Fixed Rate Credit Cards

Find the Best Terms for your Fixed Rate Credit Card

Our national motto sometimes feels like it should be, “Forget Cash”. People have made large purchases such as houses, cars, boats, and businesses using credit for years. This behavior has expanded to include just about everything else. We’re encouraged to buy furniture and appliances with “nothing down and no payments for a year”. Want a new master bathroom, refinance your house and get lower payments than you were making? Creditors have done their homework and know how to hook us in. Some consumers carry as many as eight different credit cards, and even though it’s not really legal, young teens often use plastic.

There are other things to be aware of when you apply for a card, besides the interest rate. Some things to look into before you choose are:

•    How long introductory offers last
•    The actual interest rate once the special expires
•    Set-up or administration fees
•    Monthly and/or Annual fees
•    Fee charges for late payment
•    Interest rate once there are late or missed payments

It’s important to do the math and find out the true cost of any credit card whether it a fixed rate credit card or one with a variable interest rates that changes anytime the Federal Reserve changes the prime lending rate.

Most of us are slammed on an almost daily basis with Internet or snail mail ads with credit card offers. There are all kinds of incentives for signing up “right now”. Most of them promise a fixed rate credit card, but if you’re thinking of signing on, treat it as you would a home mortgage or other large loan. Become a comparison shopper, curb your emotions, and remember that this isn’t an invitation to a spending spree -- it can ultimately lead to paying significantly more than list price for whatever you buy when you factor in the interest rate charges. You can review all of the offers on this page to find a fixed rate credit card that works best for you.

Credit card debt is borrowed money and you can be sure that the lender wants to make as much as possible from you and every other creditor. Sometimes you can save money by using a higher fixed rate credit card. That’s because it may come without yearly membership fees or penalties. It may reward you with airline miles or let you earn points based on how much you spend. Since the industry is so competitive, these companies are using every marketing tool they can think of to attract your attention.

The best use of credit, including a fixed rate credit card is sparingly. If you like the convenience or are building credit, only charge what you can pay for in a billing cycle, and pay off the balance in full. Efficient use will save you from paying big interest costs.

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