What’s the deal with true low-interest credit cards? Via ForbesAdvisor
Credit card interest rates are published as an Annual Percentage Rate, or the yearly interest charged on your balance. This is typically a variable percentage that changes based on a market benchmark and markup based on creditworthiness. As of February 2022, the average credit card APR is 16.17%.
Consumers who have not yet established their credit history or those with lower credit scores will have difficulty finding a low-interest credit card. The best low-interest and 0% APR credit offers generally require a good to excellent credit score to qualify. Borrowers with lower credit scores are generally seen as riskier, so a higher APR is a way to mitigate the risk these lenders take.
A good rule of thumb is to never charge a credit card for more than what you could otherwise pay for with cash. Make a budget for large purchases that don’t fit within your monthly budget and have an emergency fund. Any effort that can be made to reduce the risk that a balance won’t be paid on time is worthwhile.
Be aware that the lowest possible interest rate is only available for cardholders with excellent credit. Though finding a card with 0% introductory APR on balance transfers would be better for financing purchases for up to 24 months, this card is an option for those who wish to transfer a balance and pay it off over a longer period of time at a lower-than-usual rate or typically do carry a balance from month-to-month at a higher APR.
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