Getting the Best Rates on Credit Cards

How to get the best credit card rates

How many times a day do you receive offers through email? Or that call for a free credit card with some money back offer, along with the possibility of a low introductory rate and other wonderful perks of the credit card world?

So, How to get the best credit card rates?

Look, all banks, credit unions and other financial institutions compete for maximum customers by deluging the public with a myriad of perks to tempt customers into taking their card deal. In reality, a credit card is nothing more than another form of borrowing money to be repaid at a later date.

How to get the best credit card rates by choosing using these factors

In the long run, it is better to choose a credit card that will offer the best rate for your score.
Why over pay interest to the banks? Take your time and compare credit card, terms and fees point by point, prior to applying and accepting a credit card account. Do the best in your selection process to find a credit card that has the interest rate that best matches your particular needs and budget.

The APR (annual percentage rate) is the calculation of the cost of credit credit cards usage fee expressed as a yearly rate. Keep a look out for variable or changing rates before accepting a credit card as some credit card issuers have in the fine print interest rates that can change with the Federal Reserve, LIBOR or on their own economic trends. This offer is called a variable rate program and when you first get your card it is not uncommon for something like an 8% interest rate, however with any economic trends that trigger their index changes, your interest rate may change to 14% overnight (oh, you will get an email or letter letting you know this has happened). Bottom line is you will later have to pay more interest with your new interest rate!

How to get the best credit card rates by using fixed rate or variable rate cards?

So walk on the side of caution and confirm if the credit card your are applying for is a ‘fixed rate’ or variable rate program. A fixed rate card is just what it claims to be with no change in the annual percentage rate, even when economic trends change.

How to get the best credit card rates? You also want to verify if the card you are applying for gives a ‘grace period’. A grace period is a time frame where you can avoid extra finance charges by paying your balance prior to its due date.

Next you will want to check if the card charges an annual membership fee or any other associated transaction fees. In the long run, it’s better to select a credit card company that is offering the lowest additional costs! With more additional costs there are, the more money you will have to pay the card issuer! We have seen card issuers that advertise on TV and even sponsor a NASCAR race car, that charge $8.99 per month for a $500-$1,000 credit line for bad to good credit.

In conclusion, when sourcing credit cards, it is in your best interest to consider if the credit limit and associated fee costs are suitable for you. Once you weighed out your offers, only then should you apply for the credit card (also, you don’t want any extra inquires on your credit report that will hover there for the next two years!). To get the best rate on a credit card, read all the fine print and make sure you understand all terms and conditions of the card before submitting the application.

We hope this article helps you a bit more in your quest for credit, and we do hope you can maintain and grow your credit score!

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How to get the best credit card rates

Finding Credit Cards For People With Bad Credit

Finding Credit Cards For People With Bad Credit

Credit cards for bad credit. Finding the best credit deals with poor to bad credit is tough and may be, these are the only credit cards for people with bad credit might be the only cards you qualify for. Option are limited and the interest on credit cards for people with bad credit your will find are up to 200% higher than on a regular credit card issuance. These credit cards have been specially designed for those individuals with a bad credit history and can not qualify for a standard credit card. If you are trying to build credit, in school or your first credit, or possibly circumstances have arisen that has negatively impacted your credit history and in these cases you normally qualify for this type of credit cards for bad credit.

Bad Credit Deals – Do they exist?

With bad credit, credit card deals are found online without a lot of effort doing a simple search for bad credit or fully secured cards. These lenders will divide bad credit cards into “fully secured credit cards” for bad credit that need a deposit and “unsecured credit cards”, either way both come with much higher fees. They do offer people with a poor credit scores or those without a previous credit history a fairly quick and easy way to regain a new good credit history using the bad credit cards as a tool. If you keep your credit balance under the limit along with making your payments on time, you will become eligible for new offers that have better low interest card rates and will improve your credit score also. Your best move is to start immediately correcting your bad credit with dispute letters (Credit Mastery – Business Credit – Personal Credit book has several great letters to challenge the reporting lenders and credit reporting agencies to improve your score).

Interest rates  – Finding Credit Cards For People With Bad Credit

Temptations seem to be endless when having credit cards and if you try to use bad credit cards to get you through a tight situation, keep in mind this is only a temporary solution as the interest rates on these credit cards are extremely high and you may just be digging a new hole! It is best to shop around and find credit cards for bad credit with an interest rate that you can live with. If you are one of those people who are constantly rolling over balances from month to month you probably already know the single most important part of picking credit cards is the interest rate in this case.

Tips

Credit cards for bad credit are very easy to misuse, so don’t go crazy as soon as they arrive, they are not a lottery ticket! If you find yourself going a bit overboard there is a good chance you just put yourself in a much worse situation. Secondly, do not apply for every bad credit card offer your see, as this does affect your 10% of your credit score for the inquiry, so only choose two credit card deals you find. After six months you can venture into another two cards.

Click here for Finding Credit Cards For People With Bad Credit

 

Worst Business for Funding

If you want business funding, here are a few business types that are the worst at the beginning of 2017:

  1. Real estate investing or anything else regarding investing of any type
  2. Car sales
  3. Adult entertainment
  4. Travel industry
  5. Money lending/collecting
  6. Restaurants
  7. Dry Cleaners
  8. Transportation is getting bad due to failures of the major trucking companies over the past few years.

Electronics and Software seem to still be consistent, but keep in mind that your business plan and financials are the key to hard money lending.