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A lot of people just look at low interest credit cards when they are looking to get a credit card for themselves. The credit card suppliers too advertise low interest credit cards more that any other kind of credit cards. However, should low interest credit cards be the only ones on your list when you are hunting for a credit card? Probably not. For some people, interest rate or the APR is probably the most important thing to look for when selecting a credit card. However, that doesn’t hold good for everyone. Low interest credit cards are good and should surely be on your list, but APR is not the only thing to look for.
Let’s start with understanding what an APR (annual percentage rate) is and where its importance lies. APR is simply the interest rate that is used to calculate interest on the balance in your credit account with the credit card supplier. There is no interest charge if you make the full payment of your credit card bill (by the due date). However, in case of a partial payment, you will need to pay an interest on whatever you owe the credit card supplier. The APR is backward calculated to get a monthly rate and the same is applied on your balance to calculate the interest for the applicable period.
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That means, people who are not sure about being able to pay the full amount, every time, should surely look for low interest credit cards. A low interest credit card helps in reducing your total outgo by curtailing the interest you pay on your balance. So, low interest credit cards help in slowing down the rate at which your credit card debt builds up. Thus low interest credit cards are surely important for a particular group of people, as stated above.
Besides this group, there are others who don’t really need low interest credit cards. These people are capable of (and intend to) pay off their credit card bill in full every month. Their purpose in using a credit card is convenience and other benefits associated with the credit cards. So, be it low interest credit cards or high interest ones; it really doesn’t matter for them.
So the need for low interest credit cards is more felt by a particular group of people. However, even if you go for a low interest credit card, you need to pit the various low interest credit cards against each other (vis-à-vis the other benefits they offer) and then select the low interest credit card that is best suited to your needs.
So, first you need to evaluate whether you need to go only for low interest credit cards and then select the low interest credit card that fulfils your needs. After all, you don’t go hunting for a credit card everyday.
Savings for Manage Your Financial Problem – Some people think that it’s easy to manage your money for better financial condition, but actually it is not. Most people say, to manage your financial condition in a good way it may be needed heavy efforts. So is it important to manage and plan your finance? The answer is absolutely yes, because by setting a good and proper finance planning from now on then you wouldn’t have so much problem in the future in relation to finance needs.
For those who have no skill in managing money, most of them would be ended spend all of their money than put the money into savings in order to meet future needs. And suddenly when they are trapped in debts, they wouldn’t have money and get frustrated to pay them off easily.
And for they who want to get better future life by setting such a good finance planning, they will prefer to choose put some amount of their money to savings and make a budgeting plan to record any money spent for any item so they can control any spend that they think it is a misspend and not necessary.
This is definitely some kind of way that can prevent you from getting into debts to meet your needs. Because it won’t be easy to spend your income or salary to pay off debts meanwhile you need that money to meet your primary need to stay alive. As a result you would run in circle with those haunting debts.
So it is obviously that arrange your finance problem by saving from now can really fix your unwanted finance issue in the future. So you don’t have to be doubtful anymore about the benefits of savings.
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Published on November 26, 2021
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