OK, lets get right to the point. Credit card companies don’t want you to compare credit card interest rates. They want to get you locked in with a card and have you make the minimum payments possible each month, because that is the way they make their money. But if you do compare credit cards with other providers, you can potentially save yourself thousands in interest over the space of the year.
Did you know that in most credit card contracts there is a clause that means your card provider can raise the amount of interest you are paying if you simply miss or are slightly late with only one payment? You may think you are on a great low interest rate credit card account, but if you are slow in making a payment, your rate may jump to 20% or higher overnight.
Now if you have had this happen to you, one of the best things you can do is transfer the balance over to a new balance transfer credit card account, which could have a 0% interest rate for the life of the transferred amount. This means you are paying nothing in interest as compared to the 20% or more you have been paying up till now.
You will not want to do this if you use your credit card for general everyday spending though, because these cards have a high amount of interest attached to any additional spending. This is where the provider makes it’s money from you. If you need a card for buying groceries and other shopping there are some great rewards cards that have low interest for everyday spending often with quite a long interest free period after the initial spend and rewards associated with the amount you spend.
You will need to at least keep up with the minimum monthly repayments with any type of credit card. If you use your card frequently, then you should really only spend what you can already afford for the month in cash, and pay this amount in full each month. This way you still benefit from the rewards for spending, but you will not get behind and owe interest on top as well.
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