Minimize Your Creditcard Interest Rate
Posted on March 20th, 2009 in Finance | No Comments »
Getting A Better Interest Rate
It’s the truth. Everybody loves a bargain. Also, noone likes to find out they’ve paid too much. Sure it’s true when you’re buying, and it’s also true when you’re borrowing. Everyone wnats the best rate of interst possible The problem on your credit card seems overly high, it won’t just lower on its own (unless, of course, you have a variable-rate card and rates in general are dropping). If you’re overpaying for interest, you need to take action now.
Online Credit Card Application
Some credit card offers are just so good that your current creditcard company may not be able to beat the offer, no matter how amazing your record. If that’s the case, you may want to consider moving your balance over to a new card.
There are a couple areas of caution in going this route. First, introductory rates are just that: introductory. Make sure you’re aware of the duration of the introductory period and what the rate will be afterward. Measure that against your current credit card’s best offer and the difference may not be as significant as you first thought.
Second, if you do obtain that new card, make sure you close the account on the old credit card. The best intentions can be fouled by the lure of having two cards at your disposal. The low rate on the new card won’t help much if you run the balance back up on your old card. Being over-extended is much worse for your financial future than too a high a rate on your credit card.