Home | Learning center | Contact us | Site map

U R @: Learning Center : Credit Card Categories : Low Regular APR Credit Cards

LOW REGULAR APR CREDIT CARDS

Low regular APR credit cards must be the ultimate goal for any credit card applicant. Some of us get sidetracked by additional features of credit card offers that they ignore the regular interest rate that comes with the approval. But the initial, essential purpose of a credit card is the convenience of borrowing money from banks at any time and any place. This convenience comes with the price, and the price is Interest Rate or APR.

Low Intro APR and Low Regular APR Credit Cards

The words “intro” and “regular” are used to separate two very important terms that can be easily confused by some of us. Getting a credit card with low intro (introductory) APR and getting a low regular APR credit card or low regular interest rate credit card are two different things. Introductory rates, usually low, are used by banks to smooth out transition process as their clients swap banks or start a new credit account. The intro period may last for 3 to 12 months, and sometimes even more. However, it will end sooner or later. On the other hand the low regular APR on you credit card, if you maintain your account in good standing, will last you all your life. It will help you save a lot of money if you end up with a balance that you can not repay at the end of a cycle. So, picking a low intro APR credit card may be important if you have a balance to transfer to your new card, but having a low regular APR credit card is important for every case.

How Low is Low?

Low APR cannot be quantified in one single number for it is a relative measure. In perfect situation one’s low APR is the lowest APR he or she can get. How low can it get will depend on one’s current credit score and other credit related information. Therefore if you have high credit score, not too many credit accounts and no maximized balances, your low regular APR credit card should have interest rate close to 10% and lower. With excellent credit you can aim for even lower rates. Consequently bad credit will produce much higher rates and smaller credit line.

Home | Learning center | Contact us | Site map