About Credit Card Rates

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Credit card rates tend to be much larger than auto loan or mortgage rates, and many times credit card companies will use temporary teaser rates to bring in new customers. Research various credit rates to find the best one with information from a portfolio manager in this free video on finance.

Part of the Video Series: Credits, Stocks & Pension
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Video Transcript

Credit card rates compared to auto loans or mortgage rates or even loans directly from a bank tend to be significantly larger. You need to be very aware of what those rates are and what your rights are in order to get those rates reduced. Now, the government has become involved for the first time in credit card rates and in 2010, the game changes. Today, the credit card companies have the right to move up and down the rate without your knowledge, meaning you think you're paying 15 percent today, you open up your statement and all of a sudden, you're paying 25. Beginning in 2010, they cannot do that quite as easily. It would take pre-notification for an extended period of an event like that occurring. That would be a good thing for consumers. You can certainly renegotiate the rates that you're paying on your credit cards. We've all received mailings saying how move your credit card balance to us and we'll only charge you seven percent or six or five. Usually, those are teaser rates, meaning that low rate is only good for a short time period and then the higher rates kick in. So be careful. But in general, if one credit card company is really offering you a significantly lower rate than the other, take it, especially if there are no fees involved to shift. Well, that's a little bit about credit card rates. You know, that print is really small. Get a magnifying glass. Be sure you know what you're paying in rates and fees. I'm Roger Groh of Groh Asset, and be careful with your money.


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