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Who Changes Offers Interest Rates So Frequently

The revenue of issuers of a credit card is made by the interest rates applied on it. As the person uses a credit card, they are actually borrowing money from a bank with the interest added to it when they have to pay the money back to the bank. Since the entire mankind is on a race to the finish line of success and money, there are numerous offers on interest rates by several companies and banks to attract more consumers and customers.

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Why Fed Changes The Interest Rates

You must have heard lot of time during a year that Fed has changed the interest rates. Sometimes the rate goes up and sometimes it goes in the opposite direction. But to most people’s surprise when they go to the bank to find out new rates on your bank loans, but to your surprise it usually has no effect on your loan payments. Why is that so?

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The Federal Reserve Bank often known as “the Fed” has lot of power and can change these rates anytime without prior knowledge but these rates do take some time to trickle down into your loan payments.

More Offers Than A Sale Warehouse

You are likely to get confused by all the offers available when you select a bank and then choose a credit card. Some offer the lowest monthly interest rates while some offer the lowest annual interest rates. The difference between them might be minimal but it is so important that it could even change the way you spend your money. The interest rates are usually country influenced and a standard rate applies to all banks but some increase or decrease to their leisure so one has to carefully choose a trustworthy bank. There could be an offer of not paying interest at all but with a condition of paying it altogether after several months, which is usually overlooked by the happy spender.

No fixed interest

On average, most people make deals with the banks of different interest rates that apply to them. It also depends on what kind of credit card a person is using. A premium has a higher interest rate on it than a standard credit card as the maximum limit then exceeds the norm. Usually, there are several ways of paying back the money with interest and it is up to the consumer to decide which way is more comfortable to them. Mostly, people go with the annual payment, believing it to be a great saver. There are also daily payments now on the balance left and spent of the account, the interest rate of the daily basis taken into consideration.

A little history

There has been a steady increase of the interest charged, estimating it to be almost 1.5% per year for the past decade. Inflation rates and economy conditions are also measured before making an increase or decrease. Interesting fact, there has never been a period of more than six months where the interest rates haven’t changed.

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