Low APR Credit Cards – Tips On What To Look For

Low APR credit cards are cards that carry a lower interest rate than most other types of credit cards. The APR stands for annual percentage rate and is still calculated the same way as with other types of credit cards which makes it easy to compare different offers if you are planning to apply for a low interest rate credit card.

Low rate credit cards are beneficial to people that carry a credit card balance from month to month because they will save a significant amount on finance charges. Although Low APR cards are better than traditional credit cards, it can be harder to qualify for one, especially if you have poor credit.

There are many places you can go to find credit cards with a low interest rate and many things you should consider when choosing the offer that best suits your financial needs.

Of course, the biggest consideration when looking for a low APR credit card is the interest rate. Most cards have a lower interest rate for an introductory period. Many banks and credit card issuers offer 0% interest for a limited time and although this rate can apply to all purchases, sometimes they only apply to charges from balance transfers.

The introductory period is best used to consolidate other credit cards that charge a higher rate onto a single  credit card. This will help you to reduce your finance charges and will allow you to pay off your balance more quickly.

Some low APR credit cards charge a fee for balance transfers and others do not. Sometimes you can get these fees waved so it is best to find out all the terms before you apply to make sure you will not be charged.

Low annual percentage rate cards can have interest rates after the introductory period that are up to 10 percentage points (or more) lower than traditional credit cards. They are a great way of saving on finance charges for people who carry a monthly balance on their credit cards or have debt that they want to pay down faster. Because of the reduced interest rate, people with poor credit scores may not be eligible for some of these offers.

There are also other factors to consider before you apply for a low APR credit card. These types of cards may offer other advantages and incentives such as cash back, discounts, and rewards. If they do not, you can still use a card that does for purchases that you will pay off immediately and then use the card with the lower interest rates for purchases that you will carry over.

Even if you do get a low APR credit card to help consolidate your credit card debt, you should not necessarily close your old credit card accounts. Maintaining credit accounts for a long period will reflect well on your credit rating as well as having a low debt to credit line ratio.

There are many different low APR credit cards available on the market. You should carefully consider the rate and terms of every offer that interests you before you apply to make sure it is the best card to meet your financial needs.

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