Credit Card Rates Stable for First Week of January
For right now it seems most credit card companies are holding on their interest rates. The interest rates are fairly high on most credit cards as is, but it does not look like they are increasing the average or typical rate at the moment. The first week of 2011 has shown interest rates on credit cards at 12.589 per cent. This is unchanged from the week prior and the end of 2010. The question is, how can you obtain such a low rate?
A lot of the credit cards you see on comparison sites are in at 11.9 per cent at the very least in order to tempt you towards getting the card. However, the average credit card rate is not always what one is awarded. According to recent studies many have high debts to income ratio, which means 11.9 per cent or 12.5 per cent is often out of the question.
Credit cards are always going to be based on risk regarding credit worthiness, history, and scores. For individuals looking towards new cards it is best to have a high income with low debt in order to get the better cash back, rewards, or balance transfer deals that exist out there.
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