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Low APR Credit Card Offers
Simply stated, low APR credit card offers are deals that allow you to make purchases with low interest accrual. Most pricing is tied to the prime rate and the latest trend has been for many issuers to turn to variable rate structures. Thus, when the prime rate rises, so will your interest rate. Once upon a time, you could receive a fixed rate card below 10%. Now, because of the hit major issuers have taken with the credit crunch, competitive lower interest offers for purchases are between 10 and 13%.
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- 0% intro APR on purchases and balance transfers for 15 months, then the variable standard purchase APR of 10.99% - 20.99%*
- 5% Cashback Bonus® in categories that change like gas, restaurants, department stores and more. Limitations apply*
- Up to 20% Cashback Bonus at popular retailers when you shop online through Discover.com
- Discover is ranked #1 in customer loyalty--16 years in a row! (2012 Brand Keys Customer Loyalty Engagement Index report)
- 24/7 access to a U.S.-based Account Manager within 60 seconds
- $0 Fraud Liability plus mobile and email fraud alert options
- Great rewards with no annual fee, no rewards redemption fee, and no additional card fee
- *Click apply to view rates, fees, rewards, limitations and other important information
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Intro APR
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Intro APR Period
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APR
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Annual Fee
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Balance Transfer
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Minimum Credit Required
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0%*
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15 months on purchases & balance transfers*
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10.99% - 20.99% (Variable)*
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None*
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Yes*
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Excellent
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Low APR Credit Cards
If you are looking for a credit card rather than a charge card and you plan on carrying a balance over time, low apr credit cards are the type you should look for. With any type of loan you should try to minimize the amount of interest accrual. Credit card loans are no different, especially if it turns our to be longer than originally anticipated. The only caveat is that low apr deals, sometimes referred to as premium pricing, are in most cases only available to those with very good to excellent credit.
If this describes your situation, you have more options. First, you want to identify what consitutes a card with a low apr. You may do this here at Card Beacon very easily by using our advanced search tool. On that page, go down to the "Purchase Rates" section located on the left navigation. You may drag the bar to the interest rate range you desire. The tool will then populate the page with matches that fit that criteria. Keep in mind that in the current market, you will find it very difficult to find 7.99% to 9.99% rates as the climate has changed. A competitive APR these days unfortunately is 10.99% to 13.99%.
Once you have identified offers, it is time to compare low apr credit cards. You may do this by either scrolling down the page, or you may click on the compare button which will allow you to add individual items to a qeue of sorts that will allow you to isolate those offers and compare them side by side. Things you should look at are whether they have a 0% introductory APR, an annual fee, and if there is a rewards program- whether it be cash back, points, miles, or an affinity card. Only you know what the product will ultimately be used for, so the strength of any of these attributes may influence your decision one way or the other. It also never hurts to read the reviews to see what others have to say about an offer before applying. For additional help, you may either contact us directly or search the credit card forums for low apr threads.
When looking for a good balance transfer deal, you may want to weigh your decision more heavily on the low apr and the length of the introductory term if applicable. You are most likely looking for this type of product because the interest accrual on your current card(s) is hampering your ability to pay it off entirely. If this is the case, the more you can contain your debt the better. We recommend using the same tool described above but using the intro term and regular rate for balance transfer functions. This should populate the appropriate offers. It is recommended also to use the calculators as many issuers are imposing balance transfer fees which range from 3% to 5% of the total amount moved. In the past, there were caps on these, typically around $75. Again, due to the current economic climate, some of these maximums have been either lifted or raised.
One more thing to consider: Due to the the economic dip that plagued many major banks and issuers, many cards with fixed rate structures are now offered with variable rate pricing. Be very careful of this because some low apr credit cards with that start out with a low interest rate may quickly become deemed as a high rate product quickly if the pricing is variable. Because of this, it is a good idea to constantly monitor your statement. An easy solution that has been effective with many consumers that have had rate hikes due to variable rate pricing is a simple phone call to customer service. If you have been responsible with your loan and have made timely payments and your balance to credit line ratio is low, requesting either a lower interest rate or even switching your offer to a fixed pricing structure is received well very often. What strengthens your case even more is if you owe them no money and you threaten to cancel your card.
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