Low interest rate credit cards are a great way to lower your monthly payments. These credit cards come in all shapes and forms and most banks have some form of low interest credit card that they offer. If you are suffering from high interest rate credit card debt you are going to want to consider transferring your balance to something that carries a lower rate.
If you have a reasonable credit score you will be amazed at how many low interest rate credit cards you can apply for. In most cases you can find out the status of your application within 48 hours. If you are lucky enough to get accepted for a low interest rate credit card you will want to transfer all of your higher interest debt over as soon as possible. Here are two of the best low interest rate credit cards that we have found.
BankAmericard Power Rewards Visa Credit Card
This outstanding low interest rate credit card offers many other benefits that can be very beneficial for you. The BankAmericard offers outstanding awards program. These rewards can be redeemed as points for hotel benefits, car rentals, gift certificates, and many other items. Once you sign up and accepted for one of these cards you automatically receive a 2500 point reward. You can also receive reward points when you spend money on things like gas.
You can earn three points for every one dollar of gas that you purchase. Groceries and drugstore purchases work the same way. Bank of America offers an initial 0% balance interest rate on account transfers. After the first year if payments are made on time the rate is adjusted to 9%. This is one of the lowest interest rate credit cards that you can find in today’s market.
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card also has a 0% interest rate on any money that is transferred over from a different account. This 0% rate is good for up to 12 months. After the 12 months are over you will be asked to pay 11.99% interest. The Capital One Venture Rewards Credit Card was named the best rewards card by Money magazine. The card offers we wards miles for every dollar spent. You can receive 2 miles per every dollar on every purchase.
You can redeem your miles for any travel expense. You can receive an additional 10,000 bonus miles after you spend $1000 in the first three months. There are no annual fees associated with the venture credit card. You will have a very good credit score to apply for this outstanding rewards credit card. This low interest rate credit card offers some of the best rewards than any of its competitors.
Low interest rate credit cards can help you reduce your monthly payments. These two outstanding credit cards offer 0% balance transfers which make it very easy for customers to start saving money from day one. Both of these credit cards require a decent credit score to be accepted. From all the low interest rate credit cards that we researched these are the best ones that we believe you should consider first.
A low interest credit card is a credit card that boasts a lower rate than other types of credit cards. Many of these cards do not have a permanent low interest rate but instead offer a low introductory rate offer for a period of three to four months. Some offer the low rate for a six month period.
These special introductory offers are wonderful but what if you know it will take you longer than the introductory period to pay off the balance on your credit card? If that is the case then it does not matter how many low interest credit cards you apply for they will not be enough to help you with your situation. What option are you left with then?
You can talk with the credit card company you presently deal with and renegotiate the interest rate you have with them. Temporary low rates are good but if you do not want to start all over again with a new credit card provider then finding out if you are able to lower the rate you currently pay is a much better option.
In order to go about doing this you first need to gather together some relevant information. You will require your most recent statement from the credit card company. Jot down on a separate piece of paper the interest rate you are paying or circle it on the statement. For example it might be 16% or 18%.
If you have received any offers from low interest credit cards in the mail recently then take a close look at them. In particular zero in on what interest rates they have to offer prospective customers.
Once you know what interest rate you are paying and what interest rate other companies are offering you can place a call to your credit card provider. Their phone number should be easy to find on your statement.
When you call be friendly but firm. Tell them that you have received a mail offer from another credit card company that is offering a lower interest rate. Let them know that while you would rather not switch credit cards you are paying them more money in interest then you would like to. Ask them if they would be willing to renegotiate your rate. Let them know that if not then you may seriously think about transferring your balance to the new card in order to take advantage of the lower interest rate offer.
Most customers will be willing to renegotiate with you if you are a good customer. Being a good customer means that you make your payments in a timely fashion (i.e. on or before the due date), that you pay the minimum required or more every month and that your credit history is reasonably good. If you are this kind of customer then they will not want to lose your business and will do everything in their power to accommodate your wishes.
You may find that your company will offer to drop you interest rate to around 12%. While 12% is not as low as the 6.9% that many low interest credit cards have to offer remember that the introductory 6.9% is likely to go up to around 18% once the six month period is over. In this way 12% is looking so much better!
