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The increasing competition in the credit card industry has impelled banks to come up with a number of strategies to gain prospective customers. There are many new offers and deals that banks are offering potential customers in an effort to get them to sign on the dotted line in the credit card application form. Banks are rolling out incredible balance transfer offers and offering unbeatable rewards to interest customers. Some banks are proclaiming low APR credit card deals which are working the best as compared to the other offers. Customers are more than eager to apply for credit cards that offer them the assurance of low APR. However, most of the applicants ignore reading the fine print and end up with deals that burden their pockets further and increase their debts.

Though it is imperative to be cautious when applying for any credit cards, it is imperative to be doubly careful if you are signing up for a low APR credit card deal. Banks, which offer low APR deals, make up for the low interest rate by increasing the other charges and fees on the credit card. Hence it is imperative to read between the lines and understand the terms and conditions that govern the card.

The primary aspect to find out is the duration for which the low interest rates are applicable. While there are a few banks that offer cards that carry low APR for life, these cards are given out only to customers with an excellent credit history. Before even filling out the application form, find out if you are eligible for this type of card. If you carry a credit history that you are not proud of, it is more than likely that the low APR will be applicable only for a short span of time. Find out the duration of the introductory offer and the interest rate that will be applicable post this duration.

The annual fees and the other charges on the credit card like the late payment charges also need to be understood clearly before availing the card. While some banks would waive off the annual fees for the first year, most banks do not offer this feature for low APR credit cards.

Obtaining a low APR credit card after considering all these factors will surely work in your favor. If used wisely, these cards can help you reduce your debt to a significant extent.