Credit Card Offers With Lower Interest Rates

Posted: 08 Aug 2008 | Categories: Credit

Everyone wants a low interest credit card. In fact, for many people, one of the most driving factors behind improving their credit score is so that, in addition to raising their maximum line of credit, they can receive credit card offers with lower interest rates. In many cases, there are genuine low interest rate card offers, especially for people with a high credit rating and a long but solid credit history. However, thousands of undeserving people receive offers in the mail each day for credit cards with very low interest. Is it too good to be true?

Many credit companies will do whatever they can to lure in a new customer. They’ll even promise insanely low interest rates - it’s not all that uncommon for a credit supplier to promise rates as low as absolutely zero interest! A good amount of people will jump on this offer without realizing what they are getting into.

Before you take on a credit offer just because of the low interest that’s promised to you, always read the fine print. It’s very possible that the company is offering you the low interest as a part of an “introductory phase”. Yes, you will get that amazingly low interest rate that they promised you, but it won’t be permanent. In most cases it will last between six months and a year.

So, what happens after the introductory phase is over? It’s quite scary. Some companies have lured people in with a one year zero interest phase - and then after the year, the victims are unknowingly transferred over to a fifteen or twenty percent interest rate, and by the time they find out about it, it’s too late to do much.

Be sure and check out every low interest offer you get - if your credit is decent, it’s very possible that you could get a genuine low interest offer. Nonetheless, it’s always the best to read the fine print and make sure it isn’t actually too good to be true.

For additional information on credit cards or related topics please visit: http://www.cardspot.net

Article Author :James_Griffiths