Credit Card Rates

In the world of credit cards, there is so much to know. And if you aren't in the business, it can seem overwhelming at times. Whether you are considering applying for your first credit card or educating yourself in hopes of re-building a broken credit history, this is where you need to be. This article will explain credit card rates and how to navigate the credit card world.

The first set of jargon used when it comes to credit card rates are low interest and apr or annual percentage rate. These terms apply to the interest you'll be charged on your card for use. They signify what percentage of your credit card balance will be tacked onto your bill as interest; the amount the company gets for allowing you to use their card. When looking at interest rates, try to find a card with an apr around 9.9%.

Another thing to consider when it comes to credit card rates are fees. Some cards will charge an annual fee. These fees can be quite steep. Try to find a card with no annual fee. And make sure you read the fine print, as many cards will advertise no annual fee, but that will only apply for the first six months, etc. These companies may advertise credit card deals, but it's up to you to get the whole picture.

Other types of fees that you need to be aware of when shopping for good credit card rates are balance transfer fees, cash advance fees, late payment fees, over-limit fees and credit limit increase fees. So many fees! This is why it is so important to put in the study time. Consider each credit card application, whether by mail on online, to learn what all the fees are before you apply for or receive your card. That way you'll always know where your money is going.

As you can see, finding the right credit card is not as easy as some people think. When it comes to credit card rates, you really can't be too careful. If the applications you've been receiving by mail are questionable or if you just aren't receiving offers for the kinds of cards you'd like to apply for, consider shopping online. When you look for a card online, you are able to compare all the credit cards available. And if you like what you see, you can fill out an online credit card application. All the big companies such as visa and american express offer this option.