3 Things You Should Consider About Credit Card Interest Rates Before You Make The Move
Thursday, August 15, 2019, 6:00 AM | Leave Comment
So you’re basically just starting this thing and are worried about the credit card. Well no doubt about this as this credit card thing really deserves attention, to be honest too much attention.
A slight wrong move can cost you thousand in debt, it doesn’t take much until you are deep down in debts so it’s a real wise idea to give some consideration to the credit card interest rates before you make your decision to consider the first one.
Before we start with this thing right here, let me quickly tell you what basically credit card interest rate is.
Credit card interest rate is the amount which the card holder has to pay on the borrowed money.
See, it’s simple but you haven’t understood it yet then let me explain it to you real quick.
Suppose that you went to shopping and you bought things which costed more than the money you had in your card, the result? Well you got in debt. Now you have to pay the amount with which you exceeded the shopping and you have to pay it back to the credit card issuer. The problem is not about giving the money back, it’s about giving it back more than it was captivated.
Credit Card Issuers have what’s called the Annual Percentage Rate ( APR ) and it’s written as the percentage so the amount you have in debt basically increases by this much percent if its left unpaid.
The key to save yourself from this deep pit is to avoid the debt at the first place and paying it back as soon as possible but there is one more thing which you are missing here. It’s the fact that you can also save your self from this debt thing by having a proper grip on APR.
Here are three things about Credit Card Interest Rates that you need to know.
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Always take your time to come up with the best deals.
Some credit card issuers offer the credit cards with somewhat low interest rates while the other ones offer with high interest rates known as the APR ( Annual Percentage Rate ). Before you rush to buy the thing, consider giving it some time. Everyone knows about themselves, see for yourself whether you can easily spend more than you have or not and then come up with the credit card that follows a similar return.
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When it comes to APR, there are two different types of APR available.
One is the fixed Apr and the second one is the Percentage APR. Which one is better for you? It’s totally upto you – How you perceive the profit and loss. The fixed one works for a certain group of people while the percentage one works for other group of people.
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The last thing you need to understand about APR is that it always occurs after the grace period is over.
There is always a chance to save yourself from interest rate by paying in that Grace period. To know more about Credit card details fabnewz.
I would love to hear your thoughts on this topic. Let me know in the comment section below.
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