How to Find the Best Credit Card Rates

Finding a good credit card rate is important. The finance charges you incur affect how quickly you will be able to settle your credit card debt. Follow these steps to shop for the best rate possible.

Difficulty: Moderately Easy

Instructions

Determining What Type of Card You Qualify For

1. Determine your FICO score. Access your FICO score for free with one of the many online credit monitoring sites.

2. Determine what type of credit risk you are. If your FICO score is under 620 you are a high credit risk. A score between 620 and 699 means you are a moderate credit risk. More than 700 means you are a low credit risk.

3. Determine what type of credit cards you qualify for. If you have a FICO under 620 then you will probably only qualify for credit card programs designed for those with bad or no credit. The higher your FICO score, the better the interest rate credit card companies will offer you.

Finding the Best Rates Using a Comparison Website

4. Log on to the Internet.

5. Search for websites that compare several credit card programs. One such site is https://www.Bankrate.com. Search for credit card offers that fall under the following categories: standard/classic, gold, platinum/titanium, low rate, reward or rebate, bad or no credit and student.

6. Use your FICO score and credit risk level to determine which credit cards you qualify for.

7. Enter the search criteria for the type of credit card you are looking for.

8. Compare interest rates and other qualification criteria for each credit card offer.

9. Click on the credit card offer that you are interested in. Search for more information about the company and their offer. Make sure you read through interest rate disclosures. Understand the company's terms before applying for the card.

Finding the Best Rates Using Offers Received in the Mail

10. Read all the information that comes with the offer.

11. Look for information about interest. Don't be fooled by low introductory rates! Often, they come paired with high subsequent rates. Make sure you know how much the interest rate will be raised after the introductory period ends.

12. Compare offers you receive in the mail with ones you found online using the credit card comparison website. Find the best interest rates.

Finding the Best Rates Using Local Banks

13. Check out the websites of your local banks. Examine the credit card offers they include.

14. Review their terms and interest rates. Look for discounted rates for bank customers.

15. Compare these rates to those offered by other local banks. Mine the websites of local banks for more information. If you can't find the information online, call the bank or stop by to pick up a brochure.

16. Compare the local bank credit card programs and interest rates to those found online. Find the best rates!

Tips & Warnings

• Keep shopping around for the best rates!
• Make sure you understand how interest rates change after any introductory period ends.
• Talk to someone at your bank to see if they offer a credit card program with a lower interest rate than those online.
• Make sure you read through all the information that comes with a credit card offer before you apply.
• Applying for too many credit cards can hurt your FICO score.
• Be cautious of credit card offers that seem too good to be true. They are!
• There are a lot of credit card scams. Be careful.

[howboy]

on 3/2/2007 very helpfull, thanks