There are 3 different levels of interest rates that credit card companies hold which your credit score dictates what level you fall under, the better the level the better your interest rates, so having a great credit score is obviously the most sure fired way of getting low interest credit cards.
The other most popular method which you probably see advertised through various advertising funnels is low introductory rate credit cards which you enjoy 6 to 12 month of super low interest, but after that time is the interest rate skyrockets, but they can be great cards for balance transfers where you can pay the amount off on a low interest rate and pay as much of it off as you can before the end of the good introductory rate. Now low interest credit cards with low interest introductory periods are the perfect short term solution, but you have to think long term as well which you can set yourself up the best way by checking out all low interest introductory rate credit card offers and finding out which one has the lowest interest rate at the end of the introductory promotion period. Doing things this will will avoid you from being locked into a contract where you have not choice but to pay the high interest rate.
When obtained a low interest credit card, you can use the below tips to help you get the best long term deal on low interest credit cards:
- What are the varying interest rates? Some credit cards hold the owner of the card responsible for paying different interest rates on different puchases so find out the ones that are either not variable at all or ones that offer little difference in what higher interest purchases equate to.
- Check for hidden fees. Some credit card companies will lure clients in with low interest credit cards but will then impose things like high service charges or a variety of other costly fees, so look for these when applying.
- What are the charges for being late on a payment? Low introductory rates can be amazing but they can come with pretty intense late fees, so finding one that won’t go to hard on you if you make a late payment is advised.
- Don’t go with the “lowest” interest rate as for example say a there are tow different credit card companies, one offering an low interest credit cards at 9.75 percent and the other at 10 percent. The 9.75 interest rate seems like the first choice but the higher card can come with things like better cash rebates on certain purchases that you may often make, or a better rewards program, etc.
The main thing is do when looking for low interest rate credit cards is look at the entire scheme of things, which comparing every aspect of agreements will provide you with the best insight into what credit card with low interest will best suit what you need. Doing this will provide you with the lowest interest rate in the short term and long term, allowing you to pay less on your interest payments and more to the principal.
Now this is one of the best ways to get low interest credit cards regardless of what your credit score is. But remember that you can lower your interest rate by making ontime payments, which bring about two positive aspects, those being that you will better your credit score and be able to qualify for better interest rates, as well building a very strong trust with your credit card company which you can use this trust to negotiate a better interest rate.