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Low APR Credit Card
How to Get Low APR Credit Cards
Low APR credit cards are everyone's dream right? Low interest, less fees, the dream card! The fact of the matter is though that not everyone is eligible for these types of cards. Banks or not stupid, they are only willing to give low APR in exchange for something, and to most people's disappointment that something is credit rating. The best way to see the difference is to look at high and low APR cards.
Higher APR Cards
Higher APR cards are the way to go if you have bad credit. Haven't paid your debts on time? No problem, you can still get a card, but instead of 9-12% APR you can go all the way up to 20%. And that's not all! You are also likely to have an annual fee, the Imagine Gold Mastercard for example has a whopping $150 annual fee. You also definitely won't get an intro APR, which would mean a time of decreased APR and no balance transfers either.
Low APR Cards
Low APR cards are reserved for those lucky enough to have good, or excellent credit. Younger people, still starting life have a better chance, they won't get the best card at first, but they won't get a bad one either. Once you look at the services you get with low APR cards like the AmEx Blue, you really know why it's worth it to have a good credit rating. First of all, you most probably get an intro APR. This means that for a fixed amount of time, for the Chase Platinum this is 12 months, you get a reduced APR, in this card's case it's 0%.
Let's look at the extras you get. If I take a peek a high APR cards I see "Quick and Simple Application", "Enjoy the benefit of 24 hour account access by phone", "Great credit card to strengthen your credit" and so on. If I look at low APR cards I see "5% Cashback Bonus® in popular categories that change four times a year like gas stations, restaurants, clothing stores, travel and more", "$0 Fraud Liability Guarantee", "Up to 1% Cash-back Bonus on all other purchases automatically". I think you can see the point I'm trying to make. And I'm not just taking the worst from high APR cards and the best from the low. The 1% cash-back bonus is really true for all purchases you make through your card and for some cards you can get discounts, rebates, and who knows what!
If you are interested in getting a low APR card I can make a few recommendations. From my personal experience I can heartily recommend the AmEx Blue. I found that it has excellent customer service, a good intro APR period and it is an all round good card to use. Capital One Platinum Prestige is a very low, 7.9% APR card that gives you an extended warranty on many things you buy. It doesn't have a lower APR period, but I guess that's the price to pay for 7.9% APR.Take a look at some other cards, there are pretty good ones out there, try Creditcards.com for an extensive list.