Friday, 16 March 2012

Low APR Student Credit Cards

Whether you're looking for your first credit card, or you're looking for a second, third, or potentially fourth one to add to your arsenal, I wanted to show you how you can get the best lowest APR cards on the market, as well as why you shouldn't care about the APR.

You can avoid the APR!

By avoiding the APR, you can simply pay your bills off in full each month. By doing so, you're going to repay the full amount back to the credit card company. When you do this, you're technically taking out a 30 day loan, which works for you, since it will be interest free! Get into the habit of this and you can avoid the interest rates all the time, and take advantage of the rewards!

Whats the different between a fixed and variable rate?

After the Credit Card ACT came into place, many credit card companies switched their rates to a variable one. By doing this, they no longer have to give you a heads up on the rate change, since the variable rate is going to flow with the Index rates.

With a fixed rate, it's going to be the rate that they decide. Remember that this can change, but with the new ACT, you will find that they will have to give you notice before they do so, giving you the chance to opt out.

What kind of cards are out there?

What you're going to find out is that many of the student cards out there are going to be relatively the same. I'm looking at the top cards on the market today and many of them are just within a percentage point, or more. Instead of deciding on which one has the lowest APR, I would recommend that you look into a card that has the best rewards, as well as no fees.

You will want to think of this one for a second. Let's say that the card has a 9% APR, but has a $79 annual fee. Now, let's say that there is a card with a 16% APR, and no annual fee. Which one is going to be more beneficial for you? It's up to you to do the math and learn all of the fees.

Some of the brands that you're going to want to look into are Discover, Citi, as well as Capital One. All of them carry the line of student cards and have some of the lowest rate cards on the market.

See the current list of the best low APR student credit cards on the market at today. Compare, decide, and see what suits you.

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