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0% APR Credit Cards: How Can They Do That?
During the days when the federal bank interest rates were at its
lowest, back in 2002 and 2003 to be specific, countless credit
card providers offered 0% APR credit cards to many consumers.
Needing only to pay the outstanding balance, smart...
Establishing Credit, the Great Task
"How do I establish credit, when I don't have a credit history"?
This is probably the most commonly asked question by most
consumers looking to open a credit account. Not having credit
can be just as difficult as having bad credit unless you...
Keeping Track to Repair and Build Credit
Keeping track of your spending and diverting a budget plan is
often a better solution for repairing credit and building your
rating. If you file for bankruptcy of debt consolidation you are
only adding more headaches to an already bad...
Sound Advice For First Time Credit Card Users
If you are just entering the world of credit cards, there is important information you will need to know in order to manage your credit and your finances effectively. Establishing good habits and a good credit history now is the foundation for a...
The Advantages Of Department Store And Gas Station Credit Cards
If you are attempting to rebuild damaged credit, department and gas station credit cards may be a good solution. As opposed to bank credit cards, gas and department store cards are easier to be approved for and even if your credit is damaged, you...
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Low Interest Rate Credit Cards
There are many credit card offers that advertise a low interest rate but not all of them are necessarily as good of a deal that they want you to believe. You will have to read the fine print to determine the legitimacy of the credit card offer. Here is some basic interest rate information to help you determine if those "low interest rate credit cards" are really a "high interest credit trap."
For a reliable listing of low interest rate credit card offers visit www.amex-visa-mastercard.com
Finding the True Low Interest Rate Credit Cards
Be aware that interest rates are variable. Credit card rates are set by adding a spread, or margin, to a base rate. Your base rate is often a widely used index rate, which is almost always a rate that changes periodically, without warning and for no reason.
The spread that is added to calculate your rate depends on your credit history. If you pay your bills consistently and on time, the spread may be as few as 2 or 3 percentage points. If your credit history reveals that you make late payments, or have too much debt, the spread may be 5 or 6 percentage points or more.
The advertised rate on a credit
card is often the card's simple interest rate. The effective interest rate, however, is your true cost of borrowing and includes annual fees you pay to use the card. The compounded interest rate is a better barometer of your effective interest rate. For example, if your card has a rate of 12%, your monthly rate would be 1%. Because credit card interest is compounded monthly, the effective annual interest rate on a 12% simple-rate card is 12.68%. Understanding how the interest rate on a credit card works can save you from overpaying in interest and fees.
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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published "as is" (unedited) and all URL's are made active hyperlinks with no syntax changes.
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About the Author
About The Author
This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about credit cards or to apply for a credit card online please visit: Visit http://www.amex-visa-mastercard.com today!
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