Introduction
Credit cards can best be termed as a necessary evil, the secret is not to let them control you. When shopping for a credit card, your major concern is the credit card interest rate. Sadly, the cost of credit keeps going high. Low credit scores are a thorn in your financial life, what you need to know is that there are several tips which can help your keep credit cards interest rate low. Read on and find out. For starters, begin with a card that best suits your needs. Do not only apply for offers that you get through your email. Shopping around pays, again, just because you got preapproved for a card does not exactly mean its the best one for you. There are numerous comparison websites that you can take advantage of to get a favorable credit card interest rate. Try not to get blinded by rewards offered by credit providers, in most cases, the perks are not worth the high credit card interest rate.
History
You save yourself a lot of money if you make timely payments, paying past the due date will also damage your credit report. A missed cycle of payments will probe your provider to charge you a higher credit card interest rate. Technology can help you stay on track. all you need to do is sign up for automatic bill pay. Money will be deducted from your account on a set date, this way, you do not come into contact with that money and so the temptation to channel it elsewhere is eliminated. It is not enough to know your credit card limits but you must respect these limits. It is important to keep checking as some lenders are known to reduce credit lines without formally informing the card holders. Exceeding your limits will definitely knock down your scores, and your credit provider will have a valid reason to hike your credit card interest rate.
Features
You should always be on the lookout for new extra fees. Monthly fees tend to go up by at least $10. Many customers ignore this fee since it appears small, but that is a whole $120 per year, which gets your attention, doesn't it? Always scan your statements and check for additional fees. Challenging economic times has forced lenders to employ stingiest measures when approving borrowers for credit. The credit company will monitor you financial activity, make sure that you pay your bills in good time, restrain from applying for new credit accounts.
Tips and comments
You should always be on the lookout for any changes in your credit card terms, if rates spike without any valid reason, call the credit company and ask for an explanation. If they don't give you a reason worth the interest increase, simply jump ship to a better provider. In as much as its important to search for low credit card rates, it is essential to manage your accounts to prevent a rate hike.
