Low rate credit cards or personal loans, choose the appropriate one

Wednesday, December 1st, 2010

The interest rates on card can vary between companies as well as an individual’s credit rating (anywhere between 0% to around 39% annual percentage rate). But, standard credit cards with low rate of interest are challenging the terms of borrowing. The low-rate cards are posing a challenge even to the personal as well as the secured loan sector with respect to its value.

As the average rate of interest on loans is getting higher each day, the APR’s on the low-rate cards manage to stand out even more. Most card companies offer 0% introductory offers that come with a time frame. It is the same with balance transfers as well as purchases and the interest rates simply skyrocket by the end of the introductory period and standard rates would be applicable from there on. But standard low-rate cards have the interest which stays on until the entire debt is cleared. So it makes sense to stick on to a set low-rate card rather than availing a loan or switching over to a card with 0% introductory period. This way one can pay of f the debt at a pace that is most suitable.

Finance is a matter of personal choice and one has to make the decision as to what could the appropriate route to take. Since it is not a race against time, a low-rate card could work better than a personal or a secured loan. One can pay at a pace that is best suited and avoid paying a higher interest if it takes longer to clear off the debt.

The low-rate cards have far more advantages than the secured or personal loans. For instance, cards don’t have a fixed schedule for payment. If one has unforeseen expenditure one month one always has the option of making the minimum payment and would not be charged and the credit rating would remain intact as well.

One has to basically understand what one expects from the low-rate card. For instance if one wishes to make a huge purchase and cannot afford it, low-rate cards could be the best option to buy and pay in easy installments over a period of time with a minimal rate of interest. Balance transfers are options for individuals who have a huge outstanding balance to pay and when the interest rates are much higher on the other cards. Low-rate cards also offer cash back, travel insurance and redeemable points.

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