How do you pick the best low rate card offers?
Answered on Thursday, September 30th, 2010 by
Amy Miller

Low rate card offers are being made by lot of credit card issuers to attract the right credit card customers. With the increasing competition, credit card companies are doing all that they can from high credit card rewards to low interest rates in order to convince the credit card customers, especially those who have the best credit history and highest credit rating. However, not all low rate card offers are beneficial, which means some of them could be tricky to pick up. The problem gets trickier for those who do not have excellent credit but have a fair credit. This is because low rate card offers are not the same for everyone and the benefits usually vary from one credit card customer to another.

The first thing to check on to find out whether a low rate card offer is good enough or not is by checking the introductory rate and the final annual percentage rate. There are many low rate card offers, where the introductory rate is very low and attractive but after the introductory term is over, the APR shoots up suddenly way higher than what most other credit cards have been offering you. This is why it is important to check what the final APR would be as that is the rate that will concern you more, in case you have an outstanding due after the introductory period. Another thing to check would the introductory term which varies amongst credit card customers with different credit rating. Hence, while the introductory rate is valid for 12 months or more for those who have excellent credit rating, it could be valid only for 6 months for those with not so fair rating. Hence going through the fine print to find out if what you assume is right, is very important.

Once you are assured of the introductory rate, the introductory term and the final APR, you also need to know whether the introductory rate is valid just for the balance transfers or it is valid on all purchases. The latter is always a very attractive option. While low rate card offers are always good, it is advisable to find out if there is an annual fee, a balance transfer fee, or any other such charges as they would more than wipe out the benefits of the low interest rate. This is important as it is not good for the credit rating to go balance transfers very often.

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