A common credit card myth that Filipinos believe is that all cards charge high interest rates. In the 2018 Moneymax survey, respondents cited “interest fees” as their top reason for not having a credit card.
If you’re sure that you can make credit card payments in full and on time, the interest rate shouldn’t matter as much as the annual fee when choosing a card for you. However, if you tend to carry a balance every month, it’s practical to switch to a credit card with low interest rate.
While it’s true that many cards have finance charges as high as 3.50%, you won’t be hard-pressed to find credit cards with low interest rate. All it takes is doing your research (and comparing your options to determine the best card).
Do you feel like you’re paying too much for owning your credit card because of its high interest rate? You can cut down on your credit card costs if your card has a low interest rate. So make that switch as soon as possible. Compare the credit cards with low interest rate listed above to see which one suits your needs best.
However, if you like to keep your existing card but want to lower its finance charge, check this article to learn the different ways to reduce your card’s interest rate.
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