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Be cautious while applying for low APR credit cards

[Wednesday, April 20th, 2011]

It is beyond doubt that low APR credit cards have a lot of takers because of the benefits that come with the territory. However, it is also important to note that a number of credit card lenders are making use of this weakness of people to lure them into applying for their credit cards terming them as “low APR” cards. Most of the lenders in recent times are using this term to introduce new customers to the various offers they have in store for them, irrespective of the rate of interest being offered on the cards.

New applicants have to be wary of financial institutions that are luring them by using low APR credit cards as baits. There are various nuances of the card that have to be taken into consideration before signing on the dotted line. It is not uncommon to see people regretting their decision of opting for a particular credit card, just a few days after obtaining it. In order to avoid situations like this, it is imperative that customers read through the fine print and understand the finer details of the credit card.

The interest rates on credit cards constantly vary. While there have been instances of companies lowering the interest rates for card holders who have shown a good payment track record, there are also examples of financial institutions increasing the rates of their “low APR” credit cards when customers begin to default on their payment. The only way that card holders can truly save money with low APR credit cards is when they choose the right card and make their payments on time.

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