Which Low Interest reputation Cards Are Best - variable or Fixed Interest Cards?

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When applying for low interest reputation cards, you may think you know what you are looking for. After all, it seems pretty clear. The lower the Apr, the less money you will have to pay, right? In reality, this is not all the time the case. In fact, one factor you will need to take into notice is whether the Apr is changeable or fixed. Then, you can make a far better decision when choosing from among the ready low interest rate reputation cards on the market.

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Low Interest reputation Cards with changeable Interest Rates

Low interest reputation cards with changeable interest rates are those that fluctuate with the prime rate. The prime rate is the rate top United States banks pay to borrow money from the Federal Reserve. Therefore, you will often see interest rates written as the prime rate, plus an additional percentage Apr in order to furnish the bank with a profit.

When the prime rate is in a downward swing, as it has been in the past few years, these cards can be quite absorbing to the consumer simply because the Apr is lowered. On the other hand, these cards can have skyrocketing interest rates when the prime rate is soaring. In addition, many reputation card companies place a minimum Apr on the cards. This means the Apr will never fall below a specific rate, regardless of where the prime rate stands. At the same time, your interest rate will growth as the prime rate increases - and you won't see reputation card companies placing caps on how high these rates can become.

Low Interest reputation Cards with Fixed Rates

Low interest reputation cards with fixed rates are those with interest rates that do not fluctuate or change. For example, if a reputation card offers a 7.99% fixed interest rate, it means the interest rate will not come to be higher or lower that 7.99% - no matter what the prime rate may be. A word of caution, however: reputation card companies have the right to change a fixed rate to a higher fixed rate by simply sending you a 30 day written notice. These notices can be very unassuming and in small print, and simply slipped in with your monthly billing statement. Therefore, it is important for you to read all paperwork included with your bill and to keep an eye out for changes in your fixed rate.

The introductory Rate

When you shop through the numerous cheap reputation cards available, you most likely pay the majority of your attentiveness to the introductory rate. Usually, introductory rates on low interest rate reputation cards are minimal and fixed. In fact, it is not unusual to see cheap reputation cards with Aprs of 0.00%. What you need to look at, however, is the Apr after the introductory period is perfect and whether it is changeable or fixed. This is particularly important if you do not foresee yourself being able to pay your balances in full after the introductory period is complete.

The post-introductory period rate is often referred to as the "go rate." With most low interest reputation cards, the go rate is changeable and based on the prime rate. The go rate is not all the time the same from buyer to buyer because reputation card companies ordinarily offer better Aprs to the customers with the best reputation history.

Deciding Which is Best

Determining which of these types of low interest reputation cards is best for you depends on your financial situation. If you pay your equilibrium in full at the end of each billing cycle, it honestly doesn't matter if your rate is changeable or fixed. On the other hand, it can be incredibly important if you do carry a balance. The perk to a fixed rate is that you are all the time sure of what your interest rate will be from month to month, so long as you make sure to read all data inserted along with your bill each month. This makes it easier to plan a allocation and keep a closer eye on your finances. At the same time, you might save money in the long run by taking benefit of low interest reputation cards with changeable Aprs when the prime rate is low. If you are disciplined adequate to keep an eye on the fluctuating market and to take benefit of cheap reputation cards when the rate is low, changeable Apr cards may be your best bet.

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