Your Best Offer for the Best Credit Card Rate (cont.)
Contributed by Shanika p Carter
Speaking of the interest rate comparison, another thing to keep in mind about credit cards is the difference. When you know that there are people out there with interest rates of 9%, having a 22% interest rate on your credit card seems unfair. That does not mean there was some mistake made, or that you even overlooked a good offer. Credit histories play a big part in what type of interest rate once receives for credit cards.
Although you may receive a packet offering you a credit card with a 8% interest rate, if your credit history is not favorable you may be denied credit or you may be approved but not for that best interest rate of %8; it might now be offered to you at 18%.
Best Credit Card Rates May Be Temporary
Keep in mind that many credit cards offer special low, introductory rates temporarily; key word is introductory. These rates are basically used to reel a person in to apply for their credit card, but after a few months or so these rates increase. Many people make the mistake of thinking that these introductory rates last permanently or they are so focused on the introductory rate they fail to acknowledge how big the increase can be.
Please keep this in mind as you search for your best credit card rates. A credit card with a 8% introductory rate does sound wonderful, but not that wonderful if after 6 months the rate increases to 22%. Research your best credit cards rates with care and caution.
