Credit card companies are tightening their hold on regulations and interest rates. With new guidelines in place, finding low interest credit cards can be difficult. However, there are ways to find the best interest rates that are currently available.
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If you plan to carry a balance on your credit card, a card with the lowest rate possible rate would be ideal. With a little research, those rates can be located and that credit card could be yours.
Credit Cards With the Best Interest Rates
If you have a good credit score, the Citi Platinum Select MasterCard interest rate could be as low as 11.99%. This credit card has an introductory offer of zero percent interest on purchases as well as balance transfers that are incurred within the first 12 months. This is beneficial if you cannot pay your balance in full at the end of each month. Carrying a balance will not accrue any interest. This card also has no annual fee.
The Discover More credit card is another card with one of the better interest rates to be found. With an introductory rate of zero percent on purchases and balance transfers for the first 12 months, no annual fee, and an interest rate of 13% when the introductory offer expires, this card may be one to apply for.
It has also been rated as one of the best credit cards for offering five percent cash back in a wide variety of categories.
Credit Unions offer competitive rates to their account holders. This is due largely in part because credit unions are non-profit organizations that do not pay taxes. They are also corporations that are not publicly traded. Because of this, credit union customers can obtain better interest rates on their credit cards.
A surefire way to avoid paying any interest at all on your credit cards is to use them wisely. This entails keeping your balance under your credit limit and only charging what you can afford to pay for in full at the end of the month. By paying the entire balance in full, you can manage to avoid being charged any interest.
Low Interest Rate or Rate Reduction Scams
Consumers need to be aware of the dangers lurking around our finances. Credit cardholders are being bombarded with prerecorded phone calls from agencies who claim to have a special relationship with credit card issuers. They claim to be able to guarantee an interest rate reduction or to provide you with an extremely low interest rate on a new credit card, if you pay them a fee. Once you pay, you never hear from them again.
The Federal Trade Commission (FTC) warns of such scams on their website. You can read more at the Federal Trade Commisson’s website.
Notification of Interest Rate Changes
Credit cardholders cannot receive any changes to their accounts without having at least 45 days notice. This was designed to provide time for credit cardholders to dispute the changes by the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Contact your credit card issuer and inquire as the reason your interest rate is being increased. It may be a simple error that can be easily fixed with a quick phone call.
Finding Credit Cards with Low Interest Rates
Initially you may want to simply call your bank. Credit unions usually offer their customers credit cards with interest rates that are lower than what the general public will find. Most banks, not only credit unions, usually offer credit cards with lower interest rates to their customers based on their positive banking history.
If you already have a credit card, place a call to the issuing company and request an interest rate reduction. You can receive a definite answer within a few seconds after they conduct a quick credit review.
Credit Scores Play a Large Part in Determining Interest Rates
Your credit score needs to stay as clean and high as possible. Keep track of your credit by requesting a free credit report at least once a year. Visit AnnualCreditReport.com to get yours. The higher your credit score is, the better interest rate you will be offered.
A good credit score is also a wonderful bargaining tool when requesting an interest rate reduction on your current credit cards.
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