Debt Consolidation Credit Counseling In Phoenix

The credit card is one of the best financial aids a person can own especially if it is used correctly, but the cost on most cards is very high and never really represents the interest rates available on personal loans for example. Low APR credit cards are available and of great benefit for those who cannot afford to pay their balance off each month.

The way the financial industry promotes credit cards is on their Annual Percentage Rate or APR which is the method use to calculate how much interest is paid by the card user annually. Although this figure is divided by twelve to provide a monthly interest figure on any outstanding balance. This figure must be disclosed before the agreement is signed otherwise the credit card agreement will be void.

The lower the APR the lower the amount of interest they pay on their goods but this is not the only factor to consider when applying for a low APR credit card. People who require financial help will appreciate just how much money can be saved a year if they have a low interest rate credit card even if there are other charges.

Many low APR credit card offers can be found on the Internet but you will also see them advertised elsewhere. People on stricter financial budgets will be better off with a fixed rate credit card as the interest rate will not vary and will help better manage their financial commitments each month.

There are usually other additional charges which will need to be considered, one of which is monthly credit card payment protection which will add to the amount you pay. You must be made aware of these charges but if you intend to go ahead anyway just make sure you know when they have to be paid and how much is going to be added on to your credit card annually by them.

You will probably need to compare a number of credit cards but many websites can provide this information with a table that provides the overall amount each will cost on a yearly basis. You might also want to look for a credit card that offers users the opportunity to purchase items at a zero rate of interest for the fist few months of ownership and if possible one that does not penalize the owner if the card details are used to make unauthorized purchases.

It is also common for low APR credit cards to get new business just by offering a permanent zero interest rate on amounts transferred from another card but will charge all other transactions as normal but for large transfers this can be extremely good. Credit cards are one of the easiest ways to improve or even start your credit history as the regular usage is recorded and the information passed on to the agencies that control credit ratings.