Low Interest Credit Cards For The Credit Challenged Person
Are there really low interest credit cards for people with spotty or flat out bad credit? Fact or Fiction? Well, if you believe there are cards available (low interest..that is) that fit that profile, I’ve got news for you. I guess you still believe in the Easter Bunny also.
First of all, if you are struggling with bills and (more specifically) credit card debt, chances are that your credit score has been affected by this. This may make it unlikely for you to qualify for low interest credit cards. Most of us have heard about the danger of misusing credit cards and accumulating a large amount of debt. Using credit cards carefully as a tool can make your life more convenient without adding unnecessary debt every month.
Low Interest credit cards are exactly what their name suggests. They charge low rates of interest (APR). The APR is calculated in the same way as with other credit cards; this facilitates an easy comparison for an individual who is planning to switch over to these cards. Low interest credit cards are favored by individuals who habitually carry their monthly credit card balance forward. Low interest rates can lead to significant savings on financial charges.
For the introductory period, most low interest credit cards offer 0% APR; however, most credit cards offer 0% APR only for select situations such as balance transfers and major purchases. It is also less taxing to take a cash advance with low interest credit cards. Individuals with poor credit scores may find themselves ineligible for low interest credit cards.
Remember this, before you can take advantage of all the benefits offered by low interest credit cards you have to be out of the bad credit matrix. You must learn financial discipline. The best way to accomplish this is by working on repairing and rebuilding your credit score.
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Christopher Wright, Financial Cancer Specialist
