How can I find a low interest rate reward credit card?
Monday, June 22nd, 2009
Low interest-rate reward cards
You may notice that many rewards credit cards have higher interest rates than credit cards that don’t offer any bonuses or extra perks.
Credit card companies sometimes charge higher interest rates for reward cards because there are higher fees associated with maintaining a rewards program, not to mention the additional fees that can come from offering free airline tickets, merchandise, or cash back.
You should not accept a substantially higher interest rate just because you want to participate in a rewards program. Some of the best programs offering the most generous rewards still manage to offer competitive interest rates to their cardholders.
You may even be able to find reward cards that feature 0% APR introductory interest rates on purchases and/or balance transfers.
Two things can assist you in getting the best interest rate on a reward credit card: a high credit score and your willingness to do some research. Low interest rate reward credit cards are out there, but you have to be willing to take the time to look for the card that best fits your needs.