Save with low APR Credit Cards
By
R. D. Swartz
Credit cards used properly are great tools for building credit, getting discounts, earning sky miles and convenience but as any tool they can also be used improperly and destroy your hard earned money with interest and extra fees. APR (Annual Percentage Rate) is the cost of credit as a yearly rate and the monthly interest is calculated as if the card balance will remain the same over a year and is divided by 12 to give the monthly interest.
The first step is to find out what is your current APR on your credit cards. No matter what your APR was when you opened a credit card account the APR can be increased without notice and can go as high as 29%, no matter if you have great credit and no balance, it is up to the credit card company to change the rate anytime they want after your first 6 month to a year of opening the account.
Start your search for a low APR card online at http://www.creditcards.com/ and look for cards that have balance transfers, protection Insurance, no or reduced annual fees and offer 0% interest for up to twelve months. Once you have picked a new low APR credit card company and switched your outstanding balances to it if possible then close your high interest rate credit card accounts to stop the annual fee and the temptation to put a balance on the old higher rate card.
Nothing is more destructive then paying a high interest rate it usually means whatever you buy and put on your card you pay for it 3 or more times over again because of the interest then if you just bought it with cash. If you have balances on high interest rate credit cards then call the companies and ask them to reduce the rate or you will take your business elsewhere. Even if they give you a lower rate that is great but still diligently look for a low APR card with a 0% percent first month or year rate and move your balance to it and close your higher rate credit card accounts.
