Low APR credit cards are much more prevalent than in years past. Competition is stiff and credit card financial institutions offer many nice perks, rewards, points, low annual percentage rates (APR) and other inducements. They want to capture new customers who've never had a credit card but also those who already have a credit card and might like to save money by transferring that card's balance on to their new low APR credit cards.
Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.
Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.
Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.
Discover has platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.
Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.
The best APR credit cards are those with the best introductory offers. Look for long interest free periods, low fees and charges, and low standard interest rates at the end of the interest free period. The longer you don't have to pay interest, or at the very least pay an extremely low interest rate, the better off you will be. You will have a period of time during which you can better manage your expenses, create a budget, pay down debt and reorganise your finances. When you are lurching from week to week trying to survive, it can be difficult to take the necessary steps to take back control of your financial situation.
The internet has made locating the best APR credit cards easier than ever before. While you can certainly choose to wait till you receive a special credit card offer in the mail, or contact your local banks to find out if they have any current offers, the quickest and easiest way to locate these cards is to do an online search. However, you may well find that there are so many introductory offer cards to choose from that it is hard to decide between them.
The best APR credit cards will save you the most money in interest costs. In fact, they will offer you an interest free or very low rate period which allows you to save substantially on interest charges. This saving can be used in part or total to reduce your credit card balance so that at the end of the introductory period your monthly payment will be far less.
However, if you don't manage to reduce your credit card balance as much as you would like by the end of the term, you can apply to transfer your balance to yet another introductory offer card with a long interest free or low rate period. As long as such offers are available, you can continue to transfer your balance.
Comparing the best APR credit cards is easy with specialist online credit card sites. These websites have already done the hard work for you so that you only have to decide between the better options that are available. They make it easy to compare apples to apples. In other words, you can easily compare benefits between cards as well as becoming aware of potential disadvantages. For example, one card may look better than another until you see the high annual fees and charges. Another card might look great until you realise that it will revert to an exceptionally high interest rate at the end of the introductory period. It can be hard to consider all of these factors if you are trying to compare credit cards on your own.
Once you have decided which of the best APR credit cards is right for you, you can even apply online. This means that once you decide to apply for a new credit card, you can go through the application process and even receive approval very quickly. Furthermore, you can do everything in the privacy and convenience of your own home. Whether you just want the best deal in a new credit card or to transfer your current credit card balances to save on interest, choosing the best credit card can make a huge difference to your financial future.
Both Rajsunil & Gordon Goodfellow are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Rajsunil has sinced written about articles on various topics from Credit Cards, Etiquette and Surveys. www.1morecard.com. Rajsunil's top article generates over 1600 views. to your Favourites.
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