Introduction
Whenever you get a credit card you’ll want to make sure that you get the best deal possible. This is why a lot of people are looking for a low interest rate credit card today. These are credit cards that come with a low interest rate and usually offer 0% APR too. While you might think that it would be difficult to get a low interest rate credit card, it actually could be as simple as just lowering the rate that you have on your existing credit card.
Step 1
Start by calling the institutions where you currently have credit card accounts. Talk to them about the possibility of converting your current account to the lowest possible rate that they offer. Ask them if they would be willing to do this based upon your payment history and the fact that you have been a customer with them for a long timeourse. Of course, you will need to have a good payment history as you don’t want to make a fool of yourself.
Step 2
If your current credit card company is not willing to satisfy your request and give you a low interest rate credit card, you may need to search around for a company that is willing to give you a low interest rate credit card. You can either wait for solicitations to arrive in your mailbox or you can contact local banks and inquire about the credit cards they have to offer. Another option is to actually contact the credit card companies themselves and request a list of their preferred issuers.
Step 3
Whenever you find a low interest rate credit card, contact the company and ask them for an application. Ask them how you can submit your application (by phone, fax or online). As you are filling out the application make sure that you carefully read through all of the fine print. Make sure that the lower rates aren’t simply introductory rates, which would mean that they would only last for a short period of time before automatically increasing.
Step 4
Complete and return the application for a low interest rate credit card. You will then receive an answer about the low interest rate credit card within 10 business days (Monday through Friday). If you don’t get an answer within this time frame, you should call the credit card company and inquire about the status of your application.
Step 5
Whenever you are denied a low interest rate credit card, you should be given a written explanation. This is required by law. According to this same law, you should also be told how you can get a free copy of your credit report. If you are not given such a letter with this information in it, you should contact the issuer of the low interest rate credit card that you applied for and ask for assistance. It may be as simple as improving and maintaining a good credit history. There may even be a mistake on your credit report that you are unaware of. Once you establish a strong credit history you shouldn’t be denied these credit cards.
Tips
It is always in your best interest to keep your credit card paid off regardless of how low the interest rate may be.
Sources and Citations
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