Credit Card With Low Apr

Credit card companies do lower the APR rates if approached with the right attitude proper planning. What is the correct procedure to do it? In this article we take a look at 3 important things that could help you get that skyrocketing APR under control.

Keep a good re-payment record

If you pay  your credit card bills on time, chances are good that your credit history will be excellent. Paying bills on time gives you a good leverage for asking the credit card company to turn things in your favor. Having a good credit history will always help as there would be numerous other options available to you in case your present credit card company doesn't heed to your request of lowering your APR.

Do a good research

Before presenting your case to the credit card company it will help greatly if you find other credit cards floating in the market, which provide similar services but at a significantly lower APRs and balance transfer options. Once you have your data ready, it is time to call the company.

Call the credit company

Ask the credit card company to lower your APR, substantiating your request with your good repayment history, and other cards which offer better options. Having a good bargaining position doesn't mean in anyway that you loose your manners while calling the credit card company. Being polite and courteous always pays.

Contacting the right person, who makes the APR related decision will speed up the process. If the customer service representative denies your request, you always have other options to switch.

0% Intro APR credit cards are a boon for those who like to manipulate things. These credit cards allow you to save on high interest rates while the offer lasts. How can we use a 0% Intro APR credit card so that it saves us the maximum amount of money? Here are few tips to do it, but make sure you follow the precautions also or things can turn bad.

Don't pay your monthly balance in full when you are using a 0% intro APR credit card. This is simply because you are not paying any interest on your outstanding balances.

Pay the monthly minimum requirements for the credit card. This ensures that you remain in good books of credit card companies. Don't ever default on repayments.

Now suppose you spend $20K over a year (12 months, which is the 0% intro APR period) on a credit card, you get an $18K interest free loan, because you only pay the monthly minimum which is about 2% of the monthly outstanding balance and comes to about 10% of your total balance.

To make sure that you can save money like this there are a few precautions that you should absolutely adhere to:

Keep a track of the 0% intro APR Period. If it is 12 months you have the liberty for 12 months, if its 16 months you have it for 16 months.

Make sure to check out what the 0% intro APR period applies to, balance transfers, purchases, or what all restrictions are there.

When you don't pay the monthly outstanding balances in full, does the 0% intro APR period lapse and a higher rate instantly applies.

What happens to the rewards if you don't pay your balances in full?

Most importantly, the outstanding balance which accumulates at the end of 0% intro APR period should be available with you so that you can dispose off the loan before a high APR rate is slapped on your account.

These precautions and questions when taken care of can make owning a 0% intro APR credit card truly rewarding one.