Fixed Rate Credit Cards

Fixed Rate Credit Cards

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Fixed Rate Credit Cards

Fixed rate credit cards are one of 2 basic credit cards, the other is variable rate. The main perceived difference is that fixed rate credit cards maintain a certain fixed percentage interest rate. This is actually contrary to the fact. Fixed rate credit cards almost always have an introductory period. This means after the introductory period expires, your fixed rate credit card reverts to a variable rate credit card.

Fixed rate credit card terms often state that your “fixed rate” can be changed as long as you are given a certain amount of notice, often fifteen to thirty days. This isn’t what most consumers would view as a fixed rate credit card.

Other terms you want to investigate before agreeing are if cash advances and balance transfers are subject to variable interest rates instead of the fixed rate credit you get with your fixed rate card. Often this variable rate is

significantly higher than the fixed rate and it’s usually the case that balance transfers and cash advances do have this higher interest rate.

Of course like any credit card, fixed rate cards will penalize a consumer who fails to pay his credit card bill on time. You want to fully understand the credit terms imposed before you sign the dotted line on a fixed rate credit card or any credit card for that matter.

What is the advantage of fixed rate credit cards? The biggest advantage is the initial guaranteed low fixed rate. You can often make out better looking into a credit card that offers zero or low interest introductory offer, then canceling the card after paying it off before the introductory period expires.

The interest rate on good fixed rate credit cards usually doesn’t fluctuate often but it certainly can. When the economy gets tough like it has been lately you can expect to receive notice that the interest on your “fixed interest rate credit card” will be increasing to a said amount.

True fixed rate credit cards don’t actually exist. The credit card industry uses many flashy sounding names for their credit cards plans to entice consumers into taking the bait. Often consumers understand the terms after it’s too late because they failed to read the fine print before they signed the credit card agreement.
Lenders know what credit card consumers want to hear and know a number of us will fall for these types of credit plans because we want to believe they exist.

If the reason you want to fixed rate credit card is to avoid paying higher interest rates there are other options.

Low interest rate credit cards often are a better deal in the end but you need to research all the credit card options available to you. Then decide which type of credit card plan suits you best. One great advantage to the many credit card plans is that there is often a certain credit card rate or plan tailored just for you. This website is a great place to research the different types of credit cards available. It’s here to help you understand the different plans and the “traps” that possibly await you.

If you are still interested in getting a fixed rate credit it might be a good idea to look into a conventional bank loan rather than getting a fixed rate credit card.

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