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Indeed, if a credit card is used properly, it can be the most powerful financial tool. But not everybody can afford all the expensive rates of most credit card issuers offer. This is where the low APR credit card ushers in—to help people who plan to maintain a balance on their account and not to pay the full amount monthly. But, what does APR stands for in a low APR credit card?

Basically, APR is the cost of credit as a yearly interest rate. APR stands for “Annual Percentage Rate” of charge can be used to compare different credit and loan offers. The APR on credit cards is usually calculated monthly based on the current amount in the card. The monthly interest is calculated as if the current card balance would remain the same over a year; the interest on the amount over a year (APR) is worked out and divided by 12 to give the monthly interest. It is a must that all lenders tell the client what their APR is before signing any agreement.

Although the arrangements and terms may vary from lender to another, it is better for people to avail a low APR credit card because the lower the APR, the better the deal for them to spend more money in shopping around.

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Imagine yourself in a situation where you have almost finalized a deal with a real estate agent, who has shown you the home of your dream. It is only when you are about to pay your signing amount to him, your bank calls you to cancel the credit deal you had applied for. Read the rest of this entry »

Many people do not save money for the rainy days ahead. In a recent survey from National Savings & Investments (NS&I), it was found that 55 percent of people do not have any financial plan for the future. There was also a gender bias involved in financial planning. NS&I, the financial services firm, found that women were more likely than men not to have planned their financial future. Two-third of the women as compared to half of the men made no financial arrangements for their future. Read the rest of this entry »

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