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Credit cards’ interest rates are often variable. This means if you now pay 16% interest rates on your purchases, you could pay up to 32% in the future if you’re not careful. On the positive side, there is one situation where you can see your interest rates drop.
If your card’s interest rate isn’t fixed, there are five reasons it could increase:
If for some reason your APR increases, here’s what you should do:
If you want to make a large purchase and pay it off interest-free after some months, or if you’re looking to move your debt from another credit card, look for cards with 0% intro APR period on purchases, balance transfers or both.
Your credit card APR is rarely fixed. This means, in some situations, such as changes in the prime rate, expiration of an intro APR period or if you’re late for 60 days or more on your payments — your card provider may increase your APR.
To avoid this, look for cards with fixed interest rates or cards with a 0% intro APR period on purchases and balance transfers.
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