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Credit Card Interest Rates

Your interest rates on credit card may depend on multiple factors; your rapport with the credit card company, credit rating you have and also the kind of card that you want to apply for. Many consumers might already be aware of this, credit card providers most frequently provide interest rates on credit cards in three tiers that are obtainable to their clients. The first tier is provided to clients who have no considerable history or no history at all with the credit card issuer and has the highest level of interest charged.

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Credit Card Interest Rates

Now and then, this rate might go upwards by twenty percent. This interest rate is the least convenient and is the norm for most cards until the client has built a history with the card issuer. The second tier that is given is the premium interest rate. The premium rate is given to the clients who have a higher credit rating, since they constitute less of a risk to the provider. The Elite rate is intended for those that have managed to build a good credit history with the credit card provider and for the consumers who have an excellent credit rating. Being aware of these tiers of interest rates would be an effective means to make sure that you will take good advantage of opportunities to lower the interest rate. What are some ways that you can apply to lower the rate on your card? This is something simple like just making inquiry about a lower rate once you have built a history with the bank or card provider. Keep this in mind, that if you want to have a better chance of lowering the interest rates on your credit card, you will have to build a good history with the bank for instance no late payments. Showing a good credit rating is useful as well.

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