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The product information is obtained from independent sources and rates may vary depending on your financial circumstances. Whilst Totally Money make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider. Totally Money do not give financial advice or any recommendations, and provide this service free of charge, but may receive commission or payment from credit card issuers for introductions or assistance with preparatory work. Should you choose to proceed, credit card partners may charge you fees for their products or services.
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Low APR Credit Cards FAQ
If you struggle to pay off your credit card balance each month, a low APR credit card could lead to fewer costs in interest and charges. While 0% offers can seem appealing - they're not the correct choice for everyone, as if you don't clear your balance before the 0% period expires you could be left with an annual percentage rate of anywhere between 15% and 25%. On the other hand, a low APR card can offer a rate of between 6% and 15%.
While you can try and switch to another 0% credit card at the end of your 0% period, there's a risk that you may not be accepted - leaving you with a huge interest rate, and the potential for a negative impact on your credit score.
What counts as a good low APR on a credit card?
Most credit cards charge an APR of 17% or more, which means that any percentage less than 12.9% could qualify as a low APR option. To get the best deal on your low APR card, remember to shop around, as representative APRs on low rate cards can range from 6.9% to 16.9% variable, based on a number of factors.
How can I choose the right low APR card?
There is a range of low APR credit cards on the market today, which makes choosing the right one for you a personal process. For example, if you need to transfer a balance across from an old card, you might be best suited picking a provider that offers no transfer fee. Alternatively, if you travel frequently, it may be worth applying for a card that provides discounts on insurance and travel. Also, keep in mind that while some cards provide a low APR for the full lifetime of the card, others provide it only for a limited period of time - be sure to check the terms and conditions before you apply.
Which charges will I pay on a low APR card?
Low APR credit cards still require users to pay interest and other fees that can sometimes be avoided if you know how to carefully schedule your charges and repayments. For instance, some low rate cards may charge fees for breaching account terms, such as making late repayments or exceeding your credit limit, while others will charge fees for using the card abroad, or withdrawing cash.
Is my credit score important?
Yes, no matter which provider or lender you choose, your credit score will help them to determine whether you should be accepted for a low APR credit card, and what kinds of rates you should be offered.
What will my credit limit be?
Your credit limit will depend on a number of factors, including your current credit score when you apply for the low APR card, as well as any offers or deals being provided by the lender. You should be able to see your potential credit limit when you successfully apply for the card.
How should I make repayments on my low APR card?
As with most credit cards, the best way to make repayments on your low APR card is to set up a direct debit for at least the minimum monthly repayment amount from the moment you are accepted.
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Helpful links for credit card issues
Money Advice Service - The government's Money Advice Service website provides concise, unbiased information on choosing and using credit cards as well as handy tools such as credit card calculators.
The UK Cards Association - The British trade association for card payment companies has an extensive range of guides on their website covering all the types of payment cards available to UK consumers including debt, credit and prepaid cards.
Financial Fraud Action (FFA) UK - The Financial Fraud Action website features important advice on using payment cards safely and securely as well as information on the latest scams.
Financial Ombudsman Service - If you've already made a complaint to your card provider and have not had your issue resolved satisfactorily then the next step is to take up your complaint with the Financial Ombudsman.
In providing this service, Know Your Money receives product data from TotallyMoney, who in turn receives this from independent sources. Rates may vary depending on your individual circumstances. Know Your Money provide this independent service free of charge to you, but will receive a commission from Totally Money, who in turn may receive commission from the brokers and creditors they refer you to. Know Your Money does not collect, receive or pass any personal data in respect of this service or conduct any activities relating to credit eligibility on behalf of Totally Money or their partners.
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