Which Low Interest Credit Card Is Best – Variable or Fixed Interest Cards?
When applying for low interest credit cards, you may think you know what you are looking for. After all, it seems pretty clear. The lower the APR, the less money you will have to pay, right? In reality, this is not always the case. In fact, one factor you will need to take into consideration is whether the APR is variable or fixed. Then, you can make a far better decision when choosing from among the available low interest rate credit cards on the market.
Low Interest Credit Cards with Variable Interest Rates
Low interest credit cards with variable interest rates are those that fluctuate with the prime rate. The prime rate is the rate top United States banks pay to borrow money from the Federal Reserve. Therefore, you will often see interest rates written as the prime rate, plus an additional percentage APR in order to provide the bank with a profit.
When the prime rate is in a downward swing, as it has been in the past few years, these cards can be quite attractive to the consumer simply because the APR is lowered. On the other hand, these cards can have...
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