Pointers About Low APR Credit Cards
low apr cards
Credit cards with low interest rates are constantly advertised in the market. Does your current credit card have a high interest? Perhaps, you may be thinking about getting one of these low APR cards yourself. But before you do, check out these important pointers about low APR credit cards:
How long will the low APR / 0% APR last?
Low APRs don’t last forever. Some credit cards offer a low rate for only 3 to 6 months while other credit cards provide a lengthier promo period of 12 months or more. When looking for a new card, make sure that you are aware of the introductory period. Also, you’ll want to check how much the interest rate would be when the introductory period expires. Make sure that the interest would remain reasonable for a long term.
The annual fee cost. How much would you have to pay each year to keep your card active? Interestingly, you can find credit cards today that aside from the low rate, do not carry annual fees at all. Think about it, a free annual fee can save you from $50 to $80 in a year, depending on your issuer.
Other costs. Okay, so the card has a low APR and no annual fee, but what about the rest of the costs? How much is the late penalty charge, balance transfer charge, transaction fees, etc? Take note that some credit cards may get back on you by adding hidden costs or unnoticeable charges on your account. To be clear about ALL the costs of your card, read the Terms & Conditions.
