The cheapest major credit card rates can start as low as zero percent, as an introductory rate. Almost every major credit card company offers the option of applying for these types of accounts. They can be very useful if carefully managed, and may provide you with rewards and benefits as well.
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Currently, Capitol One, Discover, and Chase all make the top of the list. Their packages are quite extraordinary. For example, the Venture One credit card has a 0% APR until 3/31/13. After the introductory period ends, the variable rate of 13.9% will apply.
You do need excellent credit to qualify for this credit card, but this is true for most of these types. This is a reward for being financially responsible.
Both Chase Freedom and Miles by Discover Card offer 0% introductory rates for six months with 3% balance transfer fees. However, the Miles by Discover Card has a variable APR of 10.99%, while Chase Freedom charges 11.99%.
Other Benefits
Each of these credit cards offer rewards and benefits that many low APR cards don’t offer. Some rewards featured by Capitol One include, free travel on all airlines to any destination without blackout dates. If you spend $1,000 during within the first three months of opening your account, you earn an additional 10,000 miles that never expire and there are no limits.
Discover Card offers the Miles credit card with rewards that include 12,000 bonus miles if you use your card at least once per month.
They double your miles for the first $3,000 spent and double your miles when shopping online. Check out the Discover Card by clicking here to apply!
Chase Freedom has awesome cash back rewards. The most exciting is the 5% for $100 deal. They will provide you with $100 cash back for every $500 you spend. You also receive as much as 10% cash back when you use Chase online merchants for your everyday purchases. For all other purchases, regardless of the amount, you will receive 1% cash back. This is the perfect card to carry daily.
Be sure to apply today for the Chase Freedom card by clicking here!
Determining Credit Card Rates for Individual Consumers
To understand how to calculate credit card rates, you need to know the difference between fixed and variable. The Federal Reserve has all of the information you need as a consumer to remain alert and current with the financial industry.
Variable interest rates change when the prime rate changes. Fixed interest rates remain for the length of the credit card agreement. This is one of the reasons why most new credit card offers are variable and not fixed.
Most lenders will judge you according to your financial profile and place you in a risk group: low risk, moderate risk or high risk. Consumers with lengthy credit histories and scores above 750 are the most desired and offered the lowest APR.
Qualifying for Low Interest Credit Cards
Qualifying for low interest credit cards can be challenging and it will take some time. If you are rebuilding your credit, it may take longer than if you were just starting out. Start by accessing your credit report. You are entitled to one free credit report every year. Log onto AnnualCreditReport.com and enter your zip code. The entire process, from the application to the result takes less than five minutes.
Take some time and familiarize yourself with the report.
Review everything, including your personal information to ensure accuracy.
If you notice anything out of order, you must report this to all three credit bureaus separately. It can take up to 30 days before you receive any feedback.
Once you have an update, confirm the changes are complete. Some consumers who are rebuilding their credit take advantage of the alerts that the credit bureaus offer.
For a small annual fee, you can receive updates to your PC or mobile device whenever anything compromising occurs with your credit card account.
Being able to acquire credit cards with low interest rates is a privilege. Not everyone will have the opportunity to receive these types of offers so it is very important that they be respected. Monitor your spending on a consistent basis and refrain from overextending yourself. Remember, credit cards are not to be used as a substitute for income. Use them for emergencies and repay your loan as soon as you can.
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