Fixed Rate Student Credit Cards with Balance Transfers

Mickey | Financial Services | Thursday, November 18th, 2010

Fixed Rate Student Credit Cards

 

We hear a lot of things about fixed rate credit cards but they’re quite hard to find. This is because the Fed themselves announce the rise and fall of interest rates and everytime they do so, all interest rates in every financial institution change. This affects us in good and bad ways.

Everytime interest rates go up, the cost of borrowing money gets expensive. Rates on mortgages, auto loans and credit cards go up which means you could have a hard time getting low interest student credit cards.

However if you have a deposit account, you’re banks would also pay you more. This is especially true for an ING direct savings account. Personally, I was able to get an increase of 5% in my online savings account.

There are some companies that offer a Prime + 3.99% credit card account which is their version of a fixed rate card. This enables them to attract people who does not like seeing an interest rate of 18% or 20% on their credit cards. A good credit score backed up by substantial credit history are your tickets in getting approved for a fixed rate credit card.

I checked with IndexCreditCards.com in my search for student credit cards with fixed rates.

AmTrust Bank (formerly Ohio Savings Bank) has a student credit card that has fixed interest of 7.9% or 13.99%

Sovereign Bank Student Credit Card has interest of 9.9% or 15.99%.

Your credit worthiness is the what they base their decisions on what interest rate they would give you. The truth is, most students would have a hard time in finding and getting a student credit card with a fixed rate because most banks see them as high risk. If you won’t be able to get either of the cards above, you can still get instant approval student credit cards with variable rate until you can prove yourslef worthy of good credit.

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