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Low APR Credit Card

The secrets of Low APR credit card Many consumers find low interest credit cards to be the best answer to their financial troubles these days. More and more consumers are in financial mire and in huge debt and are badly trying to find a solution. They believe a low interest or just 0% interest card is what they need. It can be very tempting and the credit card providers make it look very attractive.

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Low APR Credit Card

The reality is it might be just beginning of their troubles. Before you decide to apply for low apr credit card it is recommended to read through the fine print. In most cases the low interest rate only applies for a short period of time, generally for the first year. After that the clients often notice that the interest rate goes upward and often adds to a higher rate than the usual credit card they used before. The credit card company uses this method to recover from their losses. Besides it is essential to remember that if you are late on a payment or miss it, it not just has an effect on your credit rating, but the credit provider will charge late fees. Moreover, they will remove the low or 0% rate and increase it back up to a higher rate. This typically applies retroactively back to the opening of the account so it results in the end in you now paying the high interest rate in addition to the late fees. The low rate frequently is applied to new purchases; it is not connected with a balance transfer from another card, or related to cash advances. Now and then cash advances have even higher rate, combined with fees. What these kinds of promotions finally result in are hardly ever a great deals for most clients, they end up being more expansive in the long run. Remember that a credit company is there to make some money.

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