Credit cards have increased in popularity in recent years and according to Euromonitor they will be sending out 350,000 new credit cards in 2014, and this is only in Norway. Often when it comes to credit cards, most people think of interest rates. Since a credit card is a loan, they will accrue interest on the outstanding balance after the interest-free period is over. If you know that you are able to pay off your outstanding balance every month then it doesn’t matter if the interest rate on your credit card is high or low. On the other hand, if you are unable to pay off your balance each month, you should look for a low-interest credit card that suits your lifestyle. We’ll show you how to find a low-interest credit card:
1) Check your credit rating
If you apply for a credit card then the company will conduct a credit check of you as applicant. The better credit history you have, the better terms you will get. You can check your credit history at Oxporian and Sofidity.
2) Use comparison sites
The best way to find a low interest credit card is to use comparison sites such as the Finance Portal. Comparison sites help you get a good overview of the pros and cons so you can make an informed decision. In addition, you can also sort credit cards into different categories. If you want someone to do the job for you then use Pangloss!
3) Take your time
Since the interest rate on credit cards can vary widely, you should take plenty of time when looking for a new credit card with a low interest rate. In addition to looking at the effective interest rate, you should also look at other things such as fees, interest free period and benefits.
By taking your time, you can make sure you end up with a credit card that suits your needs. Do you have credit card experiences you would like to share? Feel free to join us in the comments!