Just as you would shop around as you are thinking of acquiring an expensive laptop or a new vehicle before deciding on one that suits your needs, you must stick with the same approach regarding looking around for credit card deals.
With many banks and other groups giving credit cards these days, it is now a market strictly for buyers and the first and only thing you need to look out for is misold PPI and the interest rates that come attached when it is time to pay back the dues.
Some interest rates are way too high to say the least and can shoot up to nearly 30 percent if you make use of a cash advance and 26 percent on just what you purchase using the card. But by shopping around, you can beat the system and narrow down your search to plastic which best suit your needs.
There are certain guidelines you should follow to ensure you get the best interest charge. The better your credit rating your chances grow several times over into benefiting from a great attractive interest.
Be sure you pay off more than the minimum balance you have to pay back on what you actually owe on your credit cards. Giving back just the minimum balance indicates to the credit card issuer you might be having cash flow problems and the issuers might accordingly raise interest amounts. The least amount due so to speak is a misleading term.
Your dues of courseneed to be cleared on time. Missing a payment or any payment given after it is due is not looked at favorably by credit card outfits irrelevant of mis-sold PPI and it will take a bit of time to get your credit rating back and meanwhile, the interest rate will increase.
If you have increased your credit limit in the past or the issuing firm has increased it for you, you could find yourself facing problems if looking for a new card. Instead of actually thinking it may be a clear sign of you being a possible cardholder, issuers will feel the lure to use up all that cash will come with an inability to pay it back, which may be a cause for concern.
Bombarding the mail boxes of credit card issuers with applications will not benefit you in any way. It is a sign of extra excitement to receive credit which reflects badly on you and points you out as a risk.
These are just some of the guidelines that you can be led by to guarantee you don’t get mis sold PPI and do get credit cards with a low interest rate. While the card issuer will work for you, by following these rules of thumb you can even work for yourself with a low interest rate as the ultimate prize.
Used right, the credit card can be a beneficial ally to have with you. If not, you could face serious money problems.
The Original Post is Located Here: Shopping for low interest on credit cards