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Low Interest Rate Credit Cards

Written by Kathleen Gagne
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Low interest rate credit cards are generally offered to persons with very good credit; however, even those with less-than-perfect credit can sometimes get one if they are affiliated with an organization that sponsors a credit card. If you can get one, you will find that more of your monthly payment will go towards the principle and your balance will decrease significantly faster.

Low Interest Rate Credit Card Costs

If a low interest rate credit card costs you more money because of exorbitant fees or even monthly maintenance charges, you are no longer saving money. Remember, it is up to you to know what the card will cost, so don't get fooled by a low rate that comes with a $200 origination fee. If you add that to a $100 annual fee, you will find that you could possibly have saved money by getting an 18% interest rate over the year.

If you qualify for a low interest rate credit card, you will often find that other charges and fees are minimal because you have received the card as a result of maintaining good credit. If you are trying to establish credit or re-establish it, talk to the credit card company to find out if your interest rate can be lowered with a certain number of consecutive on-time payments. Remember that lenders want to keep customers who pay on time as much as you want to get the best credit card rates.

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