Have you been looking around for a low interest rate credit card? Did you notice that the internet is full with websites offering low rates to attract you to apply for their cards?
It is the right time to consolidate all your high interest credit cards and get a better interest rate. But when you look for a low interest credit card, you need to consider the following:
The length of the 0% balance transfer period: The length is usually between 3 to 9 months. Make sure you know what the interest rate will be after this period come to an end.
Some companies are expecting you to spend a minimum amount to secure their low interest rate. Read their terms carefully and do not fall for this.
If you are not planning to clear your balance, make sure that the low interest rate will remain until you pay off the balance in full. You don’t want a sudden increase in interest rate at the end.
You must ensure that you are paying the least amount of interest on your credit card. It is illegal to keep transferring your credit card balances every time the 0% introductory periods ends. Doing this will have a bad effect on your credit card rating.
This entry was posted
on Sunday, March 29th, 2009 at 2:06 PM and is filed under Articles and Advice.
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