Best Credit Card Rates

Thoroughly research credit card rates to find the best one for your credit card needs. In fact, prior to deciding on a card you might want to make sure you have a good idea of what your financial goals are regarding credit cards.

Do want a low interest rate, cash back, travel points or a low introductory rate? Do you have limited or no credit?

Once you make a decision, then you can explore and compare all of the rates available for the card you like. For example:

Low introductory interest rate credit cards

Many credit cards offer low interest rates to entice new customers to apply for their cards. An example of this would be that you receive 0% interest for three months or on purchases up to a certain dollar amount. After that, the interest rate will revert to the prevailing one on the card. Right now, low introductory rate cards are averaging about 0.68%.

Limited or No Credit Cards

If you have a limited credit history or no credit history, you still might be able to get a credit card. However, you will have to pay a higher interest rate. For example, the average rate right now for limited or no credit applicants is 14.96%.

Low Interest Rate Cards

Some cards maintain low ongoing interest rates for credit worthy customers. Currently, the average interest rate for cards that carry a low interest rate is about 11.45%.

Travel/Air Mile Cards

These cards specifically target the frequent traveler. As you spend money on the card, you receive miles you can apply to airline travel. For example, you might receive two miles per dollar for every purchase. Another example is that 10,000 miles are applied to your account after you spend $1,000. The average rate on these types of credit cards is about 13.66%

Cash Back Cards

These cards are great if you prefer the flexibility of cash. An example of this would be that you would receive $50 back after your first $500 in purchases. Another example might be that you receive cash back (maybe 5%) when you use the card for goods in certain categories like gas, food or clothing.  The average interest rate for these cards is about 15.54%.

Research and compare credit card rates to find the best one in your card category. Remember, though, that the best deals are reserved for those who have maintained a good or excellent credit history.