Did you know that a lot of credit cards have a variable rate? This means your interest rate could go up every month. The average credit card rate as of October, 2022 was 19%! At Eagle, we have a FIXED rate credit card that is as low as 9.25%. With interest rates steadily on the rise, here a few tips on how to help save some interest and put more money in your pocket.
- When possible, pay the balance off every month so you don’t accrue interest.
- If that’s not possible, look at your credit card statement to check your rate and determine if it’s fixed or variable.
- Ask your card issuer if there is a cap on the rate or if you can lower your rate for a specific time frame.
- Transfer balances to to personal loan or to a card with a lower rate.
- Don’t keep a credit card with a high rate but more rewards. You could be paying much more in interest than you earn in rewards.