The annual percentage rate, or APR, is an important thing to think about when choosing a credit card. When it comes down to it, APR is just the rate of interest that your credit card company will charge you. The APR on credit cards can be calculated in different ways. Some will give you a fixed APR, which means you'll pay the same interest rate as long as you have a balance. Others will give you an APR for the first few months. Starting out, the interest rate is very low, but after a certain amount of time, it goes up. But what you should look for are credit cards with an APR of 0%. When you have a credit card with 0% APR, you don't have to worry about interest rates for a certain amount of time. In fact, the average amount of time that most credit cards offer an APR of 0% is between 6 months and a year. There are even some credit cards with 0% APR that may offer this rate for up to 15 months.
So, why are there credit cards with 0% APR? It's easy. By giving out credit cards with 0% APR, companies hope that their customers will go on a spending spree. When the very low APR rate ends, credit cards with 0% APR become credit cards with a normal interest rate. The customer has to pay at this rate until they have paid off their entire balance.
Because of this, if you're thinking about getting a credit card with 0% APR, you should do everything you can to pay off your balance before the 0% APR term ends. For example, if you get a credit card with 0% APR for one year, you will have exactly one year to pay off any balance you have before you start paying interest. To avoid carrying a balance you can't pay off, it's best to make small purchases and pay them off as soon as you can. You might even want to come up with your own payment plan in which you put some money aside to pay off your credit card.
So, if you're still interested in getting a credit card with 0% APR, your best bet is to look on the Internet. Even though it might be tempting to use one of the offers you get in the mail, you might not get the best credit card with 0% APR if you do that. This is because some 0% APR credit cards offer more than just a 0% APR. These can be things like special points that can be exchanged for things, trips, or even cash back. This means that if you use your 0% APR credit card wisely, you can get free stuff or cash to help pay your other bills. But you might not get these benefits if you sign up for any 0% APR credit card offer you get in the mail.
So, put the letter aside and go online instead. Visit a site that lets you compare credit cards, choose one, and then follow the instructions to sign up for the offer. Most sites that offer credit cards with 0% APR will let you know in a few minutes if you've been approved. If you aren't accepted, start the process over. Do it again and again until you find the right credit card with 0% APR. If you can't find anything, send in any mail-in offers you may have.
