What is a fixed rate credit card?

A fixed rate credit card is a credit card that has a set interest rate. This interest rate will not change during the term of the card, regardless of any changes to the prime rate or other factors. This allows you to know what you will owe in interest if you carry a balance on the card. In Georgia, the law requires credit card issuers to provide the annual percentage rate (APR) of each card they offer. This APR must be disclosed to consumers when they are considering applying for a card, so they can compare rates between different offers. When deciding on a card, it is important to compare the APR of the fixed rate card you are considering with the APR of other offers. Some fixed rate credit cards may have fees associated with them, such as an annual fee or balance transfer fee. It is important to understand any fees associated with the card before you commit to it. In addition to the APR, you should also compare the rewards offered by the fixed rate card you are considering with the rewards offered by other cards. Some fixed rate credit cards may offer rewards such as cashback, points, or travel vouchers. Others may offer none, so it is important to understand what rewards are offered when choosing a card. Overall, a fixed rate credit card is a good option for those who want a steady interest rate and the peace of mind of knowing what they will pay each month. It is important to compare offers and understand the fees and rewards associated with the card before committing to it.

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What is a fixed rate credit card?

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