Low interest rates on credit cards are obviously one of the main focuses for consumers who are looking to find not only a useful credit card for their personal financial needs, but one that will be affordable in cases where they may have to meet interest payments on certain purchases. However, more consumers have begun looking for affordable credit card rate offers as indications that interest rates were on the rise had many wondering whether they could find the affordability they needed on a credit card, but there are reports that the national credit card interest rate average dropped recently, which could be beneficial for those who are looking for a new card.
For the past weeks, there have been numerous reports on new credit card offers in 2011 that are being made to a wider variety of consumers and offering options like balance transfers or introductory periods of little or no interest. However, many consumers who have looked into these cards may be hesitant due to the fact that introductory rates can be beneficial in some cases, by consolidating credit card debt and quickly paying off these credit card obligations with no interest, but rates may increase drastically in the future once this introductory period has ended.
However, a report on March 2, 2011, from Creditcards.com stated that the, “APR on new credit card offers dipped to 14.66 percent on Wednesday,” which is said to be at one of the lowest points for credit cards since December of 2010. Yet, reports from Bankrate.com stated that, as of March 2, 2011, fixed credit card rates averaged 13.36%, while variable credit card rates were around 14.44%.
Obviously, there are some indications that credit card interest rates have remained relatively unchanged, while other reports that have been conducted show that there have been slight reductions, however, this has still prompted many cardholders or potential cardholders to ask whether there is affordability in credit cards, as factors like the CARD Act has led many financial institutions to begin raising rates on new credit card offers, despite flooding the market with low introductory offers for new cardholders as well.
Some consumers have found that they are being offered credit card opportunities that are bringing almost no interest, or a 0% interest rate, for a short period of time, but concerns from these consumers usually center around what rate will be associated with their card after this introductory period has ended. However, credit advisers often make mention that, while interest rates on cards may be up or down, the rate a particular card holder will receive can depend on their personal situation, so looking at various credit card opportunities can be helpful, but a consumer’s credit score and history could lead to a higher rate on a credit card.
Consumers who are looking for a new credit card or hoping to take advantage of credit card options currently available can choose from a wide variety of options on credit cards like low interest cards, balance transfers, reward credit cards, or those that offer a cash back option, but consumers must make sure that they are reviewing not only multiple credit card options, they must consider what their personal needs will be when using a credit card also. Obviously, a consumer will need to find a reputable lender, but also the most affordability they can gain on a card. However, consumers who may be in a poor credit position may want to use a secured credit card to rebuild their credit score, while others who may need a card for everyday use have been shopping around to take advantage of low interest rates that may be offered at the present time.