Low Interest Rate Credit Cards

Low interest credit cards are the best choice for a consumer who plans to spend a large amount on credit. Paying on these accounts will mean paying less interest and more principle each month. If one does not know the exact percentage on their presumably low interest rate credit cards, they should check their statements or call the customer service number on the back of the card. If the FICO score is 720 or higher and the debtor has steady income, they should not be paying higher than 10% on an account.

If a company offers a lower rate than the current rate, it is wise to make balance transfers to the new offer. A balance transfer involves moving the money owed on a card to low interest credit cards. Typically, new accounts have an introductory balance transfer rate of 0%-3% for a period of at least six months or a year. After the introductory low interest rate credit cards time period expires, the accounts will readjust to their regular rates.

Shopping around for better deals may not be wise for a person with a FICO score below 720. This is true because the consumer may not find the low interest rate credit cards they are looking for. Each time a potential creditor pulls an individuals financial report, the score drops by one point. Upon finding low interest credit cards, it is important to call a current creditor and tell them that a lower rate has been found with the option of a balance transfer. The consumer has the option to request them to lower the rate on the current account. Many creditors will do this before losing out on the interest charges altogether.

Christians, like all other consumers, have many options to consider when dealing with financial matters. When seeking better low interest rate credit cards, Christians should use the same methods as everyone else. However, they are encouraged to use credit as a way to establish a good credit history for the purpose of receiving lower interest rates on a mortgage, or lower costs on home and auto insurance and not to make purchases. A Christian should strive to be debt free. The Bible tells of being a slave to financial obligations. Using wisdom and understanding to remain financially free is the goal. "Through wisdom a house is builded; and by understanding it is established." (Proverbs 24:3)