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In these sour economic times many consumers want to know how to get low interest credit cards for fair credit ratings. Fair credit ratings usually are considered to be approximately 600 to 650 on the CBIL Score.
These revolving account loans, designed for consumers with lower than desirable scores, are intended to be used for stepping stones leading to improvement of a person’s rating. It can be achieved by carefully watching purchases and making sure to pay the listed minimum payment due each month on time.
When shopping for a zero percent or slightly higher percentage rate, several other factors need to be taken into consideration. Grace periods, how many days in the billing cycle, and how long the terms will last are just a few important details. They all affect the final amount of what the customer pays.
Many times an attractively small interest percentage rate will be offered, but with better inspection it’s crystal clear that it is only an introductory rate for the beginning six months. Looking at what happens to the interest rate after the introduction period may be surprising as it may be very high.
Other times the introductory rate remains for a longer length of time but there is an annual fee required. Occasionally the consumer must keep the new account covered by pre-paying the loan limit ahead of time. This may not make much sense because then you are only borrowing from yourself. The answer here is that it is intended to be used as a tool to gain access to higher loan limits with better terms.
Consumers would do well to remember that any percentage rate is nullified and equals zero IF the principle balance is paid off before the end of the billing cycle.
Lenders want proof that a borrower is a relatively safe bet and will be repaying the loan with an added return to the lender. Otherwise the lender could not stay in business. Oftentimes the lender will offer special perks to increase their customer base, even to those with fair CBIL scores. But the lenders always build in other ways to prevent losses.
Thankfully, lenders are always required by law to state the details of any loan, making comparisons easier for obtaining the best overall loan.
With diligence and research, relatively cheap rates can be had by those questioning how to get low interest credit cards for fair credit. Remembering not to overuse credit is perhaps the single most important piece.