Low Interest Credit Cards

Who doesn’t want low interest credit cards? Even if you never plan to carry over a balance, it’s still a secure feeling to know your rates are low. It’s a sign of good financial health.

The most important factor in determining whether you qualify for low interest credit cards is your credit score. The higher your score the lower your rates will be. You need to know your credit score and get in the habit of checking it periodically regardless of your credit plans.

Applying for a new card may not be your only option to lower rates. If you currently have credit cards and you’ve raised your credit score since you applied for those cards, you can request a lower rate and in most cases will get it. Credit card companies want to keep good customers.

Before calling, collect offers you’ve received from other credit card companies and let your company know what they’re willing to give you. More often than not, your company will match the offer. Be aware however, this only works if you’ve consistently paid on time and your debt to credit ratio is low.

Another option is to apply for a new credit card. Before jumping on the first offer you receive, do a little research and read the fine print. For example, if you get an offer for 0% interest on balance transfers, check to see how long that introductory rate lasts. You may be able to find another card that will extend the introductory period longer.

You may also find that the interest rate jumps to an unusually high amount after the promotional offer is over. If you won’t be able to pay off the balance by that time, this may not be the right card for you. Again, you may find another card offering the same introductory offer but with a lower rate after the promotion.

Just remember that applying for credit cards will temporarily lower your credit score. So avoid applying for several cards at the same time. Instead, build a good credit history with one card and then add another a year or so later.

The real secret to getting low interest credit cards is to keep a check on your credit score, use your credit cards responsibly and manage other debt well. Having a budget will help you. Check out the section on creating a budget for useful tips to help you get started.

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