Fixed Interest Credit Cards

Most credit cards have variable rates so your interest is at the mercy of the whims of the market. This doesn’t quite seem fair when interest rises and you have to pay more for things you’ve already purchased. With a fixed rate you’ll have the same rate for as long as you remain in good standing with the card company.

Key tips for when you want to get fixed interest credit cards:

  • Fixed rate cards are becoming harder to get unless you have excellent credit.
  • Check with your credit union first as they often have the best offerings of fixed rate credit cards.
  • These cards are a great option when rates are projected to rise.
  • Be sure to make all of your payments on time to protect your interest rate and avoid the dreaded “default rates”.
  • When interest rates are low fixed rate cards often have higher rates than some variable rate cards, and certainly will be higher than most “introductory rates”.

Advice on finding the fixed interest rate credit cards:

When looking for credit cards with a fixed rate make sure that you research all of the options including the fine print. Find out about the bank offering the card, what their customer service is like, how other users like them, and what fees are associated with the cards as well as the terms of payment. Some cards have very high default rates when payments are missed or even just late. Read all the fine print and make sure that you are okay with the entire customer agreement. You might want to see if there are any discounts for online banking, linking an account with direct deposit, or setting up auto pay. Paying the balance in full every month is the best way to avoid interested charges but when that’s not possible you want the card with the very best rate you can get and the lowest fees.

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