Here at Big Business magazine, we always assess applicants for the best credit cards for you. The factors that determine how we calculate and apply for a credit card are quite extensive and are just as important to the success of any business as our company logo and our products or services are to the performance of the businesses we operate or serve.
In business, the business is an ongoing process, continually evolving and changing at nearly every turn. There are many important factors that drive the decisions that entrepreneurs make and the decisions that we take when we apply for a credit card, but one of those factors is the overall amount of credit available for every individual person and business.
It should come as no surprise, then, that high interest rates are one of our most popular credit card offers, particularly for those with balances of more than $2000,000. Once again, even those who have balances of $2000,000 will be paying an enormous chunk of that amount each month. It isn’t too hard to see why.
If you earn a certain amount per month on all of your purchases, on those cars or office equipment, and on a percentage amount that you can then use that money to pay off those bill-breakers that you run across from time to time, then high interest credit cards will be a great way to pay that bill down rather quickly. However, there are a few things to look for in any type of credit card offer.
One of the most obvious is the credit limit.
In the past, high credit card rates have been very heavily weighted toward those with a very high credit limit. Since higher credit card rates tend to be overdrawn, then that may not always be the best strategy for you.
However, there are still ways to generate the level of funding that you need.
If there are not a number of outstanding balances on your credit card, then the best thing you can do is to transfer those balances to a different credit card as soon as possible. Otherwise, there is a possibility that you may end up paying large amounts as interest rates increase. So, if you have a balance to transfer to a higher interest credit card, you should probably transfer the balance of that credit card to that card with a lower interest rate.
High interest rates are one of the obvious reasons to get a higher interest rate credit card, but the majority of those offers include different methods of getting the lower rate. So, while one method may result in a lower rate with a lower credit limit, the other method could result in high interest charges that you have to pay for every year. So, before you make any large purchase that you do not want to pay the full amount so that high interest rate may become too attractive.
Here are some other tips for getting a good low credit card rate:
1. Don’t use the card to make any large purchase that you cannot clear each month.
2. Pay off your credit card balance each month and then shop for the lowest possible interest rate.
3. Keep all of your credit cards in a safe place and read the agreement carefully.
4. If you are going to apply for a credit card, make sure you are making enough income to pay your monthly payments on each card.
5. Try to pay your full balance every month – that is, unless you are planning to pay off that credit card balance in another month or so.
The bottom line on a credit card is that it’s very important to pay off over-limit and over-budget credit card balances — and they must all be paid off immediately. Sometimes, most credit card issuers will not allow that to become your habit. In that case, try to pay off your credit card balances each month and then live within your means. Take the time to do all of the math. But be careful, because this is one of the most important tips for your financial success.
Highlight Your Credit Card Rewards
With so many financial and lifestyle choices made by many people today, choosing the right credit card will almost become impossible. For every individual who chooses a credit card, you will all encounter one or two others that look exactly like your credit cards but are made entirely of plastic. Whether or not you use any of these cards, you should still choose a card that demonstrates a level of loyalty to you that you would be proud of. Most credit cards offer no in-store-billing fees and 0% interest access for just a few months on purchases and balance transfers. One point that many people may have overlooked however, is the fact that it is absolutely crucial that you choose the right card.
As we all know, credit cards have built-in perks that can make your credit experience easier than ever before.