Best Credit Card Rates

The best credit card rates which are low may go to those with the highest incomes and good credit. For example, a credit card with low rates and a high credit line can go to those who make $70,000 or more a year, have little debt, and a history of prompt bill paying. However, if the payments are late, the rates skyrocket. Also, a card with low rates may have fees and strict qualifications. People with lower income who have good credit who apply for a platinum or titanium card may get the classic card with a good rate.

Classic cards have lower credit lines. There is a new low-rate platinum card with a large credit line for those with high income who carry a high amount of debt. These customers receive offers over the phone or through the mail. Some credit card companies offer low rate cards to those with income of $150,000 to $200,000 with balances of $10,000 to $25,000. Credit card companies can be very secretive when it comes to releasing information about how to get the best credit card rates.

What determines the best credit card rates is the Annual Percentage Rate or the APR. Credit card companies charges a fee from the money lent. The fee is calculated by the APR on the application form. The APR represents the annual cost of interest on the loan, defined as a percentage rate.

The cards with the best credit card rates are those with uncomparable fixed rates. While looking at cards, look for fixed rates on every card. Look at the finance charges.. Even if you have a low rate, you could end up spending more on finance charges.. Find out if the rate goes up if a late payment is made. Even if the card has a low rate, you should do plenty of research.