Searching for the cheapest credit card rates online is a complex business with many credit card suppliers offering different deals depending on your circumstances. The cheapest credit card rates will differ if you are looking for credit cards for new businesses or are wondering how to transfer credit card balances with bad credit.
In the last year the credit card companies have got wise to customers switching to 0% balance transfer no annual fee credit cards and simply transferring their credit card balance after 6 months. As a result you need to look beyond finding the cheapest credit card rates and look at the long term benefits and interest rates.
Some of the credit card companies are now even charging an annual handling fee but before you dismiss this you need to work out the total annual costs as some of these card suppliers actually have a better annual interest rate than others who don’t charge a handling fee but add a few percent onto their APR rates which can cost you more money in the long run.
When looking for the cheapest credit card rates you also need to consider reward credit cards such as the Capital one reward credit card which offer extra benefits that could include cash back or free travel insurance. Cash back rewards can be a good incentive for high spend credit card customers although the danger is you spend your cash back on more goods !
You should also keep an eye on your credit card statements as very often customers who enjoy the cheapest credit card rates will move onto a higher rate after 6 months and this will make a big difference in your monthly payments as your interest rates could increase by as much as 20% depending on your deal. Another thing to look out for is your balance transfer rate expiring as most companies offer a low rate for 6-9 months.
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The Capital One Credit Card Company started back in 1995 and over the past ten years, it has become one of the top credit card companies. They offer their services to Canada, the United Kingdom as well as the United States.
The Capital One credit cards offer a variety of cards; enough to suit anyone’s credit history and credit needs. They have their premium credit offerings for people who have excellent credit and these cards offer some of the most usable rewards in the credit card business.
The Premium Credit Cards
Capitol One credit cards are for people with excellent credit; Excellent credit meaning a person has had credit for least five years and that the credit card has a limit of at least ten thousand dollars. This person has an excellent track record of making their payments on time.
The Capital One credit cards are available from both MasterCard and Visa, which means the customer can choose their credit company along with their benefit package. Some of the benefits including travel reward miles, cash back rewards and a special annual percentage rate.
For People With A Good Start
For people who have good credit, but not excellent, Capital One also have cards for these people too. These cards also have great reward programs and are available from both MasterCard and Visa. These are known as platinum cards, which mean they will have a credit limit of over $5000 and a low annual percentage rate plus no annual fees in most cases. The platinum cards are perfect for people who already own a credit card with a limit of over $5000 and have held good credit for least five years. These cards are a little more forgiving and will allow their holders to have made a late payment or two in their credit history; as long as it wasn’t over two months late.
For Customers Who Need Help Building Credit
Capitol One credit cards will offer cards with smaller spending limits and credit requirements which are easier for people with no credit or who have had problems managing their credit in the past; these cards will often have credit limits under 5,000 dollars.
Because of their limited credit history these cards will charge an annual membership fee, however the customer will still be able to take advantage of rewards programs and build their credit with by making on time payments and gradually getting their credit limit raised as they show their credit worthiness.
Ah, the sweet rewards of using credit!
Not only do you get immediate gratification with the buy now-pay later plastic, but now, many credit cards offer rewards and incentives for using their card to make purchases. You can get cash back, or gift cards, or ‘reward points’ that you can spend on merchandise or services from various merchants. There are also cards that allow you to designate your ‘cash back’ points to a charity – sometimes called affinity cards – and those that put your cash back into a special savings account for college.
Great deal, right? You spend your money and get something in return. The catch is, of course, that you’re paying interest and card fees to get your cash back rewards. But if you’re going to be using the credit card anyway, you might as well get something back out of it, right?
Most cash-back cards give you 1-2% cash back on most of your purchases. You’ll get a check at specified periods for the amount of your ‘rewards cash’. You can cash the check and spend the money on anything you want.
Reward cards give you 1-5 reward points for every dollar that you spend at different merchants and types of merchants. Most pay you 5 reward points for purchases made at their ‘Merchant Thank You’ network, and for purchases made at gas stations, drug stores and supermarkets. You’ll get 1 reward point for every dollar that you spend at other merchants. You can then redeem your reward points for particular items from the merchants that belong to the credit card’s merchant network.
Which is the better choice?
Each kind of credit card reward has its own pros and cons, and the better choice depends on what’s most important to you.
Cash-back Rewards – Pros
Cash can be used anywhere, for any kind of purchase.
Gives 1% – 2% cash back on all purchases.
Cash-back Rewards – Cons
Rewards points cards may give rewards of higher value, particularly for purchases at merchant networks stores, gas stations and supermarkets.
Cash-back can only be used when a check is issued.
Rewards Points – Pros
Rewards points are often higher value than cash-back. If you use the credit card for purchases made within the merchant member network, you can get as much as 5% value back when you spend your reward points.
Reward points are available to use on a rolling basis. Some card companies may require you to accumulate a certain number of rewards points before redeeming them, but reward point rewards are often more easily available than cash-back rewards.
Reward points can be used for cash rewards in some circumstances.
Reward Points – Cons
Reward points can only be redeemed from particular merchants and/or on particular merchandise.
Whichever your choice, it makes good sense to get something back when you choose to use credit. If you’re a frequent credit card user, the rewards can certainly add up. Among the merchants that belong to various Merchant Member networks are such well-known companies as airlines, Saks Fifth Avenue, Evelyn & Crabtree and Smarter Edge.