Cheaper Credit Cards

Credit cards seem to be a way of life for many of us in today’s world. We often see things that we would like to have and don’t always have the money for. There are several reasons of course that we have credit cards, and when we are looking for credit cards to obtain we have to be extremely careful in comparing the actual cards that are available. There are cheaper credit cards out there when you are concerned with the APR’s, late fees, annual fees and other things a credit card has to charge you.

Cheaper credit cards often means that you are looking for no annual fee, the lowest possible APR you can have and the most attractive clauses in the agreement. Right now there are two things you should be looking for. You should compare credit cards to see which ones have the universal default clause. Not all cards have entered in to the practice of universal default. While it can be a long search they do exist. You want to stay away from universal default as much as possible when looking for a cheaper credit card. The universal default means they can raise the APR at certain points depending on several things such as your credit history and scores. The APR can be as high as 30% rather than being capped at 21% like in the past. This can mean any balance on a credit card is going to be hard to pay off.

You also have to look for fixed rate APR’s. Most credit cards offer a variable rate and will only offer fixed rates for an annual fee. This means that the credit cards with fixed rates are not going to be cheap. Of course you can look at it two ways. The annual fee may offer a cheaper credit card in the end because the interest rate never changes. Therefore the idea of getting a fixed rate may be more appealing. You do have to ask about their clauses though and whether the universal default can be applied to the fixed rate credit card. With fixed rates you can be caught in a trap of never having the rate lowered if it is increased due to universal default.

When you compare cheaper credit cards you should really look for the APR and the balance transfer rates. Most often we look for a new credit card because the old one is no longer doing us any good. The card companies refuse to lower the interest rate or the balance has become higher than 50%. When you look and compare for new cheaper credit cards you should compare the introductory rates and the standard APR at the time. You may be able to lock in a good rate with a low APR with several credit cards. The difference is going to be the length these introductory rates go on and what it can increase to afterwards. You also want to be aware of any other fees such as late fees and how much those may be.

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