Low APR Credit Card Savings{{credit}}Low
APR credit cards can create substantial savings if you currently carry a balance
month-to-month. It doesn't take much-- reducing your APR by just 1% or 2% could
save you hundreds, or even thousands of dollars on interest charges each year
depending on the size of the balance you carry.
Here's
an example (assume a $5000 balance): OLD
CREDIT CARD:
$5,000 x 14.99% = $ 749.50 in interest per year NEW
CREDIT CARD:
$5,000 x 9.99% = $ 499.50 in interest per year
*
You would save $250 in this example over 1 year! Switching
to a low interest credit
card is beneficial for two reasons; first off, you'll save immediately
on new purchases and transferred balances. Depending on how much lower your interest
rate is and the amount of debt you carry, the savings could be substantial and
they'll add up over time. Secondly, because you're paying less money on interest,
you'll be able to increase the amount you pay on the principle, thereby paying
off the card quicker. Of course, this will require financial discipline, but the
savings are well worth the effort.
You'll
find that most credit card companies offer low apr credit cards, including issuers
such as Discover Card and American Express. Be sure to read the terms of service
carefully. Many times, low apr credit cards will include an introductory rate
that expires in 6 to 12 months. These are important details that must not be overlooked
when you're choosing
a credit card >>>
To get
the lowest APR, you'll need good to excellent credit. Although many issuers offer
'tiered' APR's based on different credit ratings, you'll want to avoid extremely
low APR offers if your credit isn't perfect. If you're unsure about your credit
history, you might consider obtaining your credit score. It's always a good idea
to periodically check your credit record.{{/credit}}
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* If you think your financial situation isn't going so well, try searching for credit card offers online. Whether you're looking for credit cards for bad credit or if you'd like to set up savings accounts to manage your money, you can easily find an online credit company to help with your finances.
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