Credit cards with low-interest rates not only save you money in the long run but can also release cash each month. This is due to lower interest rates in lower monthly payments. How to get the low APR credit cards?
In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting credit card companies in the US, to get more information people can read the article There are a lot of credit card companies in the United States. Now, let find knowledge about the low APR credit cards in the post today.
LOW APR CREDIT CARDS
Just like a lot of article posts such as how to get a credit card, BP credit card login, credit card offers for bad credit, best credit card deals.., this post about the low APR credit cards also includes some main parts. They are:
1. The advantages of the low APR credit cards
1.1. Saves money
If you plan to bring the balance on your credit card – and who is now – then the interest rate associated with that card becomes extremely important. The higher the rate, the more you will have to pay for using your card for your purchase.
Come to think of it, when you buy TV $ 1,200 with a credit card with APR 24%, you will pay $ 576 in interest if you pay off the purchase for a two-year period. If you buy the same TV with a low-interest credit card with an APR of 11%, you will only spend $ 264 in the same amount of time.
That’s a $ 312 savings. Now, apply that savings to all your large and small purchases and you can see that low-interest credit cards can save you money like how.
1.2. Lowers minimum payment
Credit cards with low-interest rates not only save you money in the long run but can also release cash each month. This is due to lower interest rates in lower monthly payments.
The minimum payment is a specific percentage of what you owe. The less you owe interest, the less common debt you will have for your credit card. This means you have more money every month to pay other bills and do something fun with your friends and family.
1.3. Pays off debt faster
Low-interest credit cards make your credit card debt easier and faster. As mentioned before, credit cards can be used to complete balance transfers. When you transfer balances from high-interest cards, your debts will receive lower interest rates. So, if you continue to pay the same amount each month that you paid on a card with a higher rate, your debts will be paid much faster.
For example, suppose you have a $ 1,000 balance on an APR card of 21%. The minimum monthly payment for that card is $ 40; Just paying monthly will take you 7 years and 11 months to pay off the card.
If you make a balance transfer to a low-interest credit card with an APR of 9.9% but still continue to pay that monthly, you will pay off the debt after 6 years. That paid off nearly 2 years ago and still saved a lot of money.
2. How to get the low APR credit cards?
2.1. Open a credit card with an introductory 0% deal
One way to reduce interest rates on your credit balance is to transfer it to a card with a 0% referral promotion. If your credit is good enough to qualify for one of these offers, you may be able to avoid financial fees for a long time.
But remember that there are a few things to keep in mind with balance transfers. The first is the fee; Most credit cards charge 3% when transferring balances. This can significantly reduce the amount of money you save.
Pay attention to pay on time. Lack of even one person can cause your referral transaction to be canceled and interest may begin to accumulate immediately. In addition, you should make every effort to pay your balance before the 0% period ends. Once again, the final interest will begin to accumulate if you carry a balance that exceeds that point.
2.2. See what your issuer is willing to offer
Calling your credit card issuer to politely discuss your APR is another way if you can qualify for a 0% credit card. In some cases, they may agree to lower your interest rate to keep your business. Or, they may be willing to move you to another product with a lower APR.
Your issuer may or may not help you find lower interest rates, but it certainly never hurts to ask.
2.3. Improve your credit score
Your credit score may be the biggest obstacle to having a lower APR on your credit card. Typically, lenders consider your FICO score when deciding on terms of credit products – including your interest rates.
So improving your credit score will go a long way toward helping you qualify for lower APR on credit cards. It will put you in a better position to be approved for a card that Lit provides a 0% deal, negotiate a lower interest rate for the card you already have or receive a lower APR for the new card you are posting a sign.
3. The best of the low APR credit cards
3.1. Barclaycard Ring® Mastercard®
The Barclaycard Ring is not your usual credit card – and in general, it is a good thing. Dubbed as the first, instant social credit card, it was built around an active user community sharing tips and financial advice among members.
The ring has a very low purchase, balance transfer, and APR cash advance. It also lacks annual fees and foreign transaction fees, despite the balance transfer fee. Promotion transfers the balance of APR in 0% of the month, making the pot sweeter.
- Bonus when registering: There are no bonuses when registering.
- APR introduction: 0% APR when transferring the balance within 15 months from the account opening. Qualified transfers must be made within 45 days of account opening. There are no corresponding promotions.
- APR: Buy, transfer balance and APR cash advance is 14.24% variable.
- Fees: There are no annual fees or foreign transaction fees. Advances cost $ 3, regardless of size. During the promotion period, a balance transfer is higher than $ 5 or 2%. Then there is no balance transfer fee. Late and returned payments cost up to $ 27.
- Other privileges: You have free access to FICO points through your online account.
3.2. Discover it Cash Back
Although it does not have the lowest APR around, Discover it Cash Back has a good cash reward program. All purchases earn 1% cash, no spending limits or restrictions. Purchasing in the quarterly rotation spending categories (such as buying goods at a department store or gas station) earns 5% cash back, up to a quarterly limit of $ 1,500 for all active categories. Quarters start from January 1, April 1, July 1 and October 1.
You can exchange your cash with any amount in the form of a statement credit, bank account deposits, checks or credit purchases on Amazon.com. In addition, Discover doubles all cash earned in the first year as a card member.
In addition to the cashback reward program, the main privileges of Discover it Cash Back card include 0% APR introduction time, no APR penalties, no annual fee and free FICO credit points as a card member. Limitations include expensive cash advances.
- Bonus when registering: In addition to the double refund offer in your first year, there is no registration bonus.
- APR introduction: 0% buy and transfer APR for 14 months.
- APR: After the introductory APR period ends, APR buys and transfers the balance of 13.74% to 24.74%, depending on your creditworthiness and current interest rate. No penalty APR.
- Main fees: There are no annual fees or foreign transaction fees. Transfer the balance of cost by 3% of the total amount transferred. Cash advance fee is greater than $ 10 or 5% of the advance amount.
- Other privileges: Discover Freeze This feature allows you to turn off multiple features of your account, including the ability to purchase new and cash advances, with the click of a button. Discover card also comes with a free FICO credit score. In addition, at the end of the first year as a cardholder, Discover automatically duplicates all the money you earned in the previous 12 months.
This post is about the low APR credit cards. We provide this information to offer you some of the necessary information that is useful for getting the low APR credit cards. Also if you are looking for information about the BP credit card, please refer to Some steps BP credit card login to get two benefits link we just provided in the previous article.
Hillary (Team Content) – Info Credit Free