Low Fixed Apr Credit Card

The Chase Freedom(SM) Cash Visa(R) Card offer terms mention the APR as 14.24 variable. However a look at the terms and condition of this card and you find that there is a lot more to the APR's than this figure. Let us analyze it a bit more.

APR stands for Annual percentage rate. It is the interest rate that credit card companies charge on the outstanding balances. The first thing to note is that the APR is available for three different pricings. The Elite, the Premium and the Standard. The APR varies for these three pricing range. The Chase Freedom(SM) Cash Visa(R) Card has a 0% fixed APR for the first 6 billing cycles for the Elite and Premium pricing. After this 0% intro APR period is over the APR will change to 14.24% variable for Elite pricing and 18.24% variable for Premium pricing. The main point to note here is the APR's for Standard pricing. For this category there is no 0% intro APR period and the APR rate is 23.24% variable from the day of account opening.

The credit card issuing company first considers for the pricing with the lowest rates. Depending on a review of your credit history and other information a person can get the Chase Freedom(SM) Cash Visa(R) Card at the lowest rates or alternative rates. The credit card company if finds that a particular applicant is not suitable he or she might not be allowed to open an account.

The second thing to note is that all these APR's except the 0% Intro APR are variable. A variable APR means that it can vary over a period of time. The variable APR is tied to the prime rate. The "Prime Rate" is the highest prime rate published in the Money Rates column of The Wall Street Journal two business days before the Closing Date on the statement for each billing period. Variable APR's are based on the 8.25% prime rate on 07/05/2006. The variable APR is an APR rate added to this prime rate subjected to certain minimum.

In addition to the above APR's the Chase Freedom(SM) Cash Visa(R) Card comes with the following APR's

Balance Transfer APR:

Elite and Premium Pricing: A 0% fixed APR for the first 6 billing cycles following the opening of account. After that, 14.24% variable for Elite Pricing, or 18.24% variable for Premium Pricing. Standard Pricing: A 0% fixed APR for the first 3 billing cycles following the opening of your account. After that, 23.24% variable.

Cash Advance APR:

Elite and Premium Pricing: 24.24% variable. Standard Pricing: 28.24% variable.

Default APR:

Up to 32.24% variable.

The issuers of Chase Freedom(SM) Cash Visa(R) Card can apply the default APR in any of the following cases:

If the credit card company doesn't receive, for any payment that is owed on this Account or any other account or loan with us, at least the minimum payment due by the date and time due

If the card holder exceed your credit line on this Account.

If a cardholder makes a payment to the issuing company that is not honored by the cardholder's bank.

By now it might be obvious to you how important it is to read the terms and conditions of any credit card before deciding on it. This can give you a fair idea about how your APR will vary, when you use the credit card. This can save a lot of frustration and money for the credit card holder.

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.