Best Fixed Rate Credit Card
The best fixed rate credit card is one that has a low interest rate that will not go up even if a payment happens to be a little late. A fixed interest rate account will normally not change unless the bank notifies the borrower of changes. Some cards have variable rates that are subject to the prime rate. The best credit card interest rates are low and contain incentives when charging. Some of the features include rebates on purchases, frequent flier miles, warranty coverage on items purchased, car rental insurance, travel accident insurance, and insurance to cover the balance in case of becoming disabled or because of death. Beware of charge accounts that carry annual fees, maintenance fees, and other types of fees. Information about various types of accounts can be found by doing a search on the Internet. Pray and ask God for wisdom in making the best choice. "Who can number the clouds in wisdom? Or who can stay the bottles of heaven" (Job 38:37).
Some banks offer low interest or zero interest up to a certain period of time and then have a low fixed rate that applies afterwards. The best fixed rate credit card will often offer the customer to transfer balances from other charge accounts. This way the customer gets to take advantage of zero or low interest on the entire balance. To get this type of account the consumer normally has to have a good or excellent credit rating. A rating above 650 is generally considered good and up to 850 would be generally considered excellent. Consumers can get one free credit report per year. There are four major bureaus that should all be considered when looking at a rating.
Consumers should always consider paying off a balance on a charge account every month to avoid any finance charges. However, sometimes this may not be possible. Not being able to pay off the full balance every month should lead a consumer to apply for a best fixed rate credit card. Accounts that have a lower fixed rate will have less interest added to the balance when the payment is late. Not making the minimum monthly that is behind within the grace period can mean late fees even with a low interest fixed rate account. In addition, cash advances will normally mean higher finance charges. When choosing an account look for lower fees on cash advances.
Some accounts have tiered annual percentage rates. The best credit card interest rates do not change based upon the amount of the balance. Generally, banks apply one rate to balances under five hundred dollars and another rate for balances over five hundred dollars. Higher balances normally get higher finance charges. This type of account may not be advertised as such but will be included in the terms and conditions part of the contract. In addition, most financial institutions and banks do not tell consumers that their finance rates increase automatically when one day late on the minimum monthly payment due.
People with a low credit score should steer clear of banks that have a multitude of different types of fees and high finance charges. These can get a person into debt very quickly. What banks do not tell consumers is that even if they are under their balance limit but are late in making a payment that if the late charge takes them over the limit an over the credit line fee will apply. When fees increase the balance then other fees can be tacked on to the balance as well. The best credit card interest rates help the consumer to be able to afford the convenience of using charge privileges instead of finding ways to make it impossible to pay off a balance that is made up of excess fees and higher interest charges. Hitting the customer with never ending fees actually encourages him or her to get further behind and makes it difficult to ever get caught back up. This can turn into a nightmare for the consumer and can actually encourage further indebtedness. Rules and guidelines that are not excessive can encourage a customer to pay bills on time. However, excessive fees such as maintenance fees, annual fees, over the credit line fees, and late fees can raise the balance very quickly and if the consumer does not catch up then late fees and other fees will continue to be applied each month causing the balance to continue to grow.
Consumers enjoy getting rewards and other features with a best fixed rate credit card. Some of these are worth checking into especially for customers who frequently travel, enjoy saving money on purchases, and not having to worry if their card is lost or stolen. Some accounts include additional insurance coverage for car rentals, travel accident, and to cover the minimum monthly payments on an account when the customer is incapacitated. In addition, insurance coverage to cover any charges over fifty dollars in case of theft. When applying for a charge account talk to an account representative and find out all the perks associated with the account.
Deciding to get a charge account to build credit can be a very good idea. Making the payments on time every month and keeping the balance low can help to raise a credit score. This is possible when applying for best credit card interest rates and obtaining a charge account that calculates finance charges with a one-cycling billing method. Beware of banks that have a minimum finance charge no matter what the balance on the account is. These charges may not seem like a whole lot but over time they can build up.
Best Online Interest Rate BanksThe best interest rate banks can be found on the Internet through a wide variety of sites that offer loans ranging from a few thousand dollars for home repairs to a mortgage loan needed for a new home. A persons interest rate is dependent upon several factors. First, most pay attention to the credit rating of its applicants, employment history, and stability of residency. While an applicant may still get a loan even if his credit rating isn't very good, the interest he will have to pay will be more than that paid by a person who has a high rating because he has neither overextended himself nor been irresponsible in taking care of his previous indebtedness. The best online interest rate banks do view credit ratings differently, and online may be more stringent, however, there are those who will gladly lend to the applicant with a poor credit rating because the return will be more substantial.
A person's employment history is an important factor in granting loans. An applicant who goes from job to job with frequency is not likely to be a good risk for a loan. While loans of any size will have collateral, the best online interest rate banks don't want to have to go to the trouble of repossessing something if they can collect the debt instead, so someone who has a stable work record will be more likely to have a loan application approved.
The same holds true of stability of residency. Persons who move from one place to another frequently are not considered particularly good credit risks because often the risks go hand in hand with frequent employment changes. However, if the income level proves high enough, and the loan sought is for a mortgage, the past residency habits won't seem so important. The best interest rate banks can be found through brokers online who will take the application of someone seeking a loan, and submit to at least four lenders for consideration, then come back to with an offer. It is then up to the potential borrower to choose among them, contact the bank and finish the loan application paper work to pave the way for the money to be granted. Alternatively, if none of that first group proves satisfactory, he can have the broker try again among the hundreds of lenders he has at his disposal. Hopefully, all of this is done within a few days' time--sometimes, it's a matter of hours. I makes a great deal of difference if one is buying furniture, for instance, or the house to put it in, just how long the loan process will take.
Mortgages will certainly be the target of those buyers who are looking for loans that will span fifteen years, or less, for what is probably the largest purchases they will make in their lives. The broker who can bring together the best online interest rate banks and the borrowers, with terms that meet both their needs, earns his commission, and it is, appreciated by both parties. Banks are not the best sources of home loans of twenty-five or thirty years because they prefer to make adjustable loans that are reviewed every five years rather than a fixed. This doesn't work to the borrower's advantage. 2 Kings 4:7 says "Then she came and told the man of God. And he said, Go, sell the oil, and pay thy debt, and live thou and thy children of the rest."
Another major purchase that brings buyers and banks together is the automobile. The auto companies themselves have lending institutions through which buyers may get their loans, and many customers simply do not look any farther than that for their auto loans. There are sometimes substantial differences, even though the two lending institutions are looking at the same information from the lender. The American Automobile Association (AAA), and brokers on the Internet are examples of good sources for alternatives. A difference of one percent can be important in determining the ultimate cost of an automobile, so the time it takes to research the best interest rate banks is worth the effort. Loans for RVs or boats fall in the same categories as automobiles, so all of the above information applies there as well.
The banks operating credit card companies are currently the best for loans to consolidate debt. The best online interest rate banks are those associated with VISA or MasterCard when it comes to figuring out how to get debt reduced to one monthly payment that is astonishingly low. It pays to be cautious though, and read the contract very carefully. Sometimes when that very low initial rate ends in six or twelve months, it reverts to being substantial. Read the fine print before signing anything from even the best interest rate banks.