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Wealth Creation
Wealth Finance &
Property Articles
Various APR Features For Credit Cards
By:
Keith Baxter
Since we all know that there are virtually as many different credit card companies as there are stars in the sky, finding the one that works best for you and your needs can be a bit tricky. All credit card offers will come complete with a list of features that are supposedly exclusive to that card. In actuality, most of the cards offer about the same set of features with a slight variation. All will mention the APR and knowing what and how that works is vital.
APR stands for "Annual Percentage Rate". It is the amount of money that you will pay, expressed as a percentage, for the privilege of charging purchases and carrying a balance.
The All Important APR
This is a biggie. The APR can drastically change your ability to pay off your card, particularly if you carry a balance. The APR attached to the credit card can vary not just from card to card but also from how and what you purchase.
If you are looking to obtain a cash advance on your card, be aware that the APR here will usually be the highest. The APR for purchases is usually right on it's tail, though. For example, for a cash advance of $200.00 the APR may be as high as 23āThis is a whopping amount of interest to pay on a relatively small amount of money. For purchases, however, the APR may be more like 19āStill pretty high for the convenience of not using cash. That's why it's usually best to use credit cards for emergencies or for purchases that you intend to pay for in full at the end of the month.
APR's can also vary according to how much of a balance you carry on your card. These are called tired APR's because the APR depends upon which balance tier you are at on any given month. For example, a balance of $0-$2,000 may be subject to an APR of 14
About the author:
Keith Baxter made it his mission after college to educate as many people as possible to the advantages and disadvantages of credit through a widespread re-education initiative. You can find out more about Keith and what he's up to at http://www.bankcreditcardlist.com
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