Friday, November 19, 2010

What is the lowest possible fixed APR you can get for a credit card?

I talking about excellent credit with atleast five years of credit history, no blemishes what soever, and someone with a high credit rating. I am just kind of wondering what kind of offers does good credit get you, especially compared to people with bad credit? What kind of APR can you get with bad credit, overdue accounts in the history, poor credit, and a short credit history?

I am just curious as to how much of an advantage is it to have a good credit history?What is the lowest possible fixed APR you can get for a credit card?
Your results will vary, but the better your credit, the better your offers may be. I have seen the uneducated accept higher offers than their credit merits.

I have seen well know cards where the APR varies from 1.99% to 4.99%. Sometimes, it is for a limited number of months and then will rise. IF you are lucky, the low rate may apply to the life of the loan IF you are careful to obey ALL the rules. Woe to those who do not.

I have seen offers under 10% APR for so-so credit rated folks. I have seen a lot worse offers too.

WARNING: Many cards have a fee up front up to 3% on top of the above.

Whatever you do, READ all information and credit terms CAREFULLY. Assuming you can, sleep on it and READ again before acting.What is the lowest possible fixed APR you can get for a credit card?
When you read credit card Terms %26amp; Conditions (a.k.a.

';Pricing %26amp; Terms';) on any credit card application -- easy to find those online -- the first item will tell you three APRs on purchases (they're not really fixed, but I'm assuming they're the ones you're asking about). Your credit determines which of those three you will get. I believe they currently range between 12% and 24%, on average, vary by issuer. By the way, credit card APR only kicks in if you don't pay off your balance in full. If you pay in full, it doesn't matter at all.

The advantage to having a good credit history comes when you need a loan (car, house, business, etc). Those rates are not as standardized as the credit card ones, not as high, usually for large amounts and longer terms. Better credit history gives you a lower rate on those loans, saving you a lot of money in the long run.

With poor credit, if you are lucky enough to get approved, you'll get worse terms, higher fees, and higher APR.

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