American’s are seeing economic conditions that have not been seen in decades. The credit crunch is one such trend. Back in the 1970′s, credit cards were only for the most wealthy and elite clientele. It took years to build a credit history and many times the first step to securing a nationally backed Visa, Mastercard or American Express card was by securing your first credit card through the neighborhood JC Penny’s or Sears.
That all changed and until the economic crisis began, opening lines of credit was a simple as filling out an online application or just opening your mail box and accepting the terms of your newly issued pre-approved card.
Now both credit card issuers and consumers are paying for the long term lapse of judgment. Credit card companies have been experiencing higher than average repayment default rates and even the most qualified consumers are struggling to find low rate credit cards.
The most important step in obtaining a low APR (annual percentage rate) is by ensuring that your credit history is clean and your credit score is high. As credit card companies are cracking down, and once again making it more difficult to obtain credit cards, only the most well informed and savvy of consumers will be able to get the goods.
Whether you obtain a low APR by calling your credit card company and talking to them directly about lowering your rate, or by comparative shopping for options for lower rates than what you are currently being subjected to, the ball is in your court and it can be done.
>>See what credit cards are available to you that have low APRs on Go Banking Rates.