Low Interest Credit Cards

Compare Low Interest Rate Credit Cards

Credit cards that offer low interest rates can be tempting, especially to the excessive spenders, which can land a person in unwanted debt. With so much fine print in the credit card agreements it is easy for people to screw up. Below we’ve provided you with a list of highly recommended credit cards that carry low interest rates to compare.

How to Avoid the Credit Card Flu

Don’t fall for teasers

Credit card companies do their best to entice their customers with promotional rates and lower than average interest rates on purchases. These are also the biggest culprits when it comes to making the interest rates shoot skyward if a payment is not made on time. Before signing up for these promotions make sure you will be able to pay back the amount before the promotion ends. Read the fine print on these teasers or call the credit card issuers to find out more information about the credit rate after the promotional period is up.

Understanding the credit card billing cycle

Knowing the billing method of the credit card company can help you put together a more effective repayment plan for your monthly payments. Some card issuers also provide their customers a grace period, who are unable to pay their monthly payments on time. The grace period allowed is usually for 10 to 15 days after the due date.

Late payment charges

Before signing up for a credit card, make sure you fully understand the terms of the late payment charges. Late payment charges or penalties are charged when the consumer is unable to make the monthly payments on time. Late payments can also result in a hike in the interest rates; which in turn has a direct effect on the credit score.

Not getting too many credit cards

There is no good reason for having more credit cards than you can handle. Having more than two credit cards can increase the likelihood of a person ending up in debt. The availability of too much credit can let people wind up making bad financial decisions that will eventually lead to unmanageable debt.

Stay away from aggressive lenders

The most aggressive credit card companies charge higher rates as compared to the less aggressive lenders. If you find yourself receiving one notice after another than that’s probably a sign that the credit card company will issue high penalties and have a more belligerent collection procedure.

But before you shred every last credit card you own, there is a bottom line. Going without free spending can hurt, but living a debt free life free from anxiety is well worth it.