Fariz Huseynov, associate professor of finance, was featured in a recent WalletHub.com article.
The article, titled “Best Credit Card Rates,” was written by John Kiernan, credit card editor.
Huseynov was asked these questions:
• Why are even the best credit card rates still so high?
• What’s the best way to use a 0 percent intro rate?
• Should you always try to get the credit card with the best interest rates?
• Why aren’t there more credit cards with low fixed rates?
Huseynov said new card rates are lower because the FED cut interest rates due to COVID-19. But, delinquency rates among certain borrowers have gone up because of the pandemic and he expects the risk to grow further.
“In general, it is best to use a credit card if one can pay it back. Otherwise, do not use it even though the intro rate is 0 percent. Balance transfers from high rate credit cards is a smart move, but if this becomes a habit, then one must stop,” Huseynov said in the Ask the Experts section of the story. He was one of 38 academic authorities quoted in the piece.
“Best interest rates are very attractive, but one needs to pay attention to late fees, rewards and annual fees,” he said. “How long that interest rate will last is also an important feature. Once again, paying the statement balance on time is important for the responsible use of a credit card.”
Huseynov earned his bachelor’s degree from Istanbul University, Turkey; Master of Business Administration at Ball State University; and doctorate in finance from the University of Memphis.
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