Credit Card interest rates can be scary, but if we are careful, we can find ways to keep it to the minimum. Many people often avoid getting Credit Cards assuming they cannot bear the interest rates. However, that is not true. You can follow these simple strategies to prevent your Credit Card interest rates from increasing:

Make timely payments

If you never miss the due dates, then you need not worry about higher interest rates. By clearing off the Credit Card bills on time, you can ensure that higher interest rates are not levied on you.

Read the terms and conditions

Understand all the terms when you get a Credit Card. These conditions include the APR, introductory rates, and penalty charges. It will help you to make mindful decisions while using the Credit Card.

Do not take cash advances

Cash advances may increase the interest rates. You can remove cash using your Credit Card from ATMs. It is not the ideal option, because as soon as you take a cash advance, your interest rate increases. It is okay to do it occasionally, during an emergency, but avoid it as much as possible.

Promotional offers

Credit Card issuers introduce new promotional offers often. They use this strategy to attract new customers or to encourage existing customers to use the Credit Card. These promotional offers could be zero APRs, cashbacks, lower interest rates, sign-up bonuses, and more. You must remember that these promotional offers might be valid only for a specific time, so make use of them while you can.

Lower interest rates

There are a lot of options available when it comes to getting a Credit Card. Many cards even come with lower interest rates or lower introductory APRs. So, explore other options and thoroughly understand your priorities. It is important to select the card that suits your lifestyle and needs without putting a financial burden on you.

Calculate Credit Card interest rates

Credit Card interest calculators help you calculate the interest rates beforehand. If you are aware of the interest rates and their financial impact in the long run, you are more equipped to allocate the required funds for Credit Card bill payments.

Conclusion

By strictly implementing these strategies in your daily life you can keep your interest rates low. Using a Credit Card is only easy if you are aware of all the risks associated with it. Credit Cards are one of the greatest inventions and it is our responsibility as consumers to make the right of it. The impact of higher interest rates is not visible in the initial stages, but in the longer run, it will be difficult to manage, so stay smart.