I am quite sure that you want a low APR credit card. I can say that you have probably made a good decision. There are several credit cards available in the market today with low APR. However, which one is the best among them? Let me give you some tips on how to choose the best low APR credit card.
Choose a credit card with the lowest APR. This is particularly important for those who intend to pay minimum due and carry balances to the next billing period. This enables you to save some part of your financial resources, but of course, not as much when you pay-off the total amount due. Typically, low APR cards will offer 0% APR for 3 to 6 months as an introductory offer or a low APR until expiration of the card.
Another tip is to look for time limits and interest rates set for balance transfers. Usually, credit card companies allow you to avail of 0% interest on balance transfer, but will allow you to have 0% APR on purchases made. All of these can be seen in the terms and conditions you signed with a company. Be sure to understand every provision stipulated in this agreement. Another fact about balance transfer is that they might allow balance transfer for only a period of time. After that time has elapsed, balance transfers may carry with it an interest rate.
To be able to get the best out of your low APR credit card, you have to know its features well.
If your work requires you to travel most of the time, there are several ways that you can benefit from your card. First, you can earn air mile benefits accompanied with bonus miles. Bonus miles can sometimes be obtained upon signing up and making your first purchase of airfare ticket. These earned air miles can be used in hotel accommodations, dining, and of course, plane fares. You can also use earned air miles for gas rebate, discount on car purchase, or if you travel by land.
Some low APR credit cards in the market today allow you to get a percentage refund of the purchase you made. Some even get up to 5% refund for purchases provided that they reach the minimum amount of purchase. Usually, the percentage of refund is high for basic commodities such as food and medicines. For other purchases, companies allow 1% up to 3% refund.
Just like any other credit cards, do not forget to check whether they charge annual fees for cardholders. Having a balance on your credit plus annual fees can affect how you perceive benefits which can be derived from your card.
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