Cheap credit cards are considered to be equivalent to low interest credit cards. However, not all low interest rate credit cards are cheap. Either such cards can have a fixed rate of interest through out the tenure of your balance or they can have a fluctuating rate of interest. Which one is actually cheaper?
Types of Cheap Credit Cards
Now, most armchair financial gurus will know and advice you to opt for a fixed rate card. They will argue that such low, fixed rate credit cards will prove to be very cost-effective in the long run. A variable rate card may begin with lower interest in the first few years and then gradually its rate of interest will keep increasing over the next few years. This allows you to pay off increasing interest amounts as your salary increases. However, they believe, a fixed rate card is a better option because its interest rates do not jump alarmingly like the variable rate card. In addition, fixed rate cards are also cheap credit cards because the company will have to inform you before they increase the rates.
Unfortunately, the truth is very different. Discussing the pros and cons of low interest credit cards is quite another...
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