i do not know which credit card i should get i want to pay low APR. a credit card that i am looking at has no annual fee and the APR is 10%, the other credit card i am looking at has an annual fee of $95 but no APR. which one is better?
2007-08-04 02:09:17 · 6 answers · asked by sweetcandy 1 in Business & Finance ➔ Credit
best option. use cash, don't play with snakes (credit cards)
2007-08-04 02:21:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I've never heard of a card that charges a $95 annual fee and no interest. Are you sure that 0 interest isn't a limited time offer? Or the card has to be paid in full every month?
Read all the fine print. There could be some kind of catch in that offer.
If you don't carry a balance, it doesn't matter what the APR is. The annual fee becomes the factor. I'd go with the no annual fee and just pay the account in full every month.
2007-08-04 10:36:38 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
How long does that 0% last? That's impossible for the bank to loan the money at 0% forever. The bank borrows money from the FED and other banks at 5.25% already. They can't afford to loan it back at 0% even $95 fee. It's must be a illigimate credit card. There's nothing indicated that you can carry balances from month to month.
If this 0% for 6 months or a year. You can get it from other credit card company without paying annual fee.
No annual fee and 10% sounds normal. Not because the ad says it's 10% that doesn't mean you would get that rate. Depends on your credit.
2007-08-04 12:26:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
READ THE FINE PRINT.
I am not aware of ANY credit card company that offers 0% APR that is not a promotional(temporary) offer or requires payment in full every month.
So between the two you should take the one with no annual fee and the 10% APR. However, here is where you can save even more. When the bill comes in pay it off in full, this way you don't have to even pay the interest.
2007-08-04 10:42:41 · answer #4 · answered by OC1999 7 · 0⤊ 0⤋
It all depends how much you use your cards and whether you pay the bills on time or not. You can also go for some cards with 0% intro apr and some reward programs like cash back of 5% on certain purchase.
To know more you can visit
http://www.creditcardbiz.blogspot.com
2007-08-04 10:08:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Be sure you know what you are reading and that indeed 95 is truly the cost of the card.
2007-08-04 09:28:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋