Low Interest Credit Cards: Ways to Decrease Your Interest Rates

Carrying balances from one month to the next can be a problem and can hurt your credit score. You can lessen the burden on your budget by opting for a credit card that has low interest rate. There are even credit cards that offer no interest rate for a certain period of time. Enjoy charging against your card for your expenses without worrying about the high interest rates.

It does not matter if you will use the card to book for a hotel room, rent a car, buy home appliances, or transfer an existing balance. The knowledge that you will not pay soaring interest fees at the end of the month is reassuring. If you are currently paying high interest rates on your card, there are ways on how you can decrease it. Here are some of them:

1.     Know Your Exact APR - Look at you credit card bill. Your Annualized Percentage Rate or APR is found either at the top or bottom. If you cannot find it, contact your issuer immediately.

2.     Study Your Choices – There are numerous credit cards to choose from today. Make sure that you do your research patiently and compare their interest rates. In some cases, you will find that your creditor is offering lower interest rates to new customers. Know this as well before you call the company to ask for a lower rate.

3.     Your Interest Rate Should be Based on Your Credit Rating – If you have good to excellent score, your interest rates should be lower. If you do not know what your credit score is, you can request for it from any of the three credit bureaus. You are entitled to get a copy of your credit rating once a year for free. The process may take a while and it is often a challenge. However, you should make the effort so that you can diminish your current interest rate in due course.

4.     Call Your Issuer – This is the negotiation process. If you think that your current interest rate is unjust, tell them that and state your reasons. At first, you will most likely be told that they cannot help you. Don’t give up just yet because your efforts will definitely pay off in the end.

Credit Card Choices

There are many choices for low interest credit cards in the market. You only need to know where to look. With the advent of technology, particularly the Internet, these days, it has even become easier to sort through all your possible choices.

Some of the many options that you have for cards with low interest rates include, Clear Platinum Card from Citibank, Commonwealth Bank Low Rate Credit Card, and Westpac Low Rate Card, Virgin Low Rate Credit Card, Bank of Melbourne Vertigo Credit Card, and ANZ Low Rate MasterCard.

Credit cards are helpful financial instruments. As a customer, you should choose the one that meets your needs and budget. Low interest credit cards can aid you on your expenses, but you need to ensure that you are able to pay your bills on time to maintain the low rate.