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Maxing Out on the Minimum: Don’t Get Trapped Making Minimum Credit Card Payments
It’s an easy trap to fall into: you get that pre-approved credit card offer in the mail, most likely with an appealing introductory interest rate for the first six months. You feel like you deserve a little extra spending money, and the minimum...
Simple Steps To Improving Your Credit Report
Even if you think you have a wonderful credit report, be wary of the error factor. Just as you receive mail with your name and address misspelled, your credit report can have errors as well. Whether it’s human error, out of date information or even...
Student Credit Repair Solutions for Building Credit
There are solutions for students to repair their credit. Believe
it or not but it is possible to get out of a student loan
obligation. First you must determine what type of student loan
you owe. Once you come to this determination you will next...
The Key To Increasing Your Customer Base: Accept Credit Cards
Here is a tactic you should heed for your online business...
accept credit cards. Whether you're selling digital products or
tangible goods through online channels, your business should be
able to accept credit cards to ensure the widest customer...
Understanding your credit report
If you have never read your credit report it can be a little
difficult to understand at first glance but the good news is
that your credit report gives you all the information you need
to strengthen your credit, where you need to work on...
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Low Interest Rate Credit Cards - Understanding The APR
When shopping for a credit card, it is important to understand
the annual percentage rate (APR) to find the best deal for your
situation. If you pay off your bill every month, a no fee and
moderate APR plan may be best. However, if you take out cash
advances, you will want a low APR on that feature.
Various APRs
Each credit card has several different APRs. At the minimum they
will have a rate for purchases, cash advances, and transfers.
Typically, cash advances will carry a higher rate than for
purchases or transfers. Transfers usually carry low rates.
Sometimes you can even find an APR of 0% for an introductory
period.
To entice you to open an account, credit card companies offer
introductory and delayed APRs. An introductory rate lasts for a
certain period, usually six months to a year. Delayed APRs
charge no interest until a certain month.
Some cards also offer tiered rates, which keeps rates low for
those that carry a small balance. For example, a card might
offer 15% on balances between $1 - $1000 and 18% on balances
over $1000.
Credit card companies also have penalty APRs. These apply when a
payment is late, as outlined by the card's
terms.
Fixed Versus Variable APRs
A fixed rate APR doesn't change. Usually these types of cards
have an annual fee with them. But they usually offer lower rates
with some security, making them attractive to those who carry
large balances. It is important to remember that even fixed
rates can change, but the credit card company has to give you
notice.
A variable rate APR flexes with the index they are tied to,
typically the prime or T-bill rate. Variable rate APRs are not
the same as an introductory or delayed APR.
Picking The Right Card
Research all the APRs when you are looking for a good credit
card. Know your credit habits, and pick the card with the rates
that will give you the best deal.
You can even open multiple accounts, using them for different
credit purposes. For example, you can use one card for cash
advances but another for purchases.
About the author:
See my recommended Credit
Card Lenders online. Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
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