Low APR Credit Cards
Low APR credit cards are usually reserved for those with good or above average credit. However, this shouldn't deter those with bad or below average credit scores. Applying for a low APR credit card with a below average credit score just means that you might pay a slightly higher APR than advertised. The best low APR credit card is one that has a fixed rate instead of a variable rate. This means that you'll be paying the low APR as long as you don't default on your credit card agreement. For the best low APR credit card apply for one that advertises a low APR for life or a "fixed low APR." Also look for low APR credit cards that offer other perks like rewards programs, no membership fees, and fraud protection programs.
Benefits of a Low APR Credit Card
- Balances carried into the next billing cycle will have a low interest rate
- Low APR credit cards can be used to finance large purchases, sometimes at better rates than a bank loan
- Some low APR credit cards offer rewards programs, no membership fees and programs that protect against fraud
Drawbacks of a Low APR Credit Card
- Applicants typically need to have good or above average credit to qualify for the advertised APR
- Some low APR credit cards have a variable rate which means it can go up at any time, unannounced