Best Credit Card Rates
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Best Credit Card Rates

Getting the best credit card rates is the goal of most of us but it’s not as easy as it used to be. Thanks to the banking crisis of the last 2 years the average APR is higher than it was.

Even though the credit card companies ensure their terms and conditions allow them to increase your rates at will, it is particularly irritating if you are a good customer.

There are however some simple things you can do to find the best credit card rates around and get then for yourself.

Know Your Payment date

It’s easy to make a payment that arrives one day late. Trouble is that’s enough for the company to increase your APR. If you are actually struggling to pay your monthly payment, contact your card provider and ask for an extension or payment holiday.

Know Your Limit

Avoid going over your agreed limit. Going above it will probably cost you extra interest as well as a penalty fee.

Read the small print

Very tedious I know but it may be worthwhile. Look at the section on interest and APR rates. It may say the APR will be “no lower than” and not “no higher than”. So you know your interest rate will never drop below a certain level but can go far higher.

Watch Your Rate

Check your statement each month and look at the interest rate charged. If it is going up, don’t sit back be active and establish a bit of control. Contact your card provider and ask why. It may be due to late payments or no real apparent reason, so you can ask for it to be reduced, especially if you usually have a good payment history.

If they aren’t keen to be helpful ask how long the rate will apply for. If it’s more than 9-12 months it may be worth considering looking at other cards. All credit card providers make money both from you and the shops so they want people to have cards. Shopping around may well net you a great rate and real saving each month.

Be persistent, polite and avoid aggression when you are dealing with your credit card company. You are far more likely to be offered a better deal or increased credit limit using this approach. But it works both ways and if you are persistently late with payments or go over your agreed limit, they will penalise you and it will cost you a lot of money. With a bit of time you can find the best credit card rates and get them for yourself.