Low Apr Credit Cards

Written by Kathleen Gagne
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You might think that low APR credit cards are only for those people who make a lot of money. In fact, that is not always the case. No matter what your income, if you get a credit card and make your payments on time, you will enjoy the advantages of a relatively low interest rate. The key is to make those payments on time every single month, and, if possible, to pay more than the minimum balance.

The Advantages of Low APR Credit Cards

If you consistently make your payments as noted above, one of the advantages you will enjoy is the availability of an increased line of credit, usually every six months or once a year. Most credit card companies, however, tie your APR to your payment history. If you miss a payment due date, especially soon after you get your card, you will likely see an increased interest rate the following month. It might then take you a year to get back to your original rate.

One advantage of low APR cards is that you can make fairly large purchases and pay them off quickly. Instead of saving all summer to buy a new lawnmower, you can get it in May and pay for it later. Again, remember to meet your due date on all payments. One way to accomplish that is to make your payments online using a debit card or online check. Usually there is no fee for doing this and you can print out a confirmation of your payment as soon as you make it. Be sure to read the online payment terms; most companies have daily payment cutoff times so try to pay at least two to three days before your due date and watch for weekend and holiday issues.

If you are shopping for the best rates online, you can go to any of hundreds of websites offering a variety of cards. Usually these sites display a picture of the card, a brief description of its features and benefits, and the kind of credit you will need to get the card. Be selective. If your income is below $30,000 per year, don't apply for a platinum card with a $50,000 credit limit. With a little savvy shopping, you should be able to find a card you can afford.


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