Carry a Balance? Here's the Ideal Credit Card

pay off credit card fast

You need to feel good knowing that you’re paying-off your credit card balance as quickly as possible.

One of the most important things you can do is make sure you have a credit card with a very low interest rate. Otherwise, you run the risk of paying too much interest, and taking a lot longer to pay back what you owe.

With the average credit card interest rate at 14.94% (as of 9/27/2011), you’ll pay $4,426.63 in interest when you make payments of $200/month. On top of that, you’ll be making payments for the next 6 years and 6 months.

If you take the same amount ($10,000) but use a better interest rate – let’s say 7.25%. You can pay the same $200 each month, and you’ll have the balance paid off in only 5 years. You save over $3,500 in interest ($3,567.00 to be exact), and you pay off the debt 1 year and 6 months faster.

Here’s the easy-to-read chart.

Balance	$10,000.00	$10,000.00
Interest Rate	14.94%	7.25%
Monthly Payment	$200.00	$200.00
			Saving You
Months To Pay Off Balance	6 years 6 months	5 years	1 year and 6 months of payments
Total Interest Paid	$5,422.00	$1,855.00	$3,567.00 in interest

If you need a lower interest rate and a card with easy approval, apply for the IberiaBank Visa® Classic Card – 7.25% interest rate and no annual fee. Pay off your balance faster and feel better sooner.