It’s your decision to get one of these cards that come with the best credit card rates but this most likely are not gettable as an option in your case. This is often true if you have poor credit history or in case your credit score reported from one of the 3 major credit report agencies is suspicious. On the other hand, in case your credit score is excellent, it can be less complicated that you can find those credit card.
I can not focus enough to study the small print on credit card applications, above all for charge cards that come with great interest rates. You may discover that the product you will be obtaining does not have such a reduced interest rate in any case. This is typically happening along with introductory offers where the rate is reduced for a close period of time until it rises to 15% or 20%, independently if you have been paying promptly or not. Moreover, the so-called lowered interest rate might be relevant merely to a transferred balance and never to your purchases.
Besides, the interest rates of specific credit cards are determined depending on the prime rate, for this reason getting you a varied rate of interest. What does this stand for? Every time the prime rate comes up so does the rate of interest, getting you a larger sum of money to be paid with your monthly bill. This does not seem to be a really beneficial deal.
How great are these cards going with reduced rates of interest? These are fantastic till the day you miss a payment and this incredible deal turns into a nightmare. If you don’t pay on time you won’t merely be charged an added fee, but also get your interest rate shoot through the roof. For example, let’s say you have one of those plastic cards that offers a 7% rate of interest; this exact same plastic will raise the rate to 16% or 20% in case you happen to lack two payments in the year. This higher rate can be kept until you are able paying half a year in a row on time.
Being overdue might be fatal. In fact, you have to pay a fee for not paying by the due date and an extra payment for exceeding the limit of the credit card. You must see to it not to omit spending in time or else you will miss the low interest given from the Citi Bank Mastercard cards.
In general regarding the low rates of interest of credit cards is under no circumstances skip a single payment. Generally pay back ahead of due date, in order not to lose your privileged low rate of interest.