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Time for a Newer, Lower APR Credit Card?



Time for a Newer, Lower APR Credit Card?

Here’s the scenario:

You lost your job in 2008, was late on a few credit card payments, perhaps your mortgage or other loan, and once you found another job, you immediately got those payments caught up and have paid on time – on every loan – for the past two years. Unfortunately, when you applied for a new credit card a year ago, the interest was higher than you wanted, but you were on a mission to get your credit history out of the ditch. Now, a year later, you’re back on track.

Actually, this is a very common scenario playing out in millions of Americans’ budgets these days. For so long, the economic downturn played havoc on everything financial-related and with a hiccup or two, many have recovered fully – but aren’t sure what, if anything, they should be doing now.

They know they don’t want to keep paying that higher interest rate. Should they contact their card carrier and see about getting their APR lowered? Is that even possible? Or should they apply for a new account?

Many analysts suggest checking with your card carrier. It may be the rate can’t be lowered, but it also may be that another credit card with a lower APR and a balance transfer option is available – and you qualify for it. This is one way to get that balance moved over so that you’re paying less in finance charges.

Others are looking for a new network; they might want to choose a Visa or Discover card and to do that, they know they’ll have to apply for a new account.

If that describes you, take a look at a few of these low APR credit card offers, some of which has a balance transfer option available, and all with impressive perks and benefits. It just might be the way to start out a financially brighter 2012.

First, Caution

A word of caution: it’s always a good idea to check your credit scores before applying for any new loans. This way, you know what you’re up against and the better prepared you, the better decisions you’ll make.

Chase Sapphire Preferred Card

This gem of a credit card has plenty of perks, including a bonus 50,000 rewards points after spending just $3,000 in your first three months. That equates to more than $600 than can be used for a number of things (including travel). You’ll earn 2 points for every dollar you spend in travel and dining and 1 point for every dollar spent in other categories. You can transfer your points and the $95 annual fee is waived your first year.

Gaining access to customer service reps is easy too. In short, this is an impressive offer and if your scores are high enough, it’s definitely one worth consideration.

Southwest Airlines Rapid Rewards

Another card offer that requires excellent credit, the Southwest Visa is one of the better co-branded credit card offers on the market today. The perks are plentiful, including many ways to redeem your rewards points. Speaking of rewards points, you’ll earn a free flight after using your credit card the very first time, a bonus 3,000 points on your anniversary, no baggage fees, no change fees, no blackout points and your points can be redeemed for international flights.

This offer consistently ranks high consumer satisfaction – and with the rewards, it’s hardly surprising.

One Rewards Card

First up, there’s an intro 0% APR on purchases through 2012. There’s an expansive rewards program, including the opportunity to earn with every purchase you make. There’s also no annual fee, no foreign transaction fee and no limits on how many points you can earn – ever. You’ll earn 1.25 miles for every dollar you spend, every single day. 10,000 bonus miles equate to $100 in travel – which means taking that vacation is now certainly within reason.

These are just a few of many credit card offers that are ideal for those looking for better rewards and lower APR. We always encourage consumers to carefully review the terms and conditions. It’s crucial – and the wrong decision can easily back-track all of the work and sacrifices you’ve made to get your credit scores back up. Also, don’t forget to take advantage of the free credit report you’re entitled to under federal law. Once a year, you can request a copy from the three credit bureaus.

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Copyright © 2019 | Image: Not posted | Categories: Choosing Cards, Credit Card Tips, Financial Planning


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