What is a fixed rate credit card?

A fixed rate credit card is a type of credit card that has a pre-determined, non-variable annual percentage rate (APR). This means that the interest rate charged on the card is set at the time of purchase and will not change over the duration of the credit card’s use. Fixed rate credit cards are generally seen as a safe option as the user knows how much they will be charged in interest, providing them with more control over their budget and any financial commitments. In Washington, the Credit Card Law ensures that fixed rate credit cards must display their interest rates before the user agrees to the terms and conditions of the card. This allows the user to make an informed decision before using a fixed rate credit card and research other rates offered by other issuers, if desired. It is important to note that fixed rate credit cards typically require a higher credit score for approval than other types of credit cards. This is because fixed rate cards are seen as a lower risk option to credit card issuers. As such, the user should not be surprised if a higher credit score is needed for approval. To sum up, fixed rate credit cards are a great option for Washington cardholders that want the convenience of a credit card but with a minimal risk of major interest rate changes. The Credit Card Law of Washington ensures that users of fixed rate credit cards are aware of the interest rate charged on the card before they agree to the terms and conditions. Finally, fixed rate credit cards usually require a higher credit score to be approved.

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What is a fixed rate credit card?

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