card
This Capital One Platinum Prestige credit card has a great introductory zero percent interest rate. Most credit cards offer no interest charges for six months to one year, but this card does not charge the cardholder for interest on purchases and balance transfers for over a year. Even after the introductory rate is over, the regular interest rate is still fairly low.
Depending on their credit score, the cardholder can expect a regular interest rate of 10.9, 14.9, or 18.9%. If the cardholder likes to write credit card convenience checks, they should expect to pay 24.9% in interest for each check.
This credit card also has a penalty interest rate of 29.4%. This credit card penalty rate will only be applied if the cardholder is more than sixty days late with a payment. If that does happen, the new rate will be permanent.
Unlike the Chase card, this credit card does not have an annual fee. The fee for credit card cash advances and balance transfers is 3%. There is no foreign transaction fee for this card.
Since this card has such a long zero interest rate period, it is a great choice for balance transfers. Someone that has a balance on a credit card with a high interest rate can transfer that balance to this card and pay no interest. If the cardholder does do this, it is very important for them to pay off the balance before the zero interest period ends.
Credit Union Credit Cards
If you are looking for a credit card with a lower than average interest rate, you might want to try to apply for a credit card through a credit union. Credit union credit cards can be more difficult to be approved for and some credit unions require a membership to apply, but their rates are very low. In addition, credit union cards do not usually have a penalty interest rate.
A great example of a credit union credit card and how their rates are handled differently than bank credit cards is the Educators Credit Union Visa Platinum credit card. This card has an 8.9% interest rate that applies to purchases, balance transfers, and cash advances. There are also no annual or transaction fees for this card. So no matter how large a balance transfer or cash advance the cardholder makes they will not have to pay a percentage fee.
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