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Credit Card And Loan Apr…some Points Of Interest
By: Terry Till
When choosing to have a credit card or credit arrangement how many of us take an
interest in the APR or look into how much our borrowing will cost us over the
year that we have a credit amount outstanding.
The APR or annual percentage rate that is used for a credit card or credit
facility is our guideline as to how much interest we will be paying to the
financial lender on the money we borrow. With the competition nowadays to offer
us credit on all matter of consumables we can all to easily forget that what we
sign for today on a credit card or credit arrangement will inevitably cost us
considerably more than the original purchase price if we don’t make some
preliminary investigations into the total cost of the item including the
financial lenders interest.
So when making your next purchase using a credit card, or any other credit
arrangement, be sure to enquire first what the APR is and what the total cost of
the item will cost you including the interest.
As a basic guideline obviously the lower the APR is, the smaller the amount of
interest charged should be, however it is always wise to ask for a full
quotation of the total cost in writing when ever possible.
Also check what APR your current credit card is charging and make the time to
see what better offers are being made by the other financial institutions, it is
not uncommon nowadays to find interest rates now being offered from 0% to the
high 20% range. Again it is also well worth asking how long the interest rate
being offered is guaranteed for as some companies may offer an attractive
introductory rate for a short period of time which when reverted back to their
normal rate may be far more uncompetitive than others available.
About the Author:
Copywrite 2005 Terry Till http://www.credit-card-offer-deal.info |
