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Variable-rate credit cards

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Updated: 3/27/2003 4:09 pm
Some companies now offer variable interest rates on credit cards. These rates will rise and fall as market interest rates fluctuate. While these rates often change, they will usually not go below a set minimum established by each credit card company. A variable rate credit card is favorable when market interest rates are low. However, they can be expensive when market rates rise. No matter what the interest rate for a card is, be sure to check your credit agreement and monthly statement to see what other fees may be charged to your account. A lower interest rate may not save you money if you are being charged for other card services. By carefully reading your statement and agreement, you may find ways to use your card more efficiently. For more information about variable rate credit cards, contact a financial institution or credit card company.

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