Hold out for a low interest credit card

Hold out for a low interest credit card

Don't settle for a credit card with a high interest rate. Shop around online for an interest rate that is as low as you can be approved for. By working on improving your credit score, you'll be able to qualify for better rates over time. Many credit card companies will even offer a 0% introductory interest rate to encourage you to consolidate your other credit card balances with their new 0 interest credit card. This can be a great way to make your monthly credit card payments maneageable. Just be sure that you pay off as much of the balance as you can during the introductory period and that you know what the interest rate reverts to when the introductory offer is over.

Do not be fooled by the many credit card offers out there that do not offer a low interest rate. There are many low interest credit cards (some with 0% APR) available for the taking by consumers providing their credit score is worthy enough of the offer. If the credit score is not so good then the credit card company may adjust their offer to a higher interest rate credit card but still granting the approval. The worst-case scenario is that the consumer is denied credit altogether due to a poor credit score. Bear in mind that companies offering low rate credit cards are not going to waste a good offer on someone who bounces from low interest credit card to low interest credit card. They are also not going to waste their low rate credit card offer to someone with bad credit. These offers are reserved for consumers who have a credit history of on time payments, not charging the full credit limit on their credit cards, and who will remain loyal to the credit company for a long period of time without bouncing around.