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Credit card low aprWhen looking for credit cards the best offer can be a low APR credit card. Having a credit card with low APR has a number of advantages and can help you save a lot of money. Before we get into the details of a low APR credit card let us briefly understand what is APR and its importance. APR is the annual percentage rate of the interest that the credit card holder is required to pay whenever he or she is supposed to pay the monthly balance. The APR is calculated on the monthly balance of the credit card that is to be paid and is a pre-decided rate. There are some credit cards that offer 0 introductory APR whereas there are some that come with low APR.
However, there are many providers who use the low balance credit card offer as a marketing strategy to lure customers and hence increase their sales. You should be careful when choosing a low AOR credit card, as it can be costly on the annual fees and other costs.
Think before you apply
Before you apply for a low APR credit card there are a few points that should be thought about like
Your credit card with low APR might have a higher annual fee and hence you should ask your provider before applying
If your interest rate says fixed in the future the provider can change it by giving you a prior notice. This would mean that the APR that you would have signed for change.
A good credit card with low APR would also provide certain rewards with the credit card like fuel savings or travel miles, cash back etc.
You should make sure that your provider gives you a grace period to pay off your bills without charging you extra fees.
However, when you are provided with the grace period you should make sure that you are careful with the interest rate with the cash advances.
Having a low APR credit card does not always mean that you have a good deal. You should also consider other costs and the terms of the credit card. You should make sure that you understand all the terms related with the credit card and if there is something that you don't understand then you should confirm with the credit card provider.
Credit requirements for credit card low APR
When you opt for a credit card with low APR then the provider definitely would like to know about your credit score. Usually such credit cards require good credit scores for their approval and hence you should make sure that you check your credit report before applying for the credit card with low APR. If you have a bad credit score then it is difficult for you to qualify for a low interest rate credit card. It is hence advised that you check your credit report before applying for the credit card offer. Before you apply for the credit card with low APR you should make sure that you have compared offers from different companies and choose the offer that is the best for you.
How can a credit card low APR help save money
When you take low APR credit cards then you can either have a low APR introductory offer or a low APR fixed rate. It depends on the offer that you qualify and the company with which you apply and your credit score. With these credit cards you can save a lot of money when you opt for balance transfers. When you are under credit card debt then you can opt for balance transfers and save money and pay off your debts soon. Since you have a low APR on the card you would be making more payments towards the principle of your payments rather than the interest rates. With these cards you can make big purchases and make little payment towards the interest rate and pay off the balance soon. This would help you in saving a lot of money.
Credit cards low APR
There are a number of credit cards that provide low APR. Some of these are mentioned below.
Citi" Platinum Select" Card: They offer 0% APR on balance transfers and purchases for 12 months and the regular APR is as low as 10.24%. There is no annual fee associated with this card and you can manage your account online.
Blue from American Express: They offer 0% APR for up to 15 months and low balance transfer APR 4.99% Fixed APR for the life of the balance. Their regular APR is 12.24% and there is no annual fee with this card. You need excellent credit score to qualify for this card.
Discover More Card: They offer 0% intro APR on purchases and balance transfers for 12 months. They charge a regular APR of 10.99% and there is no annual fee with this credit card. You need excellent credit score for qualifying for this card.
Chase freedoms m Visa Card: They offer 0% APR for up to 6 months and no annual fee on this card ; the regular APR is 14.24% and you need good credit to qualify for this credit card.
Bank of America Visa Signature" WorldPoints" Rewards: This card offers 0% Intro APR on balance transfers for your first 12 billing cycles. There is no annual fee and the regular APR is 9.99%. You need a good credit score for qualifying for this card.
GM Flexible Earnings Card: This card offers 0% introductory APR for 12 months (on balance transfers). The regular APR charged is 14.24% and there are many other rewards with the card. There is no annual fees and you need good credit to qualify for this card.
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