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Low Interest Credit Cards - 2021 - INVEST

Credit card explanation: What are credit cards for? Is it worth?

Table of Contents:

Low Interest Credit Cards

Use them when: You tend to have some credit card debt at the end of the month

Advantages: Interest will accumulate on your debts, and given the different interest rates from card to card, you can easily pay double what you need. There are two types of low interest credit cards: 0% introductory APR and low ongoing APR. The first type allows you to make a big purchase and pay it off over time (usually 6 to 18 months) without paying any interest on it. The second is helpful when you have constant credit card debt and just want to minimize the impact.

Disadvantage: If you have a 0% intro APR card, the interest rate is usually quite high at the end of the intro period. If you haven't paid your debt by then, you will expect a very high interest rate. When you have a low APR you run the risk of getting used to carrying a balance. Not only is revolving debt a slippery financial slope, it also lowers your credit score.

What to look for:

0% Intro APR:

  • How long does the introductory phase take before the current interest rate kicks in? The intro period is usually between 6 and 18 months, although Citi is now offering 21 months interest free.
  • Is there also an introductory phase without an APR credit transfer? You can move existing debts to another card and avoid paying interest for a while.
  • What is the current APR? If you opt for a 0% APR, the running rate could be high.
  • Is there an annual fee?
  • Do you deserve rewards? Generally, you won't, but you may be lucky.

Low Running APR:

  • What is the interest rate? Credit unions usually offer lower interest rates than regular banks.
  • Is there an APR penalty? If you miss a payment and the card is penalized with an annual surcharge, you may pay more than 25% interest for more than 6 months.
  • What are the "Covered" Fees, such as international transactions, cash advances or annual fees?
  • Do you deserve rewards?

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