Key Secrets To Finding The Best Credit Card Rates
By: Morgan Hamilton | Posted: 02nd November 2007
If you carry a monthly balance it is important to find the best credit card rates since the finance charges that you incur will affect how soon you can settle your credit card debt. To find the best credit card rates possible, use the following steps as your guide.
Finding The Best Rates
First you should find out what your FICO score is. You can do this for free with one of the many online credit monitoring sites.
Next you will want to determine your credit risk. If you have a FICO score under 620 then you are a high credit risk. For those with a score between 620 and 699 they are a moderate credit risk. Anyone with more than 700 is a low credit risk.
The third step is to determine what type of credit cards you qualify for. You will probably only qualify for a credit card program that is designed for those with bad or no credit if you have a FICO score under 620. If you have a higher FICO score then you will have better interest rates from the credit card company offers.
After this you can start to compare credit cards to find the best credit card rates. This happens in two ways: online and through the mail. Each one has certain benefits and disadvantages to comparing credit card offers.
Finding The Best Credit Card Rates Online
The easiest way to do this is to go to a website that compares several credit card programs. An example of this would be BestCreditQuote.com which allows you to compare the best credit card rates in the categories of standard/classic, gold, platinum/titanium, low rate, reward or rebate, bad or no credit and student.
Next you should use your FICO score and credit risk level to determine which credit cards you will qualify for. Then enter the search criteria for the type of credit card you want. Compare the interest rate and any other qualification criteria that each company offers.
Once you have limited your choices of credit cards then you should search for more information on the company, read through their interest rate disclosures and understand all of the companies terms before you apply for the credit card of your choice.
Finding The Best Credit Card Rates Through The Mail
First you need to read all of the information that comes with the offer. Pay special attention about information regarding the interest. Don't look just at the low introductory rates since they often come with high subsequent rates. Always know how much your interest rates will be raised after the introductory period is over. Compare the offers you receive in the mail with offers on the internet in order to find the best credit card rates.
About the Author:
Morgan Hamilton is an experienced Financial Adviser who has written a number of informative articles on the topic of finding the Best Credit Card Rates. Visit BestCreditQuote.com to learn more about Credit Card Rates.
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Tags: two ways, mail, credit cards, choices, credit card company, credit card debt, finance charges, interest rate, interest rates, credit risk, fico score, disclosures, risk level, gold platinum, titanium, credit card rates, qualification criteria, classic gold