Best Credit Cards For Your Needs

Published on 28 November 2009 by Raffick Marday

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What are Low Standard Rate Credit Cards? Features Overviewed! 


Credit card is a very powerful thing, but only when it is managed responsibly.The increasing tendency to use credit cards has evolved a competitive marketing environment between several financial institutions with various card providers now planning to entice their customers with low-rate credit cards.


What are low standard rate credit cards?


Low rate cards are those which offer special incentives like 0% balance transfer periods and very low interest rates to customers. The interest rates arte usually between 9% – 13%.


Features for low standard rate credit cards:


Annual fees – You need to pay higher fees in low-rate credit cards. Low-rate cards require the payment of annual fee to be made on time. So question yourself if you actually want to pay a higher fee when that money can be spent for paying off your balance.


Rewards– Rewards are generally offered with a higher annual fee. So, these incentives are expensive for the banks to provide. Thus, in order to keep costs low, the low standard rate cards only provide the limited partner or the discounted programs without giving the additional benefits of full rewards programs.


Cash advance rate – Financial institutions consider cash advance transactions as a high risk. That is why, low standard rate cards charge 20% extra for cash advances than on purchases.


Making late payments – Making late payments can add a substantial dent to your debt rating. Late fees are usually higher in low rate credit cards.


Other fees and charges – Besides late fees, ATM fees and overseas transactions are also charged at higher rates in low rate credit cards.


Limited features – There are no features like travel insurance, internet banking, cheque or even branch facilities and 24-hour services in low rate credit cards.


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