Wireless Credit Card Terminals

How To Get A Low Interest Credit Card
By Tom Coleman

Consumers often have the first credit card that they ever
applied for, never really analizing how the interest rate
affects their payments, but many other options exist and can
help consumers decrease their payments and achieve financial
stability.

With interest rates on some credit cards rising to over 23%,
even low balance credit card debt can be crippling. One of the
first research elements a prospective borrower should look at
is the interest rate on transferred debt. This interest rate is
often lower than the usual interest rate for the credit card,
and can be an especially good deal for borrowers who have debt
already. Another element to consider is the interest rate on
new purchases – this rate will be the main concern in the years
to come, as this new credit card will probably become the most
heavily used. Borrowers often worry about annual fees, but
these are often temporary. Getting a credit card with low
interest rates will save a borrower significant sums, usually
much more than the annual fee. Plus, once good credit is
established, the annual fee may later be waived.

Another interest rate will usually apply, as well – the rate
for cash advances. Cash advances are usually limited to a
couple hundred dollars, but credit card companies often insist
that when paying back the balance, the credit portion must be
paid back first, then the portion that the cash advance applies
to. So if you are going to keep a balance on your credit card,
be aware that cash advance interest rates are higher than the
regular interest rates. Cash advances can be incredibly helpful
in emergencies, though, when a credit card cannot be used.

Visa and MasterCard are by far the most commonly accepted
credit cards, so less commonly used cards such as American
Express and Discover often offer special rates for new
customers. These rates are worth attention, even if you think
that you may not be able to use the card as easily as your
previous credit cards, because transferring the balance to
these new cards to obtain the lower interest rate may
significantly lower your payments. While your AmEx or Discover
Card may not be accepted as often, they can be a good tool to
achieving your financial goals.

Even less commonly used are credit cards that are store
specific, such as gas cards or department store cards, but
these cards can offer incredible deals on interest rates. They
rely on the fact that consumers will often switch their
spending patterns to the new gas station or store, and this
increased revenue makes up for the lower interest rates. A
slight change in your habits, such as consistently using the
new credit card at the new gas station, can lower payments and
improve credit scores.

Researching new credit cards can seem daunting, but by
comparing the four main factors, which are the regular interest
rate, the rate on transferred balance, the rate on cash
advances, and the annual fee, you can reduce your credit card
payments significantly.

About the Author: The author runs the finance website
http://www.pawninfo.com about short-term loans and payday
loans, and any or all of this article may be reproduced in any
form as long as there is a link to the website. The HTML is
Pawn Shops and Short Term Loans

Source: http://www.isnare.com