Low APR credit cards take an upper hand over cards with interest free period

Wednesday, July 27th, 2011
Updated: July 27th, 2011
The content is accurate at the time of publication and is subject to change.

Surprising though it may seem, recent research results clearly show evidence of low APR credit cards being better than the cards that offer zero interest for a stipulated period of time. Most of the cards that offer interest free balance transfer offers charge a fee that is in the range of 3 percent of the total transfer amount. On the other hand, most of the low interest rate cards do not charge any fees on balance transfers. The duration of the interest free period also has been dropping regularly and the only card that offers the longest interest free duration is one of the cards from CitiGroup Inc, for a period of 21 months.

The zero interest on credit cards is just part of the promotional deals to entice customers into applying for the cards. However, once the interest free period ends, the interest rates on these cards spike up automatically. Some cards even charge interest as high as 22 percent and more. However, low APR credit cards, though do not offer interest free period, do offer low interest rates consistently which can work in favor of the customer.

Though there are a number of banks that claim to offer the best low APR credit cards in the market, only a few of them are worth applying for. One of the cards is Capital One’s Click Card and the other is the Platinum Simplicity card from Barclays Bank.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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