Credit cards with low apr
There are plenty of credit cards in the market today. Credit card companies use various ways in promoting their credit card. Some years ago, it was the customer who had to go in search of credit cards. The Credit Card Company looked for sound financial standings in a person before a card was issued. Today, credit cards are issued to anyone who has some form of an income. Hence, with the availability of so many cards in the market, it is time the cardholders looked for facilities in the credit card to the cardholders’ favor like Credit Cards with low APR.
Usually credit cards come with a membership fee. This is an annual payment. You can now negotiate for waiver of this membership fee during the first year at least. Then, there is an interest free period. Usually, most credit card companies do not charge an interest on your balance in the credit card account until at least fifty-one days. That is, if you buy an article or service using your credit card on the 1st of January, you have time till the twentieth of February to pay that sum to the credit card company.
However, if you buy an article or service on the 31st of January and it is debited to your account, then you will have time only until twentieth of February to pay this sum to the Credit Card Company. If you fail to settle the outstanding sum on the due date, you will be charged an interest. Usually the standard interest rate per annum is eighteen percent. In some countries it is thirty six percent. This is what is known as the annual percentage rate or APR in short.
However, you can now look for credit card companies that offer much lower APR. There are a number of credit card companies that offer Credit Cards with low APR. If you look at the difference between using a credit card with an eighteen percent Annual Percentage Rate (APR) and a Credit Card with low APR, say 0%, you will be surprised at the savings you can make on a Credit Card with low APR. If you
carry a constant balance of One Thousand Dollars for one year, your annual interest payment to the Credit Card Company will be $180. However, if you carry Credit Cards with low APR, you will not be paying this money. Therefore, it is time that you shop around to see what facilities your credit card company offers before selecting; same like what you do for other services.
Even if you already have a credit card, which has a higher annual percentage rate, you can look for Credit Cards with low APR as your second card. Also, compare the rates of interest that are charged by your credit card company for cash advances, the charges for any late payments and excess fees. You may also re-negotiate terms with your existing credit card company and ask for Credit Cards with low APR before you switch to another credit card company. This way you can lower your debt load and save that money by taking Credit Cards with low APR.
Other Articles
