What is a fixed rate credit card?

A fixed rate credit card is a type of credit card that charges a single rate of interest every month on the balance that has not been paid off. This rate is typically determined when the cardholder first applies for the card and does not change over the term of the card, making it ideal for consumers who want to know exactly what their minimum payments and total interest costs will be every month. In the state of Texas, fixed rate credit cards are regulated under credit card laws which set limits on the types of terms and conditions that can be imposed on cardholders and provide various consumer protection measures. These laws also set the maximum interest rate that credit card companies can charge for a fixed rate card.

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What is a fixed rate credit card?

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