When it comes to credit cards, the APR or annual percentage
rates is always the ultimate source of confusion and chaos for
most credit card users. If you don't have a credit card but
planning on applying for one or you were just recently approved
for a credit card then you must definitely read this article.
Everything about APR of credit cards shall be explained so read
carefully and remember!
What's APR? Basically, the APR or annual percentage rate of a
credit card is the combination of low interest rates and finance
charges. With that said, let's move on to the next topic. Are
There Really Zero Percent (0%) APR Intro Rates And What Does It
Mean? - Let's say you already own a credit card and you've used
up most of your credit already. With a 0% APR intro rate credit
card, you can transfer your balance without incurring additional
interest.
Nice, isn't it? Also, if you're planning to purchase something
but paying it off before the intro period is over then yes,
having a 0% APR intro rate credit card is the best option for
you. Remember, the keyword here is intro - which indicates that
this is only something like an introductory offer so don't
expect the 0% APR to last forever.
What About Low Interest APR Credit Cards? - If you're in search
for a credit card with long-time charges then it's better to go
for a low interest APR credit card rather than one with a 0% APR
credit card because the interest rate would just revert to
normal for the latter.
Which One Is Better: A Low Interest APR Credit Card Or A 0% APR
Credit Card? - Well, this question would require you to research
a bit but since your decision will ultimately affect your
finances then it's better to go ahead and research, right?
The first question you have to ask your credit card company is
about the length or duration of the intro period if you're
interested in availing yourself of a 0% APR intro rate credit
card. The intro period usually lasts between three to fifteen
months. Anything less is naturally a disadvantage and anything
more is preferable.
Ask also about what the APR of the credit card is going to be
after the intro period. If the interest rate is higher than the
APR of other credit cards that do not offer 0% APR for a certain
period of time AND you're not planning to maximize the 0% APR
you're given then maybe, it's better to simply go with a low
interest credit card.
About the author:
Michael Colucci is a technical writer for
Low Interest
Credit Cards - A site that offers credit cards with an intro
rate of 0% for 12-15 months.
