Low APR Rates - What You Need to Know

2007-03-08 10:33:40

( Financial )



I have been contemplating on applying for a credit card for a while now. I haven't tried to purchase anything through "the plastic" yet. Anyway, since I am considering owning a credit card, I did some research on how it could work for me.

One of the terms you should think about in applying for a credit card is the low apr rates. This could work for those of you who would like to transfer their balance to another credit card issuer. Low apr or even zero apr is offered by most companies for a specified period of time.

Low apr rates must not be confused with other credit card rates. Aside from the low apr, you are also obligated to pay an annual fee and are subjected to other finance charges.

Be sure to consider the whole package in finding the lowest apr offer. Usually after the introductory period, you are already liable to pay a higher annual percentage rate. This introductory period lasts for a year, on average. If you are planning to stay with the credit card issuer for a long time, find one with a low fixed apr rather that one who has low apr upon introduction period only.

Through painstaking research, you can find a credit card with low apr rates that can absolutely work for you and your lifestyle.

Annual percentage rates also apply to other types of credit. Car loans, housing loans, student loans all have interest. Consumers always look for low apr rates in loan conditions.

Loans apr are usually fixed into the monthly installment you agreed upon making the loan. For example, upon car loan application, you will agree to pay for a certain amount monthly. The loan apr is usually built into that amount. In applying for a loan, be sure to clarify this with your creditor.

Low apr rates or low loan apr are indeed helpful but you should also manage your finances well for this to really work for you. As with all other services or agreements you sign, be sure to read the fine print to avoid surprises.


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