Good Credit Means a Low Interest Rate Credit Card

Credit Card admin

Good Credit Means a Low Interest Rate Credit Card

Good Credit Means a Low Interest Rate Credit Card

Enough has been written for people with bad credit. What about those of you who have excellent credit and always pay your bills on time? Are you being rewarded for having a good credit score (a credit beacon score above 700)? Well, if you’re not, it’s your own fault because now is your chance to take advantage of the many outstanding offers available for a low interest rate credit card. A credit card for a good credit beacon also offers great reward programs.

There is a huge disparity in the interest rate that credit cards will charge you, depending on your credit score. The better your credit score, the more banks will compete for your business and want your business. Those of you searching for a credit card with a good credit beacon score are going to get the best offers. But are you taking advantage of them?

Receive a Low Interest Credit Card with Your Good Credit Score

Perhaps you’re comfortable with the card you’ve been using and feel like it’s a burden to re-apply for a new and improved credit card.  Furthermore, we continuously monitor credit card offerings to bring you the very best cards available. Not only can you significantly lower the interest rate a card charges you, but the reward programs that go along with a low interest rate credit card are quite impressive. For example, many of them will offer you a full concierge service, 1% cash back on all purchases, and 5% cash back on gas and other selected purchases.

Why pay a higher interest rate to another bank when you can simply apply online easily at MyCreditCard and, within minutes, receive instant approval for a low interest rate credit card? By the way, it is a myth that applying and being approved for additional credit cards will lower your credit score. This is simply not true. See our article titled ”Don’t Cancel Your Credit Card“. Applying for a credit card with a good credit score actually helps boost your credit score to have more credit available than you are using. Your “credit utilization score,” a ratio that the credit bureaus love to use, is going to go down as you have more credit cards that you have a zero balance on. The lower your credit utilization ratio is, the higher your credit score will be. So, by all means, don’t be afraid to apply for a low interest rate credit card if your good credit beacon is high because you believe it will hurt your credit score. That is a myth. Just pay off the balance on the higher interest rate credit card, but don’t cancel it. Then, logically, your future charges should only be to the low interest rate credit card, which also usually has better reward programs.

Good Credit Means a Low Interest Rate Credit Card

In addition, a low interest rate credit card (if your good credit beacon is high) usually offers you a very attractive first-year low introductory rate, especially on balance transfers. So, why not apply for the low interest rate credit card, transfer the balance on the higher rate credit card to the new lower rate credit card, and also take advantage of the first year low introductory rate? MANY TIMES, THE INTRODUCTORY RATE FOR A LOW INTEREST RATE CREDIT CARD WITH GOOD CREDIT HISTORY IS ZERO PERCENT FOR THE FIRST 6 MONTHS. This is an interest free loan being offered to you as a reward for your good credit score! Also remember that most credit card interest is considered consumer debt, which is not tax deductible. So the less interest you pay, the better off you are as there is not even any tax advantages of paying a higher interest rate.

Remember, you are in high demand by the banks if you have a credit beacon score of 700 or above. Take advantage of what the banks will offer you by way of a low interest rate credit card if your good credit beacon is over 700. You will likely get better rewards, a low, if not 0%, introductory rate, and a much lower, long-term interest rate.

You Might Also Like

No Comments

Leave a Reply

Most popular articles related to Good Credit Means a Low Interest Rate Credit Card