Low Interest Credit Cards
What Are Low Interest Credit Cards
Quick, grab your money, go to the bank. The credit cards now have no interest attached. Can you believe what a bargain that is?
OK, let us not get too excited, the paragraph before isn't exactly true. However, there are low interest credit cards, and this short article is a guide on what they are and how to get them.
Let us set a few things straight from the beginning, since low interest credit cards are a very special breed. First off, you will not get access to a low interest credit card if your credit history is in shambles. If that is your situation, unfortunately, the only solution for you is a bad history credit card, which comes with a slightly higher interest due to the associated risk. Next, remember that each true low interest or zero interest credit card (yes, those exist as well) is a special issue, and will require much more than usual credit cards in order to qualify. Having understood these two important points, let us carry on and examine a few types of cards.
The first great distinction must be made between low interest credit cards and "low interest credit cards" (please note the quotation marks on the latter). The former are actual special-issue low interest credit cards, whereas the latter are usually regular credit cards, but disguised by the issuers to appear low-interest to an unknowing mind. Sometimes, their actual low interest almost puts them into the real category, but, upon closer inspection, you might discover that there are hidden costs which negate the benefit, actually making that credit card worse.
The second distinction, amongst "real" low interest credit cards, is by issue. There are social issue cards, there are promotional cards, there are introductory cards and there are fixed APR cards. Each shall be examined in their own paragraph.
Introductory credit cards are cards with a low APR for a period of time (usually during the grace period, or twice that time). They are usually available for new customers, and bring about the disadvantage of a low credit ceiling. As the name suggests, they are meant for people getting started with banking credit products, and are issued to both teach people and encourage them to work with credit. These cards balance the low monetary availability by encouraging people to use it in everyday life as a substitute for cash, with messages such as "Save at the pump" or "Make that family restaurant dinner more convenient and affordable". Introductory cards are easily available for people and, unlike what some may believe, they are available even if you have had credit before. It is merely an introductory package for that bank, and not necessarily for the whole credit system. Do be advised, however, that not fulfilling your obligations on an introductory card will have dire consequences in terms of credit history.
Social issue cards are credit cards issued only to certain categories of people, usually at a social or economical disadvantage (disaster area inhabitants, veterans, etc.), or in cases where a certain social class has to be encouraged - for example college students . The conditions for these credit cards are extremely strict; usually their definition is eliminatory for anyone that does not fit it. Rates are good; interest is zero or very close to zero, but the only purpose of these cards is to either provide relief or to encourage growth, therefore making them practically unavailable for regular customers.
Promotional cards are very special issue as well. Unlike social cards, which are subsidized by governments, promotional cards are maintained by the issuer. They usually represent special packages reserved for the best customers only. Like social cards, getting a promotional card is reserved to only a handful of banking customers.
Fixed APR credit cards are, exactly as the name suggests, credit cards which have a fixed annual percentage rate. There is nothing particularly special about these cards, unlike the other categories described; however, not everybody can get one. In order to get a fixed APR card, you will have to bring proof that, over the last years, you have enjoyed a steady income and your job has not fluctuated from causes imputable to you directly. In some extreme conditions, you must also bring proof of age and health condition, but that is usually rare. Think as these credit cards as "steady payment in a steady life".
If you think you may qualify for any of the above low interest credit cards, the only thing you must do is either go online, or go to a bank, and ask. You will be notified if the answer is "yes", and you will be able to enjoy their benefits very soon.
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