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Low APR Credit Cards If you make your credit card payments on time and have good credit history you may be qualified for low interest credit cards with 0 or very low introductory APRs. Some credit cards offer you incredibly low rates for up to 15 months as long as you make minimum payments every month. Many of them have cash back or reward programs, you can earn cash back or points and while paying no or little interest for 6 to 15 months depending on individual credit card offer.

Below are some guides on how to best utilize low apr offers and avoid pitfalls.

Lots of credit cards offer promotional rates that are so low, many consumers just can't resist apply for another card to make some big purchases. Yes, you may see 0% APRs, they are real deals with hidden conditions.

First, not everyone qualify for 0% as they are typically advertised "As Low As", it depends on your credit history. In general, the rates are much lower than the 20% you are getting on cards you have now.

There are 2 types of APRs you need to be aware of: purchase APR and Balance Transfer APR. Purchase APR only applies to your purchase during the promotional period The balance transfer APR will only apply to the balance you transferred from other credit cards when you first set up the new account. Periodically transferring a balance from a credit card with a high APR rate to one with a lower rate is a good idea to save you money, but don't let it become a habit.

Second, you need to know the exact period the APR is valid for. Credit card companies won't remind you that the promotional period is over and your balance is under the regular APR. So, whether it's 6 or 12 months, mark the expiration date on the calendar, remind yourself to pay off the balance before the APR expiration date. Or call the credit card company and see if they can extend the promotion period.

So, what's catch, really? No one would offer you free money to spend, right, including the credit card companies? If that's what you are thinking, you are absolutely right. The marketing behind those cards is to take advantage of people who never seem to pay off their credit cards and probably never will. After 6 or 12 months of using the new credit cards to buy all the stuff they normally wouldn't if they have to pay in cash, those consumers will end up owing more money and the credit card companies can start charging high interest rates. So, don't want to be in debt, avoid these types of credit card offers, and use them wisely if you do sign up and pay off the entire balance before the promo APR ends.


 

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