Nowadays the thought of saving money is imprinted on everyone’s mind, because the cost of living all around the globe is getting higher. Consequently, cardholders are inclined to look for low interest credit cards as a way to reduce finance charge costs. However, for regular individuals, it is tough to find a low interest rate credit card. On the bright side, it is not impossible to obtain such cards for there are still viable options left, like the ones below, which you can consider.
Join a credit union
A credit union is a not-for-profit financial institution governed by its members. A credit union’s main purpose is to educate members to be financially responsible. Additionally, it provides certain financial services to members and, more importantly, it offers low interest rates on credit cards.
The credit union’s not-for-profit status is the reason why credit cards issued by them have lower interest rates as compared to banks. Meaning, they do not have to raise rates, like banks do, just to generate revenue. In fact, there are studies that can vouch for claims that credit unions offer better interest rates. Hence, if you want a low interest rate credit card, join a credit union.
Seek great deals on card promotions
If you prefer not to join credit unions, there are other ways to get a low interest rate credit card; one of which is by looking out for introductory low interest rate offers. Many credit card companies, these days, have low introductory rates to attract more applicants. Some even go as low as 0% on their promotional offers. Although less costly, these promotions expire but when it does, you can always do a balance transfer or negotiate for a lower rate. Just watch out for when it terminates so you can plan your next move.
Build Towards a Good Credit Score
If the above suggestions still do not persuade you, then build towards a good credit so you can get a low interest rate credit card later on. It may seem like the slowest and hardest route but it absolutely is a sure-fire way to lower your interest. Furthermore, there are less difficult ways to do this, such as getting a credit repair card, which you can use to start building some credit.
Credit repair cards can assume many forms such as secured cards and prepaid cards. Just bear in mind that the secret to successfully establishing good credit is making regular and prompt payments. When you reach your credit goals, offers for low interest credit cards will be pouring in.
Synopsis
There are many means, by which you can get a low interest rate credit card, such as those listed above. Even so, none would work if you remain delinquent on your accounts. It is therefore necessary to be a responsible cardholder because in the end, it is still the best way to go towards your goal.
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