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Banking
Credit Cards
Credit Card Interest Rates
Credit Card Interest Rates
What do personal bankruptcies have to do
with bank card interest rates?
In an attempt to reduce credit card losses, several major banks are now
tying bank card interest rates to the credit records of applicants.
This means that if you have a sterling record, you'll get a better rate
than if you've missed a few payments or bounced checks in the past.
Banks are getting tough because delinquent payments and bankruptcies are
reaching record highs. In order to stem the losses, banks are now using
your credit history to determine the amount of interest you'll be charged
on your bank card, particularly important if you carry a balance from
month to month.
One major problem with this system is that it makes it difficult if you
are trying to shop for a card with the lowest possible interest rate since
you won't know what rate you're getting until the application has been
processed.
The best deal is a
credit card
that's available without an annual fee; or, if you carry a fee, a card
that offers low interest rates.
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