How To Find The Best Low APR Credit Card For You
Credit cards are great for lots of things: collecting reward points and frequent flyer miles, paying for purchases when you don’t have cash on hand, and shopping online. But one thing no one likes is paying high-interest fees on their credit cards.
One way to avoid this is to pay your card off in full each month. But sometimes you have to carry a balance from one month to the next. And it’s those times when having a low APR credit card is crucial.
If you’re looking for a new credit card with a low interest rate, here are some things to keep in mind so you can choose the best one for your needs.
• An annual fee isn’t always a bad thing. Sure, it’s nice to have a no-annual fee credit card. But if a card charges a yearly fee, it’s often because the rewards are so good. Paying a fee can be well worth it—especially if the card offers a low APR, great benefits, and high-value rewards like frequent flyer miles, hotel bonus points, travel lounge access, and concierge service.
• Your interest rate depends on your creditworthiness. Most cards offer a few different interest rates; when you apply, your credit is checked and you’ll be assigned an APR based on your credit score. If you have excellent credit, you’ll be offered the lowest interest rate. On the other hand, if your credit history isn’t so great, you’ll likely pay a higher APR.
• Introductory interest rates can be a great deal—but they end. Many cards offer a promotional period with a 0% interest rate for six months, a year, or even longer. This is a great chance to use your card with no interest on purchases, even when you carry a balance. Remember, though, that the introductory period will end. Read the terms and conditions so you know what the ongoing APR will be after the promotion expires.
Keep in mind that the best way to pay no interest is to pay your credit card balance due in full each month. When this isn’t possible, a low-APR card is the next best option.
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