The simplest factor to consider is the annual percentage rate you are likely to be charged. However, the actual rate you get may vary from the original quote in many cases, if your credit score is not sufficient. Most offers will note that the best rate is reserved for the best credit.
However, we'll assume for the moment that your credit is adequate to get something more or less along the lines of what is offered. You're not the sort to tell yourself that you have good credit when in fact it's a mess.
But there can be more to finding the best credit card rates than just looking at the APR. You also have to consider what you need the card for.
For example, if you are going to transfer a balance over from another card, what is that going to cost you? Are there balance transfer fees? What's the APR on balance transfers? How long does that last?
A lot of cards will offer a 0% APR for perhaps 12 months on balance transfers. Such a credit card is not particularly hard to find. You still need to consider what that balance transfer will cost you after the initial APR wears off. This can be a bad deal if the new interest rate goes too high after the introductory period and you haven't made much progress in paying off that transfer. On the other hand, if it lets you make rapid progress toward paying off old balances, it can be a great deal.
You should also check for fees. Annual fees are rarely worth it. They're more likely to eat up the difference in interest rates, and if you quit carrying a balance, they keep costing you money.
If you're already carrying a balance, a balance transfer is not the only way you can get a better rate. Call your current credit card company and just ask for a better rate. If you have a good credit score you're likely to get it, especially if you make your willingness to go to another company clear. It only takes a short time to call and ask.
Always be aware of what a credit card is costing you. This will help you to know when it's time to talk to them and get your rates fixed or to change credit card companies.
Want to know how to get the best credit card rates ever? No, it's not a pie-in-the-sky promise. It's a fact. I'm going to tell you exactly how to get those credit card rates down. It's not about having perfect credit (although that helps) and it's not about mind control over credit card company representatives. It's actually much simpler than that. Intrigued? Here we go...
Say Please
Just ask your credit card company for better rates and say please. Seriously, it's easier than you think. They won't laugh at you. They might even drop your rate by quite a pretty percentage rate.
The credit card market is a competitive one. That means you have the power. Tell the company you got offered a better rate elsewhere and that you're willing to stay with them if they meet or beat the rate. Chances are, if you have a good payment history with the company and you don't already have the lowest rate possible, you're going to get a rate decrease.
Move It or Lose It
Okay, your being charged a ridiculous interest rate, your credit is good and your credit card company won't budge. Time to get out of dodge. Yes, your credit score is partially determined by the length of your creditor relationships. What most people don't understand is that just because they decide to transfer their balance to a lower rate card, doesn't mean you have to cancel your old credit card account.
To get the best credit card rates, transfer your balance to the new low-rate card but keep your other account open (but don't you dare charge on it). This way you get a lower rate, you keep your longstanding creditor relationship and you actually improve your available credit ratio.
Let's Hear It For the Frugal
Of course, the best way to approach credit card rates is to make them a non issue. How do you do that? By paying off your balance in full each month. Don't charge frivolously. Only put on plastic what you can pay off at the end of the month. Emergencies happen, and when they do get them paid off as quickly as possible. Anything other than an emergency should be paid for on a cash-only basis.
And with those three tips, my friends, you can with the rate game and make sure you always have the best credit card rates possible.
Both Stephanie Foster & Sean Masterson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Stephanie Foster has sinced written about articles on various topics from Credit Cards, Shopping and Pets. Stephanie Foster blogs at about credit and money. S. Stephanie Foster's top article generates over 823000 views. to your Favourites.
Sean Masterson has sinced written about articles on various topics from Debt Reduction Consolidation, Credit Cards and Student Credit Cards. For more tips on the saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in p. Sean Masterson's top article generates over 40500 views. to your Favourites.