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Low Interest Credit Cards
Low Interest Credit Cards
Transferring balances to low interest credit cards can start looking pretty appealing when a consumer faces a mounting debt on high interest rate credit cards. The only downside of low interest credit cards or even 0% interest credit cards to consumers is that the period of low interest is limited to a fixed term, usually between 6 and 12 months after which a higher rate is charged.
Low and even zero interest credit cards seem, at least on the surface, to be the solution to increasing personal debt problems. The providers give the user the facility of very low or even no interest on credit for a certain period of time. No doubt, this is an attractive and even beneficial way to save money, and many users report complete satisfaction with their low/zero interest credit cards.
As already stated, the reduced or nullified rate of interest on credit is for a limited period only, after which it can suddenly change to anything from 10% to 18%.
A small-print savvy and conscientious spender can doubtlessly benefit hugely from a low- or zero-interest credit card. However, it seems that such users of low or zero interest credit cards are more an exception than the rule. The rule is that a credit-card user tends to be seduced into a state of blissful complacency and reckless spending habits by the initial low/zero interest rate, and then has a rude awakening when that period is over.
If you have a great credit score, credit card companies will tend to give you a better rate just
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like with any other loan. This will happen more and more as credit card companies begin their shift toward lending to consumers with good credit scores and away from lower scores due to sub-prime woes. However, credit card companies make money on interest they charge you, therefore because you may get a very low interest other perks such as cash-back might not be available.
Anyone who uses a low or zero interest cards should be aware of the terms applicable after the specified period elapses. Low interest (or no interest) cards exist to reward the wise and punish the foolish.
Many people I know use the same credit card that they have had for years even though the interest rate may be a bit high. They seemed quite comfortable with that, but shopping around for a lower rate credit card company proof that it is well worth the effort to do so. There is tremendous competition among the various financial institutions offering low apr credit cards.
As a consumer you should take full advantage of this by making full use of the information that is available to you by the various institutions before selecting a credit card. Apart from taking advantage of the information that is available to you on the various low-interest credit card products, you as a consumer must also be aware of what your personal credit card needs.
Rolling over existing high interest "non-preferred debt" to Zero or Low interest credit cards is still a very effective approach to manage interest costs on your current credit cards but a word of caution "read the fine print"
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