Low APR credit cards – how to select one?
Low APR credit cards are the type of the credit cards which features lowest interest rates in market. These cards have been designed for such people who possess excellent credit history and are also useful for debt consolidation. However, one must remain watchful for any increase in interest rate just after the introductory period. These low APR cards can also be termed as the best credit cards as these charge low interest rates. However, while hunting for an APR card one needs to be very careful as a card which best suits your financial requirements be looked for.
APR stands for Annual Percentage Rate which is the cost of credit and is the amount of interest which is chargeable on an outstanding balance used through a credit card. If full payment is not made in the grace period (which has been certified by the credit card company) company owns full rights to charge extra money due to this delay. This money or fee is called as interest rate fee called as APR. Therefore a card with a low APR is considered as one of the best type of the credit cards.
The most significant feature with low APR credit cards is that it offers an interest rate even lesser than a standard APR card. The lower a credit card has interest rate, the easier it would be to keep large amount on it thus saving money. So, if a person carries a large monthly card balance than a low interest credit card should be one of the preferred credit cards as it would prove financially beneficial due to its low interest rates. These low APR credit cards help card holders save significant dollars over longer period of time.
Low APR credit cards enjoy certain advantages differentiating them from other credit cards. These cards have low effective interest rates on cash used but if a credit card charges a high effective interest rate than it’s considered that this card is cloaked as a low APR card. Some credit card companies claim having low APR but in actual they only have low introductory rate limited to a short time span only thus one needs to be very careful for any such increase in the interest rate on expiry of this introductory period.
Low APR credit cards are considered as the best credit cards on the market these days.
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