Low APR Credit Card
When interest rates dropped a few years back it was quite easy to get a low APR credit card when you wanted one. A low APR credit card is a credit card with a low annual interest rate. Many of these cards have an interest rate under 10%. Some would consider any interest rate less than 15% to be a low APR. Some credit card companies even offer 0% interest rates for a short period of time. Regardless of the amount, a low APR card can save you money if you currently have a credit card with a high interest rate, and even though interest rates are rising, it is still quite easy to get one of these cards if you know where to look.
Most of the time you will find out about low APR credit card offers in the mail. You will receive a mailing that has the information about the card and an application for you to fill out. If the terms and conditions of the card you receive in the mail look good to you, go ahead and fill out the application. Keep in mind, however, that the interest rate being advertised on the mailing may not apply once the credit card company has your credit information. However, it should be fairly close to the actual interest rate you will be charged for the card.|
| | Bank Of America Platinum Plus Visa Card - No Fee Balance Transfers |
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Intro APR - 0%
Intro Period - 6 Months
Regular APR - 8.99%
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| Citi® Platinum Select® Card - Top Low APR Card |
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Intro APR - 0%
Intro Period - Up to 12 Months
Regular APR - As low as 8.49%
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| Discover® More (SM) Card - Clear |
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Intro APR - 0%
Intro Period - 6/12 Months*
Regular APR - 10.99%
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If you need a low APR credit card right away and do not have any applications that have come in the mail, you will want to shop online to find the best deal. Use caution when shopping online to ensure that your identity is not stolen. Never give your information out to a website that does not have good security measures in place. However, you can safely apply for a credit card online and receive a quick approval if you look carefully for quality sites.
So how can you best benefit from these low APR offers? First, if you currently have debts that are on high interest credit cards, you can transfer the balances over to your lower interest cards. Many of the low APR cards you will be offered will give you an even lower interest rate if you should transfer a balance to their card. This is because they know they will have some money to play with for a while, because you will take some time to pay off the balance.
Another way that these low APR cards save you money is with your day-to-day purchases. Sometimes emergencies happen and you must carry a balance on your credit card. When this occurs, having a card with a lower interest rate will save you quite a bit of money.
Finally, you may find that you have a larger purchase that you need to make once in a while, and your card will help you save money in this situation as well. When a major appliance breaks or a tree falls on your roof, you may not have the money to make the repairs right away. When this happens, using a low APR credit card will save you money, because you will not be paying as much interest as you would with a higher interest card while you work to pay down the amount you had to charge.
Remember, when shopping for any credit card, read the terms and conditions carefully. Look for a low APR credit card that does not charge high fees just for the privilege of using the card. This will make the savings you get with the low APR unimportant, because you will be paying the same amount in fees. Also, find out what consequences you will face if you should pay the monthly payment late. Sometimes paying the card late will cause you to lose your low percentage. By being as informed as possible about your new card, you can best use it to further your financial goals.
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