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How do Credit Card Interest Rates Differ by Company?
One of the most important things you need to consider while getting a credit card is the interest rate applied to the card. Different credit card companies offer different rates. The reason behind these varying rates is the presence of more than one factor being involved in determining interest rates. Some of them you have control over while some others may be totally out of your control.
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It’s All about Your Credit Score
Sometimes, there is a huge difference between rates offered by the different credit card companies, causing you to wonder how do credit card interest rates differ by company?
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When you apply for a credit card, the issuing company pulls your credit information to determine your credit card interest rate. What you need to do is see to it that your credit score always falls in the above-average range. This way, you get the best possible credit card interest rate that will not hurt your budget. Always remember, good credit score equals good credit card interest rate. (See Credit Score Wisdom Credit Scores Credit Scores All You Wanted to Know FICO Score)
Amazing Promos Offered By Issuers
Putting your credit score aside, you may still get a low credit card interest rate if you keep yourself updated on the latest promos credit card companies offer. Credit card companies always come up with different ways to bring in the money and it comes as no surprise that low credit card interest rates are now a fad.
Promotional credit card interest rates vary from one credit card company to another. Some even go as low as 0% applicable for around 6 to 12 months depending on the issuing company. So keep your eyes wide open and take advantage of these great opportunities to save money on credit card interest rates.
Debts Make a Big Difference
Credit card companies have different procedures when determining your credit card interest rate. When applying for a credit card, the issuing company goes through everything that is related to your financial capabilities. Credit card companies take a detailed view of your existing debts and compare that figure to the money you earn.
This gives them a clear picture of your financial stance. In other words, having a lot of debt against a low income makes the companies perceive you as high risk and hence you may be charged a higher interest rate.
Pay Your Bills on Time
Aside from the things mentioned earlier, credit card companies also consider your payment history in determining your interest rate. When you pay less than the minimum amount stated on your bill, your interest rate will increase. This also applies when you make late payments or reach your credit limit.Pay your bills on time and in full every month because this may be one of the answers to the query- how do credit card interest rates differ by company.
Synopsis
Instead of worrying about how do credit card interest rates differ by company you can easily understand the factors affecting your interest rate. Better understanding places more control over the interest rates and you can become credit card savvy and keep enjoying the bountiful benefits that these cards have to offer.
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