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Low Interest Credit Cards: A Thing of the Past?
With interest rates rising, low or zero percent credit cards
may soon become a thing of the past. However, the wise shopper
can still secure a low rate by carefully shopping around. Here
are some ways you still get a bargain rate card:
Contact Your Current Provider. Chances are the interest
rate with your current credit card provider has been inching up
for the better part of the past year. Whereas previously you
could have had a 5% rate, the card may now be up to 8, 9, or even
10%. What can you do? Contact your credit card provider and ask
for a lower rate. They can tell you no, at the risk of you going
elsewhere, or give you a fixed lower rate. If your provider
refuses to budge, see if they would consider a lower rate for a
certain period of time, let's say for six or twelve months. The
added savings of the temporary lower rate can be beneficial
especially if you have a big purchase coming up that you plan on
paying off within 6 to 12 months.
Shop Around. Like most Americans, you probably are
receiving solicitations in the mail for credit cards. If that is
the case, find the plan that works the best for you and apply.
Usually, a low introductory rate is offered as well as balance
transfer options. If the card has no annual fees and no
additional fees are assessed for transferring funds, go with the
new company especially if the rate is lower.
Consolidate Your Debt. If your current credit card
provider won't lower their rate and the new card company's rate
isn't quite as low as you expected, consider obtaining a debt
consolidation loan through a lending institution. To get the
lowest rate possible you may have to offer up something as
security - for example, the equity in your house - to obtain the
lowest rate. Do this only if you have sufficient equity and can
reasonably expect to pay the loan or line of credit off.
The Federal Reserve Bank has raised interest rates ten times
since June 2004. Still, lending institutions can and are offering
lower rate credit cards and loans. As a savvy consumer you can
and will find the best deals out there.
Matthew Keegan is The Article Writer who writes on just
about any and every issue imaginable. You can preview samples
from his high performing site at http://www.thearticlewriter.com
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