Apr Card Credit Low

Credit cards with low APR (annual percentage rate) rates are out there if you have good to excellent credit. Low APR cards are attractive to people who carry a balance from month to month. If you can pay off your balance every month, a low APR card may not be quite as desirable as one that pays rewards or other benefits because you would not be using the low APR at all. If you do not pay off your card each billing, a low yearly interest rate would be a cost saver for you.

Credit cards that have beneficially low interest rates, low or no fees, and corresponding lower APR rates are reserved for persons that know how to handle their credit accounts well. This means on time payments, no skipped payments, and that you have a good to excellent credit record history. People that have bad, poor or fair credit records are penalized by the credit industry with high rates, high fees, and lots of miscellaneous fees, including annual charges just for having a credit card.

To get a low APR credit card, do a little comparison shopping. Begin with a local credit union; they are known to have lower rates than most other financial institutions. Usually it is not difficult to join a credit union. They may also be a little friendlier when it comes to making loans to their customers. Most have a bankcard related credit card option that has lower interest rates. You also can ask for lower rates; you may actually get what you ask for depending on your income and credit history.

The only no APR cards would be pre-paid or secured cards where there is no monthly bill. There are not really charge accounts. You make a security deposit and can charge up to that amount while the bank holds onto your deposit money in an interest bearing account. You get billed monthly for charges, and depending upon the type of account and bank you may or may not be charged interest. A debit card works the same way; you draw from money you have stockpiled in the bank and can only withdraw up to that amount. There are no bills and no interest; hence no APR at all. These are like cash. Some secured card activity may be reported to the credit bureaus; debit and pre-paid card activity is not reported.

Many low APR credit cards offer an introductory period at 0% interest and later it goes up to between 9.99% and 12.99% for most of the cards. These rates usually are not fixed, but variable rates. If the federal rates increase, so will these interest rates. An APR rate is the actual rate over a period of time, usually a year, which the monthly interest rates reach. Most comparison ads feature the APR rate.

Low APR cards may offer a low introductory rate, monetary incentives to open the account, no balance transfer fees, cashback bonuses and rewards. Again, good credit equals savings!