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Low Interest Credit Card Basics

What Is A Low Interest Credit Card?

The annual percentage rate, also known as the APR, is what determines the interest rate on a credit card; this rate can be either variable or fixed. In general, a credit card is considered to have a low interest rate if the lowest possible variable percentage rate does not exceed 12 to 14 percent. The vast majority of credit cards have interest rates that are variable, which means that their annual percentage rates change in conjunction with the prime rate.


Given the expense of paying interest on credit card balances, it is essential to limit your exposure to interest charges as much as possible or to steer clear of them entirely. The best strategy to prevent paying interest, as well as the method that we advise you to use, is to make sure that your monthly balance is paid off in full and on time. On the other hand, if you do carry a balance, using a card with a low interest rate could help you pay less in interest overall.


In spite of the fact that annual percentage rates are quoted on a yearly basis, you will continue to be assessed fees on a monthly basis so long as you keep a balance on your credit card. The annual percentage rate (APR) that applies to your card will normally be detailed on your monthly credit card statement. At first look, it could appear to be rather basic; however, in order to fully comprehend how that % relates to your existing amount, you will need to perform some mathematics.


Low Interest Credit Cards Are Available

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