Yes, there is a low fixed interest credit card. The Applied Bank Secured Gold Card has a fixed APR of 9.99%. However, this is a secured credit card, so you need to put down a minimum deposit of $200 upon approval. Some local banks and credit unions may also offer low fixed interest credit cards. But it is worth noting that fixed interest rates are very rare.
Here’s what you should know about fixed interest rate credit cards:
Fixed interest rate credit cards are almost extinct. And there’s a fairly simple reason for that. Credit card companies lost the ability to change interest rates whenever they want when the CARD Act took effect in February 2010. In fact, they can only raise rates on existing consumer-card balances when the accountholder becomes 60+ days delinquent. The law does not cover small business credit cards.
As a result, credit card companies now use variable interest rates, which change based on a benchmark such as the Prime Rate, to make sure their offers keep pace with the broader economic climate. Of course, introductory interest rates are an obvious exception to this rule, since they have a set expiration date.
Although there aren’t many low fixed interest credit cards, you can still find a lot of low interest credit card options that might suit your needs.
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