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The Truth about Low Rate Credit Card Applications
Probably, many of you have received credit card applications for low interest credit cards in the mail. From the first sight these credit cards may seem to be great and many credit card users are ready to jump on these plastics right away.
Don't hurry up! Take your time and find out several things before you decide that low interest rate credit cards are right for you. Remember that depending on the credit card company and on the type of charge even the phrase "low interest rate" can have different meanings.
Whenever you get application for this or that credit card deal in the mail, you have to read the fine print before agreeing to become a credit card owner. It is obvious that credit card companies do their best to attract you and can promise you low interest rate, but you have to know that it will not last forever! Usually the nice terms and conditions only last from 6 to 12 months, which is an average introductory period.
Of course lowest APR credit cards can be helpful. If you want to make a big purchase or to transfer your debt, low rate plastics can be extremely beneficial. You can take full advantage of the low interest rates by paying of your balance in full before the end of the introductory period.
You also have to find out to what types of transactions low interest rate applies to. You can pay 8% interest on purchase and 20% on balance transfers.
It is important to check your credit card company's policy on universal default. Universal default means that your credit card company can raise your interest rate in case you are late with your payments. And I am not talking only about credit card payments! Your rate can be affected even if you are late with your car or utility payment. It is wise to avoid universal default, that's why if your credit card company participates in it, you should look for another credit card application.
Then you should check if your credit card offers the grace period - the time you have between making purchases and having them start to accrue interest. The average length of a grace period is about 22 days, but unfortunately some credit cards don't offer it anymore. So you should take your time and find the best credit card that does.
Very often credit card companies offer credit cards that look great, but you have to find out all the details in order not to be disappointed in credit card that you have chosen. Remember that credit card companies make money on your mistakes, so as a wise credit card user, you should take into consideration all pros and cons before signing up for the credit card. Remember that credit cards can make you or break you.
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