Finance Credit Cards

How To Discover the Best Card Credit Rate

Published at 02/29/2012 22:16:13


It is more important than ever before to find a great card credit rate before signing up for a new credit card. Creditors have tightened up on the amount of credit they are willing to offer and increased interest rates on cards. Using these simple tips and a little advice may help to find a better card credit rate and save on finance charges.







Step 1

Get to know your FICO score. Before applying for new cards, check your FICO score. You are entitled to check your score once a year for free and it is advisable to know what your rating is before shopping for cards. The score is used to determine how credit worthy you are and whether you are a low, moderate or high credit risk. The higher a score the better. Anything over 700 means your credit worthiness is in good shape, and you are not a risk to credit card companies. Scores of 699 to 620 are considered moderate and under 620 indicates high risk. This will help you to select the cards that you are qualified for.

Step 2

Save time and effort by using comparison sites to find an acceptable card credit rate. There are many credit card comparison sites on the Internet, which makes shopping for a card credit rate so much easier. One of the largest sites that displays several options can be found at The site is simple enough to use, and you can choose cards in specific categories. Options include bad/no credit history, rewards or rebates, low rates, platinum/titanium cards, gold cards or standard/classic cards.

Step 3

Check requirements and rates. After selecting at least six or more credit card companies on a comparison website, start examining required qualifications and interest rates for each offer. Read all the info included for each card carefully.

Step 4

Decide if a yearly fee is acceptable. Besides looking for a good card credit rate, watch for cards charging an annual fee. This can be another expense, and there are many cards with good rates that do not charge annual fees. It is also a good idea to check penalties and interest disclosures for late payments.

Step 5

Take advantage of other sources to find a card credit rate such as credit card offers from the mail, and do not overlook your own local bank. You can easily sit down and read through applications that come in the mail, and most offer a handy list of items included in the offer. If the card credit rate looks to high pass on the offer. There are several credit card companies still offering a good card credit rate, but it may take a little time to locate them. Visit your own bank or call them and ask about credit card offers. Current account holders at banks can sometimes score a good deal on a card credit rate.


Do not jump at the first card credit rate you see. Spend time browsing rates to get an idea of what is currently available to make the right decision. Read all the fine print on each application. Some cards may offer an intro rate, which is usually a good deal, but be aware of the new rate that goes into effect after the intro period.


Sources and Citations


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