How To Discover The Best Interest Rate Credit Cards

By Jeff Parker
Updated April 9, 2015
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How To Discover The Best Interest Rate Credit CardsOften at times, managing several credit cards can be very dangerous. It entails lots of discipline and close monitoring to have strong control of your credit cards. When the situation is reversed, that is, the credit cards have gotten control of an individual; then, that spells trouble. The need to get out of that situation is urgent. The solution should entail great focus on the situation with a great amount of discipline, and consolidation into just one card as soon as possible. Lastly, finding one of the best interest rate credit cards should be your next step after consolidation.

Finding The Best Interest Rate Credit Cards Available:

Under the banking regulations, all banks are obliged to state the annual percentage rate of every credit card. You will find this rate inside the terms and conditions. Finding the lowest possible APR is quite difficult. Banks will provide a range of possible interest rates for each applicant; however, these rates vary per applicant depending on his or her credit rating. Most likely, only those with highest credit scores are given best rates, and all the others will receive higher interest rates.

Similarly, it is also significant to note that almost all credit card companies offer variable interest rates. The only good thing is there is the Card Act of 20096 which restricts banks to raise their interest rates for every cardholder. That is, those credit cardholders of good standing must not be included in their list for interest rates increases. Thus, variable APR that will be offered by banks shall be based on the prime rate. This rate is determined in collaboration with the Federal Government. However, as this rate increases, the interest rate that will be offered by the banks shall also increase.   

Furthermore, the best interest rate credit cards offerred will vary depending on how and where you apply for it. These online offers vary from each other so it is best before applying for one, you compare the deals to get the best interest rate credit card offers out there.

Some of the best interest rate credit cards available are stated below. Currently, they offer the lowest interest rates.

1.) Simmons First Visa Platinum

What sets this credit card apart from the rest is its offer of a single possible interest rate. Applicants receive this rare opportunity of single a APR offer. Nevertheless, applicants must be in good standing to be offered such an opportunity.  Rates for balance transfers also depend on the purchase APR with a 3% balance transfer fee. Furthermore, there is no charge for a yearly renewal fee but only a 2% on foreign transaction fees.

2.) Iberia Bank Visa Classic

Another credit card which offers a low interest rate is the Iberia Bank Visa Classic. Their offer is the same with that of the Simmons First Visa Platinum. The only difference is that this bank makes it available to applicants whose credit standing is not that attractive. However, the interest rate is higher than those with good standing.

3.) PenFed Promise Visa

PenFed, Pentagon Federal Credit Union is not a bank but a federal credit union whose members include many military and government workers and their extended family and households.  Others can become members by paying a one-time contribution of $15 to any military charity.  PenFed offers the Promise Visa Card with a fixed APR for the first three years then the interest rate for the succeeding years will be the standard APR. What this offer differentiates itself from the others, is that if does not have charges for balance transfers, annual fees, cash advance fees, or foreign transaction fees. In fact, it does not impose penalty charges for late payments, exceeding credit limits as well as having a returned payment. However, if you violate any of these violations, your credit score will be greatly affected.

There are other banks which offer low interest rates and to find the best interest rate credit cards offerings, do your home and compare by weighing the pros and cons of each card. Just focus on your goal of finding the lowest possible interest rate available and which card best meets your personal goals.





* Disclaimer:
This site offers information designed for educational purposes only. You should not rely on any information on this site as a substitute for professional medical advice, diagnosis, treatment, or as a substitute for, professional counseling care, advice, diagnosis, or treatment. If you have any concerns or questions about your health, you should always consult with a physician or other health-care professional.