Qualifying for the Lowest Rates on Credit Cards

Credit cards that boost low interest rates can be applied for through numerous financial institutions such as banks and credit unions. In most cases they are more readily obtainable by those individuals who have excellent credit ratings. According to the website BankRate.com, as of June 2010 low interest credit cards had an annual percentage rate (APR) that was as low as 9.99 percent. With all of the high interest credit cards around who would not want to obtain a credit card with an interest rate as low as this!

Call Your Credit Card Company First

If you already have a credit card then you can begin there to look for a lower interest rate. Having the interest rate lowered on an account you already have is sometimes a simpler and easier process than is finding a low interest card with a company that you have no prior history with.

To qualify for the lowest rate on a credit card you already have place a call to the company and ask them. Tell them what interest rate you are currently being charged and ask them if they would be willing to give you the lowest available interest rate. If your payment history is very good and you are a loyal longtime customer of theirs then you are more likely to hear a yes as opposed to a no. Even if they do politely tell you, “No, I am sorry but we cannot grant your request at the present time” do not get discouraged and give up completely. Try again in a few more months.

Expand Your Search to New Credit Card Issuers

If after repeated attempts you are not given a lower interest rate than look elsewhere. Look online, check flyers sent to you through the mail and check at your bank to find out what lower interest credit cards are available. There are plenty of websites that will make it possible for you to compare the various cards they have to offer. Look and see what options you have for a MasterCard or a Visa card. Compare not just the interest rates but also the benefits, features and annual fees of each one of them. Be aware that all credit cards have their own set of conditions that you as the applicant must be able to satisfy.

  • Once you have a list of preferred issuers of low interest credit cards call each one of the companies and ask to be sent out an application. Some of the companies might direct you to their website where you can apply online or print out the form, fill it out and send it to them through the mail.
  • Upon receiving an application and filling it out return it to the company and do your best to be as patient as possible while you wait.
  • On average it should take approximately 10 to 14 business days to receive a response. If you have been waiting longer than that and have heard nothing then call to inquire about the status of your application.
  • If your application for the low interest credit card is declined then you should be given a reason by the company in writing. In the event that this happens, obtain a free copy of your credit report to see if you can figure out where the problem lies.

The best way to qualify for a low interest rate credit card is to take good care of your credit. Pay all of your bills on time and pay off the balance on your credit cards every month. When you establish yourself as a responsible credit user then this sends a positive message to the companies that you apply to for low interest rates. In this case you increase your chances of being approved for lower rates on credit cards.

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