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Tips for Finding the Finest Low Interest Credit Cards

Low interest credit cards are not just cards that you can get without meeting the right criteria. Before deciding to apply for a card with a lower interest rate, you will need to know what your credit score is – this will determine just how low the interest rate you qualify for will be.

The first step is to obtain copies of your credit report. The excellent credit rating will allow you to pick and choose which card or cards you want. This is the best way to get a favorable interest rate. The lower your score, the less likely you will be to find a credit card with low interest. Knowing your score will allow you to choose the card that will most likely be approved for your circumstances.

Understanding fees associated with credit cards is not always easy but the APR is always disclosed in big numbers that you can find. The other fees that are associated with credit cards are not so easy. They are typically contained in the small print that it takes a magnifying glass to view.

The Internet has become a great way of finding low interest credit cards if you meet the requirements. The average card rates should be found first so you will have a way of judging the cards you are considering to see if their interest rates are average or higher. Some will be lower than the average.

Each credit card company has as set of guidelines they use to decide whether you will be approved for their card or not. The companies that offer the best interest rate are going to reserve their approvals for people who have excellent credit from around 720 to 750 or higher. In addition, they will be looking for a payment history that is excellent, a high income and low debt.

The credit balance versus the credit limit is often looked at quite seriously before approving a credit card. 20% debt utilization is the optimum when it comes to what you want your credit to reflect when applying for low interest credit cards.

Since applying for too many credit cards at the same time can have an impact on your credit score you should only apply for one at a time. This will keep your credit score from being lowered and as this is one of the aspects that lenders look at when you are applying for low interest credit cards, you will want to maintain the highest score possible.

Related Information:

  1. Tips for Qualifying for Low Interest Credit Cards Some sound advice on how you can qualify for the best low interest credit cards on the market. Search, compare and apply for low APR credit cards….
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