Low Interest Credit Cards

Q: How long should I wait in between opening new credit cards? I don’t want to hurt my credit.

A: You should be conservative in the number of times you open a new credit card account for a number of reasons. To begin with, each time you do so it shows up on your credit history as a new, open account. Even if you never use the card you have just recently applied and been approved for, it is still going to show up this way.

Also, applying for and opening new credit accounts do not make your credit history look better. In fact, it may have little, if any, positive impact on your FICO score, and may even serve to lower it, for the same reason mentioned above. If creditors feel that you have too many open accounts, this may affect their decision in extending you more credit or raising a line of credit amount.

Applying for and opening new credit card accounts is not a way to make you look less like someone just building a credit history. A

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Verdict: The PNC Everyday Rewards Visa Credit Card has a lot going for it: It has a generous and flexible cash-back program, low purchase interest rate, introductory offer of 0 percent interest and no annual fee. But if you charge a lot every month, you might find yourself losing out on some potential cash-back rewards checks. That’s because this card puts monthly limits on the amount of cash-back bonuses it will pay you no matter how much you charge.

Overview: Like many rewards cards, the PNC Everyday Rewards Visa uses a multi-tiered rewards system, meaning that you’ll earn more cash back for certain purchases and less for others. The card also comes with an introductory interest rate of 0 percent for nine billing cycles.

How This Card Works: Every time you earn at least $100 in cash-back points, you’ll receive a check for that amount with your next statement. You’l

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Q: Why would my credit card APR increase? Should I just close the account?

A: Any financial decision, whether it is closing a credit card account or something else, is and should be a personal one. Only you know your financial situation inside and out; therefore, you are the only one really qualified to make such a decision.

However, when it comes to closing out a credit card, for any reason, including an increase in your annual percentage rate (APR), you should know that doing so may affect your credit score. This can occur for at least two reasons, and there may be more.

1. Your credit score is based in part on your credit age; that is, how long you have had certain accounts. If you have several older accounts, your credit score can actually be higher than if you have several newer (recently opened) accounts. So, if you’ve had your credit card for many years, you might want to take this into consideration, as closing the account may cause your score to drop.

2. Y

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Q: I just started a small business and I’m looking to build credit, is using a secured credit card a good idea?

A: The answer to that question is “yes”. Your secured credit card may not actually say that it is a “business” credit card, and you may not be able to get some “business” credit card rewards or bonuses, such as double miles, extra points, discounts, and other things, but you can still get a secured credit card.

Getting a secured credit card can actually be an asset. For one thing, you will know exactly how much you have to spend, which should make you look harder for bargains and lower prices.

Secondly, with a secured credit card, you have access to your spending history. This will let you keep track of spending as well as what your balance is on the card.

If you see any unusual or suspicious entries on the credit card statement, you can instantly dispute them. You won’t hav

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Cash-back credit cards are often found with strings attached. Today, they said you’d be getting 5% of your spending, but the next month, you’ll be getting just 3%. You can end up in this pitfall if you don’t check out the details of the cards which are written in the fine print of your credit card. Credit card companies reserve the right to change their terms without prior notice. This is why you cannot really complain about the changes. What you really need to is to prepare.

Credit cards have variety of kinds but they all share ideal criteria: low interest rate, high credit limits and reasonable due dates. Credit card comparison websites produce rankings, often putting those with the lowest interest or APRs (annual percentage rates) on the leader board. But if you look closer, putting other elements together with the rates, you would see that the real comparison should come from you. For instance, credit card A has a lower APR than Credit Card B. Credi

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