How to qualify for low APR? - Other Questions


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Questions » User Questions » Other » How to qualify for low APR?

How to qualify for low APR?

Answered on | Updated on February 17th, 2011
The content is accurate at the time of publication and is subject to change.

Low APR can help in saving a substantial amount of the debtor’s money. However, getting a credit card with low APR is a task that is easier said than done. There is a list of conditions laid down by the banks, to avail these cards.

Conditions to qualify for low APR’s

A good credit history is the report that keeps all the transactional sessions of a person recorded. If a person has repaid his loan on time and without incurring any default or delay, then he is sure to score a good credit score. On the other hand, a person who has defaulted in his payment or has a history of late payment, then he will be given a fair or bad credit score. The credit history of the applicant therefore plays an important role in qualifying for low APR rates.

Since the person with a very good credit history will have support for his financial credibility, he will be a favourable candidate to be offered a low APR rate. On the other hand, in the case of a loan applicant having bad credit score there is always the risk of him not being able to repay the loan. Hence, the bank will try to get back the invested amount as soon as possible and will charge higher APR rates.

The annual income and steady employment of the candidate also decides his APR rate. A credit card user with a regular source of income is more likely to pay back his loan amount on time and on a monthly basis. On the other hand a person who has no fixed income source will pose a threat to the banks profitability as the chances of him not paying back the loan will be greater. Similarly, a user with higher income will be a good candidate to offer low APR as compared to the one with lower income. The bank will offer discounts to consumers from whom they are sure to regain the invested money with profits.

The best way to get lower APR loans is to bargain with the lender personally. Be ready with extensive documentation about your personal financial situation, and also a report from the credit agencies in case you have a very good credit score. This will not only decrease the workload of the bank, but will also prove the credibility of the customer.

Finally customers can also bring references of other people. Good references help in lowering the APR significantly.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
  • kirkwood555

    I think all these cards SOCK, I had problems in the past like 12 years ago and they keep haunting me . I lost my husband I lost my busness I fell apart. But that doesnt matter to these banks bad credit is bad credit no matter how long ago they keep punishing you. I have been doing alot better now but I dont want no prepaid card I want a credit card . I would be so proud if one of these Banks would give me a another chance. THANKS FOR NOTHING

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
The Citi Rewards+SM Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
Excellent, Good Credit
Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
Excellent, Good Credit
Perfect credit not required for approval; we may approve you when others won’t
Fair/Bad Credit

Other Questions in

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!