Introduction
Apr Credit cards are a type of credit card which has some specifications for the yield amount and interest rates applied on finance. Apr is basically a short form of Annual Percentage Rate. It denotes the interest rate to be applied at the end of a year on the amount usage of the credit card. The credit card holder has to pay that amount of money to the respective credit card company on an annual basis. Initially almost all of the credit card companies offer a 0% Apr credit card, which means the customer will not have to pay any annual cost.
Use:
A low Apr credit card can always prove to be good for you to prevent you from the situation of debt. The Apr credit cards have different set of rates for different transactions which is in accordance to the company under consideration. You can use the Apr credit card for purchasing clothes, home appliances, electronic goods, jewellery etc and against each commodity you need to pay some charges. This charge is to be paid on a yearly basis and if you fail to repay the total amount within time then you will be penalised. You can avail fulsome amount of money at a single time if you have a credit card with high Apr. In this you also have plenty of time to replay it back and so is useful for large ventures such as businesses.
Working:
The Annual Percentage Rate is subjected to change that is it may vary at the beginning of the year from the end term. The Apr Credit cards are provided by various credit card companies at a 0 percent interest rate to attract new clients in the start. They gradually increase the rate which at a point either becomes fixed amount or it might also be variable at times. The APR does not include the compounded interest and hence is different from the Annual Percentage Yield commonly called APY. The interest rates depend upon the individual credit scores. In Apr Credit cards if you have a high credit score then you are likely to be charged a comparatively lower interest rate upon the standard amount than others with a low credit score.
Research:
A good research work is suggested before you opt for any of the Apr credit card companies. You should look for the past histories in their pre existing members. You must also see to it that whether the company is offering a 0 % interest to lure clients and then cheat them and increase the rate suddenly. This condition is known as a state when one credit card has multiple Apr that is the rate varies. If such is the case it is advisable not to choose that company for getting your Apr Credit Cards. Many of the institutions charge enormously huge Apr for lower credit scores, which everybody has to pay no matter how much. But there are several companies that charge reasonably high Apr for lower scores which is quite affordable.
