It may seem simple enough to look through the various credit card offers available and choose the one that offers the lowest APR, but times have changed. Due to the Credit CARD Act that went into effect on February 22, 2010, there are new stipulations on credit lenders regarding APR. Lenders have had to make changes to the way they do business in order to accommodate these new federal requirements while still being able to turn a profit. As a consumer, you will need to pay more attention to the details of any credit card offer before accepting it.


Read the Fine Print

As you compare credit card offers you may be lured in with promises of zero percent interest rates on balance transfers or low introductory rates. However, it is critical to read the terms of service and the credit card agreement. Many lenders add expensive fees to credit cards. These may include new annual charges, hefty fees associated with over-the-limit occurrences and even a high interest rate after your introductory period ends.

The only way to know about these fees and charges is to read the Terms and Conditions before agreeing to the credit card. The law requires lenders to provide you with this information before you accept the credit card offer. This is the only way to ensure you know what the true cost of the credit card will be.


Try a Specialized Card

Those who have good credit scores are most likely to get the best interest rate on their credit cards. Still, lenders are looking for ways to lure in new members. Keep the following tips in mind while searching for options.

  • Do take the time to ask lenders for a lower interest rate. If the rate offered online or through a paper application seems too high, contact the lender directly before applying and request a lower interest rate. Not all credit card offers are advertised.
  • Consider student credit cards carefully. Costs vary widely for students since many do not have established credit histories, which lead to a lower credit score and the need for a cosigner. In some cases, a standard credit card may be a better option.
  • With rewards credit cards, keep in mind that some lenders will provide you with excellent rewards opportunities, but find out the cost. A higher APR may be how the lender pays for these rewards. Many people never use the rewards, which makes these types of cards even more costly to you.


Compare Your Options

The only way to get the lowest APR is to research your options. Do not assume that all lenders will contact you directly to offer an appealing credit card to you. Rather, take the time to explore the options you have online.

  • Compare APR on several credit card offers.
  • Read the fine print in any application before actually applying.
  • Do consider local banks and national lenders equally. Special offers are a great way to get a lower interest rate.
  • Explore special offers from various lenders directly. Some companies offer special offers on their website to new credit card customers.

Learn how to find the best APR credit card by first checking your credit history. Your credit report provides the best look at what type of  borrower you are. Ensure you are putting your best foot forward by making payments on time and reducing the amount of debt you have. Those who have the best credit histories and scores are most likely to get the best APR on any offers that they do receive.

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