It is not uncommon to see low APR credit card deals and offers flooding our mailboxes on a daily basis. Innumerable banks find the low APR strategy to be the best since many customers apply for these offers with dreams of saving some money on their credit card. Unfortunately though, most of the low APR deals are not as good as they seem. A number of people who opted for these cards thinking it will save them some money ended up spending hand over fist after obtaining the card. There are very few banks today that offer really good low interest deals without any selfish intent. If you want to avoid getting duped while applying for low APR credit cards, here are some things you need to keep in mind.
First of all, find out the duration for which the bank or the credit union is offering low interest rates. While some banks offer low rates for the first six months, there are a few others that offer low APR for 12 months or more. The next thing is to look out for the conditions that apply. A number of banks and credit unions offer reduced rates only on balance transfers or purchases made. The low rates will not be applicable for cash advances on the card. However, ensure you find out these details before signing up for one.
There are banks that try to make up for low interest rates in the form of high annual fees or other hidden charges. Before obtaining the credit card, find out the annual fees on the card and the other charges such as late payment fees, cash advance charges and financial charges.
There are low APR credit cards that do offer rewards and loyalty points on purchases made using the card. Look out for such credit card deals if you would like to get better value for every dollar you spend using the card.
If you want to avoid getting duped, don’t just sign up for low interest deals only because your friend or partner signed up for one. The terms and conditions for one may not be the same as the other. It is always recommended to be careful and take a look at all the factors before filling up the application form. Make a well informed decision to get the best low APR deals in the market.