Low Apr Credit Cards - Money Saved is Money Earned
A Credit Article Contributed by Priya Katyal
Low Apr Credit Cards
Low APR credit cards are important if you want to save money on your credit cards in interest. Interest rates are always written in large font size and in bold on the brochures offered by credit card issuing companies. The role of interest rate is very important in today's world. The lower interest rate is good for economy and it means that you can get loan or credit at low rate of interest. The interest rate is the cost of the credit which you pay for settling your payments later.
Hence it is advisable to get a credit card with a low APR. With a low APR credit card you will be able to save money in interests and other fees. And as they say "the money saved is the money earned". You should always check your credit history before applying for a low APR credit card as a good credit rating will increase your chances of getting a low APR credit card.
Types of Apr Offered by Low Apr Credit Cards
APR means Annual Percentage Rate. It is the annual rate of interest charged on the purchases made by you using your credit card. There are three kinds of APR:
Preliminary or Introductory APR: The initial APR is applicable to purchases for a particular number of months or billing phases. And sometimes is the rate of interest applicable to balances transferred from other high interest credit cards to low APR credit cards. The credit card issuing companies make this Introductory APR to attract new customers.
Fixed APR: Credit cards with fixed annual percentage rate offer a fixed rate of interest which is not influenced by performance by different indexes which are used as economic indicator. The fixed can be changed, increased or decreased, by the issuer of the credit card according to the terms and conditions laid down in the credit card agreements. Although the credit card company is required by the law to give written notice to the card holders at least 15days in advance before increasing the rate of interest.
Variable APR: As the name indicates, the rate of interest charged changes as the economic indicator, or indices, used to determine the variable rate changes. Because the rate change is linked to the performance of the index, which may rise or fall, these plans are commonly called "variable rate" plans.
How to Get a Low Apr Credit Card?
You can get a low APR credit card over the Internet very easily. Just get online and search for a low APR credit card. You will find that there are many companies offering low APR credit cards. You can easily compare various low APR credit cards offered online with each other instantly and choose the one which is suitable to you. It is fast and easy. So just get online and shop for it.
It is also very important to check other things such as your credit score and annual fees, balance transfer fees or any other fees charged by a low APR credit card issuing company before applying for one.
