Interest Rates Are Lower… Yet Credit Card APRs Remain Unchanged

Credit Card Interest Rates UnchangedSince the credit crisis of 2008, the federal funds rate has dropped and default rates are falling, yet credit card interest rates have remained steady at around 13 percent. So why aren’t people who carry a balance on their credit card getting a break? Banks are paying less for the money they borrow and less people are defaulting on their credit card accounts, shouldn’t they be passing along the savings to consumers? One expert blames this conundrum on “inertia”, a nice way of saying that consumers aren’t shopping around for better deals. Continue

Why Aren’t You Taking Advantage of a 0% APR?

Take Advantage of 0% APRIn today’s credit card market, 0% APR offers are plentiful and easily accessible to just about anyone with good credit. Virtually every credit card issuer (and every credit card offer) will feature a zero APR. Paying 0% interest on purchases and balance transfers is a great way to save on interest charges, but for most of us, the savings end when the intro period is over. There are some drawbacks to switching credit cards on a regular basis, but for the savvy consumer, applying for a new 0% APR credit card is definitely worth considering. Continue

Benefits of Excellent Credit & ‘Elite Card’ Status

Elite Credit CardsCredit cards provide many benefits, especially if you’re responsible and build up a strong credit history. For those with excellent credit and high credit scores, there are a wide array of perks and extra benefits to consider. This ‘elite’ category of consumers will receive the lowest interest rates, best rewards and outstanding bonus opportunities. Often referred to as ‘elite credit cards’, these offers are reserved for only the most financially responsible individuals. Here are just some of the reasons you should strive for ‘elite’ card status: Continue

Simple Ways to Save on Interest Charges

When it comes to credit cards, the easiest way to save on interest charges is to pay off your balance in full each month and avoid interest altogether. Unfortunately, for most people this isn’t a realistic option. For the majority of people who carry a balance month-to-month, one of the best ways to save money is to take advantage of 0% interest credit cards and find the lowest possible APR after the introductory period ends. There are multiple ways you can save if you shop around. Continue

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