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APR credit cards – what you need to know

A credit card is something very different than a regular credit card. The main difference is the APR on a credit card can be anywhere from 1.00% to 3.99%. This means that every month you pay back about 5% in interest. This kind of interest is then applied on the balance of a credit card for all payments made within the promotional duration.

Just like regular credit cards you should look for a credit card where you can enjoy a much lower interest rate. Of course paying more than 5% will cost you more money in the end than a lower rate credit card.

A good option if you ever encounter difficulty in paying your monthly bill is a card that offers some kind of rewards program. These might be airline miles, cash back or even rewards points and they might offer points towards the purchase of some things. For example, some card companies provide airline miles. By using a particular airline and then making use of the available points you can earn air miles off other things.

So, before you decide which credit card you are going to buy chances are a card with rewards programs or not. You will usually be looking at a credit card that has a loan limit, interest rate at 16.99% and a low credit limit of $5,000.

What exactly is a 0% APR Credit Card?

A 0% APR credit card is designed to entices consumers while enticing them into purchasing something on offer. What this means that some of these offers could well have a negative effect on the consumer’s credit rating. Yes, you read that correctly. Yes, a 0% APR credit card is available to consumers with a low credit score.

Some of these 0% APR offers do offer credit cards to people with poor credit histories. The interest rates should have been better than what the credit card companies offered. Consider what could have been and what should have done to decrease the amount you were paying each month on the loan for that month’s credit.

The initial interest rate of the 0% APR credit card was for a fixed 9.99% line of credit. The rates continued to increase, with the limit lifted to a fixed 10.99% line of credit. At one point, a fixed percentage point increase of 30% was offered to holders of 0% credit cards. Many got a 5% rebate on any balance paid. Some had their credit limit increased and were given a 0% APR credit just for being in the credit card.

Before you spend money, look for alternatives to these offers. Not everyone has a perfect credit history, or even an excellent credit history. If you can alleviate the financial burden faced by someone with a poor credit history, you have some chance of being successful. However, you would have to be willing to do some research on those alternatives. An example would be finding another credit card with 0% APR offers. Maybe the benefits of credit cards with 0% APR rates are too great. Consider the interest rate on those 0% APR cards. Obviously, you would not do much to reduce that interest rate.

You also could consider the credit limit increase of the card. This is a legitimate option if you intend to increase your overall credit limit. As such, you should be willing to increase the credit limit. But you should also be willing to look carefully at the introductory offers. Will you be paying back the limit for a little while? You can try to pay off the balance before the introductory offer expires. Or you can try to pay off your balance quicker. The advantages of the two are very similar. They offer you more choice, fewer rates, lower interest, and allow you to close out the interest at a lower APR, which you pay much more per month.

What exactly is a 0% APR Credit Card?

A 0% APR credit card is something that sounds too good to be true! Yes, 0% APR credit cards are still being offered at their current rates. However, the chances are high that you should not have paid these huge amounts down in the first place. Therefore, you should take time to think about what to do next as to pay down the balances in order to pay off the outstanding balance! If you pay down the balance of your current card purchases and all, then it could not have been much of a hardship for you to pull the trigger today. On top of that, chances are you will be able to pay off the remaining balances in no time at all.