Interest rate is one of the most important factors that one should consider before selecting anything related to finance. Similar is the case with credit cards. When you use your credit cards to pay off your expenditure bills, the amount is added up on a monthly basis which you have to pay on the next payment cycle. The interest charged on this outstanding amount is called credit card interest.
Credit card interest plays a major role in your financial planning, high credit card interest rates can imbalance your financial planning and therefore, it is essential to choose a credit card that can satisfy your requirements at low-interest rates.
The main feature of a credit card is that it allows you to carry forward your outstanding amount till the next payment cycle. Therefore, you can spend huge amounts without taking a loan by using this feature. In such a scenario where you decide to take an outstanding amount forward, you have to pay interest to the bank on that amount.
The interest on credit cards is a very important aspect that you should research about before choosing your credit card. Low-interest rate credit cards are very beneficial as they would save you from high interest charges. It is especially designed for people who believe in making lump-sum payments using their credit cards.
As the name suggests, low-interest rate credit cards are very beneficial for huge-amount spenders. Some of the major advantages that holders will enjoy are:
Obviously, the main benefit that the low-interest rate credit cards will offer is a lower interest amount. In such a scenario, even if the holder is not able to pay interest for a long time, the outstanding amount won’t be outrageous.
Low-interest rate credit cards help the holders in clearing their credit card debts easily
The first and most important step of getting a credit card is researching and choosing the right credit card. Try finding a card that satisfies your requirement at the lowest interest rate. Here is a list of the best low-interest rate credit cards -
HDFC Bank infinia Credit Card.
YES FIRST Exclusive Credit Card
Axis Bank Vistara Infinite Credit Card
Axis Bank Burgundy Private Credit Card.
Every element has its advantages and disadvantages. It is important to know all aspects of the credit card you choose to avoid any future hassle. Some major drawbacks of low-interest credit cards are -
The low-interest rate credit cards are not granted to all applicants. Only the applicants with high credit scores and high-net-worth individuals (HNIs) are usually given credit cards with low interest.
Low-interest rate credit cards do not come with features like cash-backs, discounts, offers, reward points, etc.
Another major drawback with low-interest rate credit cards is that if a holder ever withdraws cash using these cards, a high-interest rate will be charged upon it. The users should avoid credit card cash withdrawal using low-interest rate credit cards.
High-interest rate is levied on all money transfers from low-interest rate credit cards. Holders have to be very careful while transferring money via these cards.
Like every other credit card offered in the market, low-interest rate credit cards also have some pros and cons. However, one should apply for the above mentioned best low-interest rate credit cards according to their goals and needs. The banks offer a lot of additional perks and credit card benefits to the cardholder to facilitate their transactions.
About Credit Cards Services
- Credit Card
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- International Credit Card
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- Types of Credit Card
- Credit Card Billing Cycle
- Credit Card Meaning
- Best Credit Card In India
Credit Cards Partners at Bajaj Markets
Non Partners Credit Cards
FAQs
What is the best credit card with the lowest interest rate in India?
Everyone prefers credit cards with low-interest rates, but it is more beneficial for those who spend huge amounts via their credit cards. Some of the best low-interest credit cards in India are -
HDFC Bank Infinia Credit Card
YES FIRST Exclusive Credit Card
Axis Bank Vistara Infinte Credit Card
HDFC Diners Club Black Credit Card
Axis Bank Burgundy Private Credit Card.
Which is the lowest interest rate credit card 2020?
For all those who use credit cards for large- amounts of transactions, it is important to choose a low-interest rate credit card. The top low-interest rate credit cards 2020 are -
Kotak Mahindra BestPrice-Premium Card
Union Bank of India Silver/Gold Credit Card
SBI Advantage Plus Credit Card
HDFC Infinia Credit Card
ICICI Bank Instant Platinum Credit Card.
Can I save more if I have a credit card with a lower interest rate?
Yes, you will save more if you have a credit card with a low-interest rate. A lower interest rate stands for a low amount charged as interest. It also helps the holder in clearing debts acquired over time. Another benefit is the low-interest rate means the annual percentage rate is also low, which will benefit cardholders even after the first year.
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