Prime Rate Credit

I bet you can count on more than one hand how many credit card offers you get in the mail every week that offer you crazy low balance transfer rates and an introductory interest rate for a fixed period to boot. Well, that is, if your credit is pretty good, because it does seem that these days credit card companies are scaling back on the generous offers, what with the mortgage crisis and credit crunch that is going on.

Occasionally though, you may get an offer that you can’t refuse, depending on the situation you face financially. Say, if you are currently paying a lot on a certain credit card for interest, and have the balance up pretty high, you are paying an arm and a leg in interest, unless you have a really good low apr credit card that stick to that low rate for extended periods.

As far as what is a “good” interest rate, you should really be getting the prime rate (like the title of this blog!) interest rate that is going on balance transfer credit cards as well as new credit cards that do not offer the balance transfer option, at any given time to truly be getting a good deal on your credit purchases.

You can usually look up what the prime rate is, simply by doing a search on a search engine and looking up what the latest rate is, since it does fluctuate fairly often as I understand. If you feel that you want to sort of play the credit card game and transfer higher interest debt over, make sure you can pay the transfer off at least by the time the intro period is over, or this defeats the purpose.

And you may want to limit that game too, as you can’t keep switching forever without some sort of credit report repercussion.