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Low Rate Credit
Cards
Low Interest Credit Cards
– As the name suggests, these cards provide
substantially low rate of interest.
What is APR (Annual
Percentage Rate)
APR is the interest rate
applicable to payments that are spread
across a period of time. For example,
if you buy a product for $1200 using your
credit card, and choose to pay off the
amount over a period of twelve months,
you will end up more than just $100 a
month. The credit card company will charge
you interest for making the payments as
EMIs (Equated Monthly Instalments).
The interest rate is calculated
and projected annually (even if you plan
to pay of the loan in 6 months). Before
accepting a credit card, make sure you
read the paperwork involved and understand
the APR. Look for a credit card that is
charging low interest rates, the average
credit card interest rate is around 18%.
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