Low Cost Credit Card

All credit cards have a cost attached to them. The cost, in addition to the purchases and, services charged to them, come in the form of fees. Not all cards have all fees but some of the fees can include the finance rate, annual membership fee, monthly activity fee, non-activity fee, conversion fee, close out fee, late fee, over charge fee, dormancy fee and reinstatement fee. The ideal credit card to have is a low cost credit card.

It is no secret in the credit card world that the higher the applicant’s

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credit score, the lower the finance charge the card will have. To have a low cost credit card, do some homework and find one that is as devoid of fees as possible. The fees may seem small but in the overall spending picture, it’s the small things that will add up to a big expense. The word of the day is finding a low cost credit card that still meets the spending needs of the account holder for a cost-effective means of spending.

Typically, most credit cards have an introductory rate of zero precent. Under the new credit card reform laws that took effect in August 2010, the introductory rate must be a minimum of one year. After the introductory period, the card rate will return to the normal rate. That rate is anywhere from 1 or 2 precent to as high as 19 precent. There are low cost credit cards that are interest free if the balance is paid off in total within the billing period. An interest free card without a lot of other fees imposed is a most economical, low cost credit card.

The best way to get a low cost credit card is to have most excellent credit. If the applicant’s score is at the top of the score card, the best interest rates will be available for the applicant. Credit card issuers advertise low-finance charges and interest rates but the lowest of the low rates are not always easy to find. Credit card companies are proud of the fact they have low rates and even boast in advertising those low rates but finding them can be tricky. Sometimes the low-interest rates are right out in the open but there are many qualifiers that negate the low. Sometimes it takes consumer detective work to find the low cost credit card.

Paying the balance of the credit card each month will keep the cost low. That will save on finance charges that can become a mountain rather staying a molehill if left to accrue each month. The same can be said for making payments on time. Most credit cards charge a late fee. The late fee can be a flat rate such as $39 each time a payment is late or it can be a percentage of the minimum monthly payment. Either way, it is extra money for the credit card company and less money for the credit card holder.

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