Credit Cards
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World wide, credit cards have become an almost indispensable financial tool in the system of payments. They are deceptively convenient and make it easier to spend money. People are often surprised when they receive their monthly statement at some of the costs involved in using a credit card. There is so much competition in the market today, however, that it's possible to find a card that is a good match for your financial habits, as long as you do your homework, and will help keep the cost low. There are a number of things to look out for when deciding on a credit card, not just the APR rate, and it's important that you arm yourself with the appropriate information before making a choice.
Do you tend to carry a balance every month or do you pay off the card? If you carry a balance, then it can be a good idea to use a card that has a low Annual Percentage Rate (APR). This rate is the interest that you'll pay monthly on any outstanding balance. The higher the rate, the more interest incurred. Be aware, however, that many credit cards offer a low rate on initial purchase offers, but that rate can increase.
Choosing a card with a fixed low rate will guarantee you a certain interest repayment each month, and you will have a fair idea of what the charges will be, depending on your spending pattern. The disadvantage of a fixed rate is that you usually pay an annual fee with the guarantee.
If you don't intend to use credit on a regular basis but want to use a card for a once-off, big ticket purchase like a new lounge suite or a new bed, then consider a card with a low introductory order. Be warned, however, cards that offer a very low rate will usually have their rates increased over a relatively short period of time, say six months. If you are confident that you will have repaid the total amount within the stipulated time period, then this could be a good choice for you.