Cheap Credit Cards
It is wonderful when you can get a good deal, especially if it can save you
money over a long period of time. A cheap credit card can do just that. Credit
card companies do not advertise their bargains by saying, “come and sign up for
a cheap credit card!” They usually announce these great bargains by offering a
0% interest free on all balance transfers or a low introductory annual
percentage rate (APR). When shopping around, you want to find you cheap credit
cards by looking at these two things and you also want to find out what the APR
will be after the "introductory period" is over. This way you will save the
most money and in turn be pleased with your decision.
Balance Transfer Bargains
If you currently have a card that has a high APR and you are holding a
significant amount of debt on that card you may want to consider transferring
that balance onto a card that has a much better interest rate. If your credit
is in good standing you could qualify for 0% interest on a balance transfer,
which could save you hundreds or thousands of dollars. When doing this type of
shift make sure you understand how long the interest rate will last (sometimes
it is as little as six months and sometimes it is until the balance transfer is
paid off) and know what the APR is on any new purchases made on that credit
card above and beyond the original balance transfer. As long as this is done
correctly you can consider this a cheap way of paying off your credit cards
while positively influencing your credit rating.
Low Introductory APR
Another form of cheap credit cards is a card that has a great APR (annual
percentage rate). Sometimes they are as low as 5% but usually this is for a set
amount of time and then the interest rate will go up. The great thing about a
low introductory rate is you can use it to buy a high-ticket item that you feel
you can pay off during the low rate timeline. Just make sure that the normal
interest rate is not sky high compared to the introductory deal. For example,
if you had a choice of a 9.99% fee on a credit card it might be less expensive
over a longer period of time for you then a credit card with an introductory
rate of 5% for six months and then 21.9% after the introductory rate is
finished. Just shop around to get the best deal and make sure you read the
terms and conditions so you know exactly what the rules are in order to keep
the low APR.