Credit cards are notorious for their high interest rates. Typically, credit card interest rates
run about ten percentage points higher than secured or personal loans. Plastic
offers the convenience of what's called revolving credit - you can continue
borrowing against your credit account as long as you keep it under the stated
credit limit and make regular payments on your account. You pay for the
convenience of not having to reapply for a loan every time you use your credit
card by paying higher interest on it than you would for a one off
loan.
As credit card use has increased and the range of available cards has kept pace, the law of supply and demand comes into play. According to recent
surveys by the FSA, there are currently enough active credit cards in
circulation for every single adult in the UK to have four cards in his or her
wallet. With the market for credit cards reaching saturation point, the
companies that issue them have had to get more creative in marketing their
products. That's meant interest rates coming down - the typical APR on a
standard credit card these days is about 12%, down from 15+% just a few years
ago.
That's just the start of the good news for users of credit cards, though. More importantly, issuers of cards have devised various schemes aimed at
the way people use their credit cards in an effort to increase their use.
Depending on exactly what your needs are, you can find credit cards with typical
APRs of below 10% - and that's AFTER an introductory period at 1-5% APR on new
purchases and balance transfers.
If you're shopping for a new or first credit card, there are a few things you should know about interest rates and
APRs.
1. The higher your credit score, the lower APR you'll qualify for. The credit cards with the lowest APRs are usually reserved for those with good
to excellent credit. If your credit is a bit rum, then you'll likely be offered
a credit card with a lower credit limit or a higher rate of interest - or
both.
2. Introductory rates are just that - introductory. Be sure to read all credit card offers carefully to find out just how long the introductory period
lasts, and what conditions you have to meet in order to keep the introductory
rate intact.
3. A low interest credit card can flip into one with an outrageously high rate of interest if you're not careful. Late payments often
carry not only a one time penalty charge, but also a rise in interest rate
that's permanent. Even worse, if you're late with a payment on one credit card,
the interest rates on your OTHER credit cards may also rise.
4. Knowing your credit rating can help you apply for appropriate cards. When you compare credit
cards at comparison sites, you can see at a glance whether the card issuer is
aiming for those with excellent credit Cheap Baseball Jerseys , or those with no credit or poor credit.
5. Don't apply based just on a low APR. Be sure to compare credit cards on all fronts,
not just interest rates. Check application fees, annual membership fees,
processing fees, late fees, balance transfer fees - the whole ball of wax. And
remember that these days, there ARE low interest credit cards that offer great
rewards. Balance all the information you can find to decide which is the best
credit card for your wallet.
Author's Resource Box Jon Francis has been involved with finance for many years! With an in-depth knowledge of the credit card UK market help helps others get the best from a
credit card.
Article Source:
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