Credit Cards: low APR vs 0% APR

Mano y mano, Which one is better do you think – a credit card with low, ongoing APR or one that offers 0% APR as an intro rate?

There are so many types of credit cards that offer all sorts of promotions and rewards that it's definitely hard for a consumer to pinpoint which one would best suit their wants, needs and present financial situation. If, however, you've already managed to reduce your choices to just two and the battle's simply between the low ongoing APR credit card and the 0% APR intro rate credit card then here are several tips to help you determine which one is the best credit card for you.

Are you planning to buy anything expensive – Yes, the words zero percent can certainly be dazzling to the eye but is it something you really need? If you're planning to buy something very much expensive and that's beyond your budget then yes, it might be better if you go for a 0% APR intro rate credit card – just as long as you're sure you'll be able to pay off the full amount before the introductory period is over. Because if you can't and you don't, then what' s the use of having 0% APR in the first place?

How long does the introductory period last – Generally, for credit cards offering 0% APR intro rates, the introductory period usually lasts from ninety days to fifteen months.

If you're going to purchase something expensive but you don't think you can pay it off before the introductory offer expires then it's time to bring out your calculator once more. Compute how much your balance would be after the introductory period and see if it's still lower than what you'll pay with a low ongoing APR.

What would the APR be after the introductory period – Going back to the previous situation, let's just say that you don't think you'll be able to pay off the full amount in time. If the new APR is higher than what other low ongoing APR credit cards are offering then maybe, having a 0% APR intro rate credit card isn't the right credit card for your needs.

Are there any other fees to pay – Whether it's a 0% APR intro rate credit card or a credit card with a low, ongoing APR, don't forget to ask if there are other fees to pay. Naturally, it's better to stick with the credit card with lower fees.