What Are The Pros And Cons Of Low Interest Credit Cards

When you're in the market for credit cards, your favorite phrase quickly becomes "low interest credit cards". For some people, the interest rate is the most important feature of a credit card. For others, the interest rate probably shouldn't be the biggest deciding factor when hunting for a credit card. In order to decide it's importance on your search for a credit card, let's take a look at what exactly APR is, and who it applies to.APR stands for annual percentage rate. This is the rate at which interest is added onto your debt. For many people, having a high APr is the worst thing possible for them, financially speaking. Often times, the reason people need credit cards is to cover expenses which they cannot afford at the time. Unfortunately, many of these people didn't initially set out to obtain low interest credit cards. Often times they have settled for the first card to approve them for a credit limit. In all honesty, these are the people who need to focus on low interest credit cardsthe most.For others, the difference between low interest credit cards and high rewards credit cards is almost non-existant. The ones who obtain credit cards strictly as a faster way to pay for their services or items, or to build credit, often don't need to worry about APR. These are the people who are able to pay off the entire balance when the bill comes in, and do so on a regular basis. Most credit card companies (if not all) will not have any interest charges tacked on when you pay the charges on the first billing cycle after they've been charged. If you aren't going to be paying interest anyway, then focusing on the cards with the best rewards program (as opposed to the low interest credit cards) is going to be the best option for you. In the overall "big picture", credit card companies know that the low interest credit cards are the ones that sell the best. For this reason, the low interest credit cards are the ones most advertised, both online and in print.The best thing to do when you're in the market for a credit card is to determine your financial ability to pay off the charges in full every month. If you can't answer with a resounding yes, the low interest credit cards should be your focus. The answers aren't always black and white, however Having a combination of low interest credit cards and high rewards credit cards can be ideal in some cases. If that is the case, be sure to use the high rewards card for smaller purchases, while saving the low interest credit cards for larger purchases.