Celebrities are known to whip out a card to pay for just about anything. Have you ever wondered why they bother to use cards when they obviously have so much cash from movies or music? The fact is that top celebrities get the best credit card offers because they know the secrets to getting the lowest interest rates out there. Do you? If you did, you would qualify for credit cards with very low interest rates and that could mean big savings for you over the lifetime of using those cards.
Secrets to Getting Low Rate Cards
You want the lowest interest rate loans. You want to be able to pay for your purchases without worrying about the costs associated with doing so. How can you get into these rates? Here are a few things you need to know.
- You have to beef up your credit score. No other item will contribute more so to your ability to qualify for a low interest rate credit card. To do this, check your report and remove errors before you apply. Spend a few months making payments on time and paying down your debt. This way, you boost your score overall.
- Do use credit. You cannot just forget about it. You need to show the lenders that you use credit (and are willing to carry a balance responsibly.) That is where the lender makes the most money, after all. Therefore, use one or two accounts mildly each month. Keep the balances low but always pay on time. Just use credit.
- Boost your income. The celebrities have a high amount of money coming in but every day consumers who have higher incomes have higher credit limits. Be sure to count both of yours and your spouse’s income on credit card applications if both will be on the account and responsible for it.
- If you have a business, you will pay less for cards for it than you would for consumer cards. The fact is, it will save you money in the end. However, never mix your personal debt with your business debt.
- Ask for the deal. Beyond any of these tips, the best way to get the lowest interest rate is to ask for one. Contact the lender and ask for a low rate, stating you have the financial means to repay your debt easily.
Doing these things will help you to get the lowest rate credit card. However, you also need to know which cards offer the lowest interest rates. The following are a few examples to consider.
- Chase Freedom Visa with a low 9.99 percent APR and has no annual fee, plus cash back. You also get a 12-month intro offer of zero percent APR for balance transfers and six months for purchases.
- Capital One Platinum Prestige Credit Card offers more than a year’s worth of zero percent APR for purchases and balance transfers, no annual fee and a low APR starting at 10.9 percent.
When choosing a credit card, it is always critical to select one that has all of the features you need, but interest rates should be as low as possible. When you do this, you prime yourself for getting a celebrity-qualified credit card – one you do not have to feel guilty about using.