Low Rate Credit Cards

If you can’t pay off your balance every month, you may be better off choosing a low-interest credit card. Some low interest credit cards come with a 0% introductory rate while others have a low, ongoing rate. However, remember that these cards generally require a good to excellent credit rating for approval.
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Low Rate Credit Cards (2)

Capital One Credit Cards

Capital One Credit Card is designed for frequent users of Capital One. Capital One Financial Corp., a financial holding company in the United States, specializes in credit cards, auto loans, banks, and other financial products, ranking among the top 500 financial stars

Bank of America Credit Cards

Bank of America Credit Card is a credit card provided by Bank of America for customers to help shopping. Bank of America is the second largest commercial bank in the United States, Bank of America offers different credit cards to people with different needs. You can choose what you want. There are cash return cards, travel cards, and reward cards. Each card can bring you different ways of saving money or making money policies. You can read the following narrative to learn about Bank of America Credit Card.

What is a low rate credit card?

The low rate credit card is a kind of credit card with a lower-than-average interest rate. The rate is lower than the average APR, and could be down to 0% sometimes.

What does ‘low rate’ mean?

The interest rate that a bank uses to advertise its credit card is usually the purchase rate - the interest that applies to the balance portion of normal purchases and payments. The average interest rate is about 17-18%. Other transactions, such as cash advances and balance transfers, are set at different rates.

This ratio is shown as the annual percentage ratio (APR), which is the amount of interest that the balance is theoretically attracted during the year. Interest is actually calculated daily, daily percentage rate, and applied once a month on your credit card statement. You can calculate the daily percentage rate as APR%/ 365.

At the end of the interest-free date, if your account balance is ongoing, interest rates will begin to take effect.

What types of low interest cards are there?

There are mainly two types of low interest cards:

  • 0% on purchases within a period of time

  • Cheap interest rates

Do you need a low rate credit card?

If you don’t pay off your balance in full every month and need the security of a low rate in the future. And if you already have a large balance, you can apply for a low rate credit card and benefit from this credit card.

What are the benefits of low rate credit cards?

Long-term low rates

Compared to other credit cards, low interest cards offer long-term low interest rates or even 0% introductory period on spending. If you are a person with a monthly balance, it is equivalent to saving a lot of interest.

Sign-up bonus:

Some low rate credit cards also offer great sign-up bonuses.

Rewards programs:

Some credit cards with low rates still offer rewards programs, so you can earn points when you make purchases.

Low annual fee:

Many low interest cards have a very low annual fee than other credit cards. Some really worthy low rate credit cards have $0 annual fee.

What do you need to apply for a low rate credit card?

Credit score

The issuer will review your personal credit history when determining whether to approve your credit card and what terms you are eligible for. Responsible past use of credit will maximize your chances.

Credit card application

You can apply for a low rate credit card online, in banks or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.                

How to use a low rate credit card?

Read your credit card terms and conditions.

You need to have an understanding of the terms of your credit card in order to use it better and avoid paying extra fees.

Make sure you know how long your low interest rate will last

Although low rate credit cards offer a very low interest rate, the interest rate will revert to the higher interest after the period of time, such six months or one year.

Try not to take out cash

Because the interest rate on cash is still high, we don’t recommend you to use these cards to take out cash.

Pay your bill on time

Low rate credit cards still charge you late payment fees. Therefore, we recommend you to pay the bill in full on time in order to avoid paying extra fees.                

About icomparecards

About three-quarters of Americans have at least one credit card,In fact, the average person has 3.4 cards. But whether you have a wallet full of plastic or have never charged a purchase in your life, you should know how to apply for a credit card the right way when the time comes. getting approved for a credit card requires proactive planning that should start long before you apply. That's why icomparecards born, we aim to help you to find the right credit card, and then successfully apply a credit card.

How To Apply For A Credit Card

Credit card applications are straightforward, but you'll need to meet some minimum financial requirements to get approved for the best credit card offers. Learn how to apply for a credit online and what to expect after you click submit.

  • Knowing your credit score and what's on your credit report can help you determine what products to apply for. If you have fair credit, for example, you may not want to apply for a card that clearly states that only applicants with excellent credit will be approved.
  • If you don't have good credit, you may find it difficult to get approved for a card with a large sign-up bonus and a lucrative reward structure. Each credit card application ends up on your credit report, so the Nerds recommend using our credit cards comparison tool to find a card that fits your credit profile before applying.
  • If the card allows balance transfers, you may request to have balances transferred from other credit card accounts to the new card.
  • To apply for a credit card in the US, you’ll need a valid Social Security number and a positive credit history. The best rewards credit cards may require at least three to five years of good credit history, and some more than seven.
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