The Best Low Interest Rate Credit Card

Okay, so you’ve found the best low APR credit card and now you’re ready to submit your application. How can you make the most out of your low interest rate card? In this article, let’s discuss some tips on how you can enjoy the best benefit of what your low interest card has to offer.

Keep your interest low. You may notice that the ads often say “AS LOW AS ___ APR”. After the zero % introductory period, there are credit cards that maintain a low interest offer for their clients. Nevertheless, enjoying the lowest rate possible actually depends on how well you handle your account. If you’re consistent with your payments, you should be able to enjoy the lowest rate offer by your credit card. On the contrary, late payments and maximizing your credit limit may move your credit card company to raise your APR higher.

Take advantage of the grace period. The best low APR cards in the market must also come with a sufficient grace period. Unfortunately, many cardholders don’t even make use this provision. Instead, they choose to submit only the minimum due payment and carry their balance from one month to the next. But remember that paying off your entire balance within the grace period enables you to save from at least 8% to 11% from your charges. Even with a low APR card, why pay the interest, if you can avoid it by paying off your entire balance?

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• Low Interest Credit Card Offers

Low Interest Credit Card Offers

When searching for credit cards, most consumers prefer one with a low APR. Nevertheless, when confronted with attractive offers, perks or rewards, the interest rate may suddenly become just a secondary factor.

The fact is, reward credit cards usually come with much higher interest than non-reward cards. The interest rate of reward credit cards ranges from 14% to 19%, depending on the issuer and the type of reward program. Despite this, many consumers still prefer them over regular credit cards because of the promise to earn bonuses, incentives, discounts and other privileges.

Why Get a Low Interest Credit Card?

Why should you be concerned about the interest rate? Many consumers are advised to pay off their monthly balances in full to avoid the additional APR. However, even if your goal is to pay off your charges in full, unexpected circumstances may force you to submit only the minimum due and carry over your balance to the next month. When this happens, your bill can increase by 14% or more because of the interest.

Even worse, your credit card company may increase your interest rate by as much as 25% to 30% because of late payments. The changes in the Prime Rate can also dramatically affect your credit card’s APR at any time. Clearly, getting a credit card with a low APR can protect you from the risk of bad debt.

*Check out list: low interest cards

Find out more on: Low Interest Credit Card Offers