Most of all have credit cards today and use it quite often, but are you sure that you know everything that is important to know regarding your credit card?
Essentially, interest rates are the primary issue that everybody needs to know about while purchasing a credit card.
- The interest rates can never be stable or permanent. They keep on fluctuating with changes in economy levels, if there is a boost then there is a maximum chance that your interest rate will go high and vice versa.
- For credit card customers, the rates are generally charged as a percentage of your prime rate. Prime rate is advantageous to credit worthy customers as they are relatively kept low. So, if your prime rate is low you can enjoy a low interest rate too.
- Interest rates can increase due to a number of reasons- increase in your prime rate, or if your credit card company decides to increase the rate for every individual or if you are procrastinating your payments to the company
- You always have the right to call back your company to inform that you are unwilling to accept the current rates of interest, and request them for negotiation. Most of them do negotiate the rates for their customers.
- If this continues to be undesirable, you don’t have to continue the relationship with the company. You can close your account, and pay off whatever is due.
BE AWARE – INTEREST RATES CAN BE YOUR BIGGEST ENEMIES !