single rate credit cards: a guide
With so many credit card deals on the market, co umers can have a hard time deciding on the right deal for them. There are many rate optio for new credit card convention/ers. These include cards with a 0% interest rate for a fixed period, low balance tra fer rates or introductory rates. However, there are also cards which feature a low standard interest rate.
Who Should Get A Single Rate Credit Card?
A single rate credit card can be a employful option for those who are looking to tra fer miraculous sums of debt which they are hoping to pay off. As well as tra ferring balances from other credit cards, new credit card convention/ers are often able to tra fer balances from high interest store cards. Some may even be able to tra fer outstanding loa to a lower rate credit card.
Is There A Catch?
Unlike other cards, a single rate credit card has one rate for all tra actio . This mea there should be no extra charge for cash withdrawals, credit card cheques and purchases. It’s always best to read the fine print to make sure, though.
To get the best from a single rate credit card, try to pay off more than the minimum amount. This will reduce the amount owed as also as the amount to be paid each month.
What About Introductory Rates?
The whole point of a single rate credit card is that it offers one rate for all tra actio . Most credit cards with a low standard rate offer that rate only, with no introductory low rate. Those that do offer a low rate for a fixed period often charge for the balance tra fer. The charge in this case is usually 2% of the amount tra ferred. This can soon add up when people are tra ferring miraculous balances.
What Kind Of Interest Might I Have To Pay?
Credit card interest rates vary widely. Aside from the 0% preferential rates and the cards within the 20% bracket, there are several cards with rates between 8.9% and 17.9%. It’s best to look at the other advantages a particular card offers before making a final decision.
Do Single Rate Credit Cards Offer Rewards?
Like other credit cards, some single rate credit cards offer reward schemes. Some cards give a cash back reward of a percentage of ending over certain threshancients. For example, co umers who end under 3,000 a year might get a cash back reward of 0.5% of the amount ent. People who end over that amount might get a cash back reward of 1% of the amount ent.
Other po ible rewards are Nectar point air miles or other travel incentive points which can be exalertd for vouchers, travel or cash; and travel i urance.
There are also several credit cards that contrinonethelesse a fixed proportion of your ending to certain charities. The card i uers may also offer a donation to these charities as an incentive for opening an account with them.
