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Low Fixed Interest Credit Cards

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Low interest credit cards are wonderful if you can get your hands on one. They offer great rates so it is easier to pay off your balance in a timely manner. These cards are perfect for those making large purchases on their credit cards, or even those that use their card for everyday purchases. If you are researching low interest credit cards, consider these factors during your search.

Credit Score

To qualify for low interest credit cards, you have to have great credit. There are several scores that fall in the “excellent credit” and in the “good credit” groups in terms of the credit bureaus. If your credit score falls into either of these groups, you will most likely qualify. However, if your score does not fall into these groups, you will most likely not be able to get any low interest credit cards. These cards are for the lowest risk cardholders, which are those with nearly flawless credit score.

Common Rates

For those that do qualify, low interest credit cards offer great rates. The most common rates fall between 9% and 15%. These cards are great when you need to make large purchases, because although your balance may be high, you will not be charged as much interest on it as a normal credit card would charge. The lower rate you can find the better. So, be sure to shop around before committing to a card.

Introductory Offers

Low interest rate credit cards offer some of the best introductory offers out there. Many of the low interest rate credit cards offer over a year with no APR. This is an amazing opportunity for cardholders to charge without any fees attached. Card companies know that people who own these cards usually keep paying off the balance, even without being charged APR, so it is still profitable for them to offer this plan.

Fees

Very rarely are there ever annual or enrollment fees on low interest credit cards. These are the top of the line credit cards. Therefore, to charge unnecessary fees would deter cardholders from applying. If you do run across a card that charges an annual or enrollment fee and you have perfect credit, you need to look elsewhere for your card. Those with great credit should never pay these fees, for they are intended for high risk cardholders with bad credit.

Low interest credit cards can be extremely helpful when it comes to your credit card finances. The less amount of interest you have to pay, the better off your finances are in the long run. Be sure to research your low interest credit card choices before applying. Some cards may give you the low interest rate for the first few months and then raise it dramatically. As long as you are informed about your credit card, you can make wise decisions.

Low Fixed Interest Credit Cards

Clearly one of the most important considerations when looking for a new credit card is the interest rate. The interest rate is not the only factor that one should consider when shopping for a new card, however. Even the best low interest credit cards can be a bad deal if they require excessively high annual fees. The final arbiter over whether low interest credit cards are right for you is your credit situation and how you use your credit cards.

Those who use their credit cards heavily are the ones who are most interested in low interest credit cards. Heavy credit users are typically willing to put up with higher annual fees if they can recoup the fee costs by having to pay less in finance charges. Low interest credit cards that are coupled with a high annual fee are not generally a good choice for someone who only uses their card occasionally, since the interest savings are unlikely to be enough to offset the amount paid to the card issuer in the form of an annual fee.

How can you determine if a low interest credit card is worth the annual fee? Fortunately, the mathematics is pretty simple. What you need to do is to consider how much you expect to use the credit card, as well as how much balance you expect to carry. From this amount, calculate the amount that you would be charged in interest at the rate of the card that you are considering. If you are uncomfortable with the math, there are a number of websites that will handle the calculations for you.

Once you come up with the finance charge that you would have to pay using low interest credit cards, you can compare that amount to the annual fee. If the savings on the low interest credit cards is higher than the amount paid to the issuer in the form of an annual fee, then the low interest credit cards will end up saving you money.

Low interest credit cards are always tempting, particularly if they are coupled with an incredibly low introductory rate (a common tactic). The only way to know if low interest credit cards will save you money in the long term is to look at your own credit history and start crunching the numbers.

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