Consider transferring a balance from one card to another if you can save money.  That part’s an easy decision.  But also consider if the rate of the card you’re transferring to is a permanent rate, or just an introductory rate.  For example, if your current card gives a rate of 12%, and a different card gives a rate of 3.9% for 6 months, then the rate increases to 15.9%, then you would probably want to stay where you were at.  Of course if you’re pretty confident that you’ll be able to pay off the balance before the six months are up, they go for it.

 

7. Pay attention to your credit limits

 

No matter what card you opt to use, you should try not to go beyond your credit limit as it determines whether companies will grant you credit in the future. If one has a bad credit history, chances are, companies will be wary of granting your request for credit in the future.

 

8. Know your credit card

 

One should know everything there is to know regarding the credit card company he chooses to lower the credit card interest rate. He should give special attention to the fine print which most people do not pay attention to, and carefully read and understand everything.

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