What is the first thing you look at when you receive a new offer for credit? For most people, the answer to this question is that they look at the maximum limit they can spend. In fact, what is more important, and should be the first thing you look at with any new offer of credit, is the interest rate. Credit or interest rates are decided by the lender and can vary by such a huge amount from lender to lender, that they can make a huge difference to your financial security and well being.
For instance, if you are offered an interest rate that is significantly higher than the levels you are currently enjoying, the advice is to refuse such offers as you are already getting better rates from other lenders. Of course if you are desperate for increased credit limits and are unable to get more on your current credit rate with your existing credit provider, then the increased rate may still be attractive to you, but if this is not the case, as it is not for many customers, then you should refuse the offer.
While the credit rate expressed in the APR or annual percentage rate, is generally considered to be the cost of the credit, there are other terms of the agreement...
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