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Help with Analyzing 0% APR

May - 11 - 2016

Considering a new credit card can be exciting, but also a lot of work. There are so many things to consider before you swipe a plastic card at check-out. Along with the extra hidden fees and the legal jargon of many credit card policies, it can be difficult to examine each card’s merits and downsides. Therefore, we have some helpful tips and hints to follow the next time you want to compare 0% APR offers of multiple credit card companies.

What is APR, Anyway?

Good question! APR stands for annual percentage rate, and as you would expect, refers to the yearly interest rate that credit card holders are required to pay. When you compare 0% APR offers, it is important to pay attention to the details of each annual percentage rate. Oftentimes, these estimated rates are not totally accurate and you may end up with a yearly interest rate that is higher than what you were first told. This is because some financial aspects, such as life insurance, appraisals, and title fees are not always included in the annual percentage rate. This makes it crucial that you do your research and ask your financial banker or adviser the clear-cut details.

Know Which Fees Are Included

Unfortunately, credit card companies are awfully good at pulling the wool over customers’ eyes. There are many cases in which the APR of a credit card does not include certain fees. Why? Who knows? All we know is that this makes it a bummer for consumers when they realize that their interest rates are higher than they first expected. This is why when you compare 0% APR offers, you really pay close attention to all that the APR entails. It might not include certain routine payments on a one-time basis, nor late or overdraft fees.

Things to Remember

Finally, it is a good idea to take APR into account along with other details, such as fees and charges that you can expect with your credit card. A higher APR may not be such a bummer when paired with rewards points and cashback deals. It just depends on your spending habits and buying behaviors. So take your time and keep a budget so that you can keep track of where your money goes each and every month. There is also nothing wrong with voicing your concerns and questions to a professional financial adviser. They are there to help you!

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