How Come I Can't Find the "Best" Credit Card Rate?
A Credit Article Contributed by Mark Mcclelland
Is There Such a Thing As the "Best" Credit Card Rate to Begin With?
If you ever think about whether or not you have the best possible credit card interest rates, do you also think about what the fine print says on all those credit card agreements you get in the mail? Probably not, right? We'll that could be a real mistake.
You can indeed find good credit card rates; even maybe one that's "best" for you, but you can bet your bottom dollar you won't be able to do it without reading the fine print. Why?
Well, while the banner at the top of that new credit card offer you just received says in letters 3 inches high "With the best rates in the industry... you'll want the get three of these credit cards, one each for yourself, your spouse, and your teenage spender", it's actually the fine print that tells the real story: once the introductory period is over your annual APR will be 23%, and if you're late on even one of your payments by even one day, the rate will jump up to 29 3%.
So, while the flyer shouts "BEST RATE" at you from the front page, the back page sneaks in - in tiny print - "and if you, your spouse, or your kid ever even blink wrong we're going to sock you with a rate so high it'll make your skin crawl".
So going through the fine print isn't just a chore, it's mandatory if you're serious about looking for that "best" credit card rate.
If I Went Looking, Where Would I Go for the Best Credit Card Rate?
You're probably going to want to go on-line to do your searching. And probably the first place to go isn't to your favorite search engine (that comes next), it to a great site the FTC, no less, has put up to help you decide what's really best for you:
www.ftc.gov/bcp/conline/pubs/credit/choose.htm
This site will clue you in on a lot of those topics you need to be aware of before you embark on your actual search: Credit Card Terms, Annual Percentage Rates, Free Periods, Annual Fees, Transaction Fees and Other Charges, Balance Computation Method for the Finance Charges, and much more. It's a must-read before proceeding further.
After you've gone through the FTC site, you can simply conduct a general online search by typing in terms "best credit card rates" into the search field of your favorite web browser. You'll be rewarded with the on-line equivalent of 3 months worth of flyers in your mailbox (your real mail box, not your on-line mailbox - well, maybe that one as well actually). You might want to avoid sites put up by a specific bank. A few you might try are:
www.bankrate.com
www.americaslowestrates.com
www.creditcardcatalog.com
What Credit Card Rate is Best for Me?
Only you can decide this. Think about your spending habits and your payment history. If your history is a bit sloppy, you won't want a card with a 20 or 25 day grace period, you'll want one with a 30 day grace period fro example, even though the APR might be a bit higher.
The heart of the matter is that if you're serious about finding the best rate, you'll have to read the limitations, fees, penalties, and charges listed in the fine print and look at how you spend your money and repay your debts.
