If you are interested in some low APR credit card companies you may want to check out some with a low introductory APR rate such as the Citi Platinum Select MasterCard, the Citi Dividend Platinum Select Visa Card, the Capital One Platinum Prestige Credit Card, the Capital One Venture One Rewards Credit Card, and the Discover More Card.
One way to search for a low APR credit card is to use the FREE credit card chaser, which allows you to compare multiple cards instantly!
If you are a member of a credit union, you may also want to ask if they offer credit cards. According to an article from U.S. News & World Report, credit unions often offer credit cards that have a lower APR than traditional financial institutions.
Are there any negatives to an introductory APR credit card?
A credit card that has a low interest rate for an introductory period of time may seem like a great find; however, there are some negatives to be aware of. There are a number of companies that offer credit cards with low interest rates of anywhere from 0 to 4% for time periods of 3 months to even as long as 18 months.
The best way to treat low introductory APR credit cards is to use them to buy a bigger item that you plan to pay off within the introductory period, or to transfer a balance from a higher interest credit card that you are having difficulty paying off.
The most important thing to remember about credit cards with an introductory rate is that after the period is over the interest rates will increase to percentages that may be considered to be high. If you still have a balance on the card, your monthly minimum due will be a lot higher. To avoid the higher interest rates, pay close attention as to when the introductory period will be over.
Most credit unions offer credit cards, and often they are offered at lower interest rates than other credit cards. When you are a credit union member, you are actually part owner of the financial institution. This means that there are a number of benefits that you are able to take advantage of.
One of the benefits of being a member is that the interest rates for credit cards and other loans such as home and auto loans are lower. Another benefit is that you receive a higher interest on your savings accounts and other investments.
It is usually quite easy to become a member of your local credit union. If you have any questions, you can visit the Credit Union National Association.
How do you get a low APR credit card?
Once you have found a low APR credit card, whether it is through an online search or through your credit card or other bank, you will need to apply for the credit card. For most credit cards, it is an easy and fast process that can usually be done online.
One you have finished filling out the credit card application, which will ask questions such as your full name, social security number, and annual income, the card issuer will run a credit check on you. Your credit score is a big determinant on whether or not you are accepted to receive a credit card, as well as what type of card in which you are eligible.
There are some lower interest rate credit cards available for those with poor credit, but not that many. Most cards that those with a bad credit score are able to get are ones with an annual fee and high interest rates. You may also find that it is impossible to get your application accepted if you have bad credit. In this case, you should look into secured credit cards.
If you have good to excellent credit, you should not have a problem getting a credit card with a low APR. Depending on what you are looking for in a credit card, there is a variety of options available.
Some low interest rate credit cards are also rewards credit cards. Other cards have other benefits associated with them such as travel accident insurance and rental car insurance for the times that you use the card to pay for your travel plans.
Keep in mind that even though a credit card may start off with a low interest rate, the company has a right to increase it at any time as long as they give you notice.
Use the FREE credit card finder above to compare online credit cards!
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- Why should I look into credit union credit cards?
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