Article by Garth Brady
Working hard for your money, you shouldn’t have to see it thrown down the toilet with high interest rates. When you are looking to increase your credit with a credit card, take the time to really shop around for the best credit card rate. It will help you in the long run.
Find the best credit card rate and don’t fall for every credit card offer you receive in the mail.
Use Common Sense
Credit card payments are more than likely a payment on the interest rather than the actual principle. You should have a credit card with low interest and a card that is compatible with your level of income. Rates falling between 12% and 18% APR are the best credit card rate for people with median level incomes. With rates higher than those you are handing over more money for interest and finance charges than is necessary.
Browse the Internet
These are digital days. The easiest way to find the best credit card rate is to go online and find the average credit card rates for standard, gold and platinum credit cards. The higher “level” the card, the more you are able to save on the interest. A standard credit card fixed rate averages around 13.08%, and the variable rate is 14.39%. For a gold card, the fixed rate is 11.41% and the variable 13.37%, while the platinum is fixed around10.17% and variable is 13.60%. Rates change, so it’s good to check in every so often to decide which one is right for you.
Your Credit Score
Getting the best credit card rate can be affected by your own financial history. The average national credit score is 678. If yours falls under a bit, you may have to apply a few times to get approved. Once you do get approved for a credit card, your monthly payments may be higher than average. The best thing for you to do in this situation, is to keeping paying your bills on time, including your credit card payments. Don’t go over your limit and let time heal the wounds of your credit history.
The key to finding the best credit card rate is being patient. Don’t rush into choosing the first offer that comes your way, as you may end up with high interest, finance charges and high monthly payments. Look around and find a card that’s right for you. It will pay off in the end.
Garth Brady monitors the Credit Card and Finance Industry and writes articles on his findings. You can read more at Global Credit Cards.
Find More Best Credit Card Articles