OK, lets get right to the point. Credit card companies don't want you to compare credit card interest rates. They want to get you locked in with a card and have you make the minimum payments possible each month, because that is the way they make their money. But if you do compare credit cards with other providers, you can potentially save yourself thousands in interest over the space of the year.
Did you know that in most credit card contracts there is a clause that means your card provider can raise the amount of interest you are paying if you simply miss or are slightly late with only one payment? You may think you are on a great low interest rate credit card, but if you are slow in making a payment, your rate may jump to 20% or higher overnight.
Obviously, if you have had this happen to you, the best thing to do is to transfer the outstanding amount for that account over to a new specialised balance transfer credit card which can even have zero interest for the life of the transfer amount. This means you are paying nothing in interest as compared to the 20% or more you have been paying up till now.
This strategy will not be effective if you use your card for spending, as balance transfer credit cards only have low or zero interest on the transferred amount, and usually have a very high interest rate attached to further spending. This is where the provider makes it's money from you. If you need a card for buying groceries and other shopping there are some great rewards cards that have low interest for everyday spending often with quite a long interest free period after the initial spend and rewards associated with the amount you spend.
You will need to at least keep up with the minimum monthly repayments with any type of credit card. If you use your card frequently, then you should really only spend what you can already afford for the month in cash, and pay this amount in full each month. You can still reap the rewards and you won't get behind and have to start paying interest.
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