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Choose Cash Back or Low APR?
Getting a new credit card can be exciting – for some people, their first credit card is like a sign of success, of becoming an adult. Of course, for the rest of us, getting a new card can be quite the hassle. Knowing what credit issuer to go with, figuring out what incentives are offered by whom… and of course, do you opt for cash back or low APR in your introductory offer? There are so many different types of credit card available today that actually choosing one can be more of a pain than a privilege.
The Benefits of Cash Back
Well, obviously we all like cash. Money may not buy happiness, but it does buy groceries and gas. So when a credit card offers to give us money back for purchases we make, our initial reaction is a boisterous ‘oh YEAH!’ Just the ability to make money by buying the gas we need to drive each week, the groceries we need to eat, or the family vacation we’ve been dreaming of is fantastic, almost too good to be true. And because these cash rewards sometimes come at different percentages for different types of purchases, you can really build up your cash back quickly.
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But, there are some considerations that should be looked at when you’re considering rewards cash incentives over those for a low APR. Chief among those considerations should be one question – can you pay off your balance each month? Because if you are leaving a continuing balance on your card each month you’re also accruing interest on that balance, which could effectively cancel out any of the benefit to your rewards cash. Just something to think about when you’re faced with the choice of cash back or low APR on your credit card offers.
At DontSpendMore.com, you can compare and apply for low APR and 0% APR credit cards. These offers are ideal in terms of bringing down your interest expenses and also a viable platform to become debt free.
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The Benefits of a Low APR
And then there’s the low annual percentage rate (APR) offered as an introductory incentive by some other credit cards. The benefits of a low interest rate on our purchases are equally obvious – you can essentially make a large, splurge purchase you might not have otherwise made, because you won’t be hemorrhaging money to cover the exorbitant interest rates on your transaction.
With a low APR, and some cards even offer a 0% APR, for the first 6 -24 months, you could basically look at your line of credit as an unsecured loan, but one that you need to pay off within a certain amount of time.
Because the trick to successfully managing a low APR introductory offer is responsibility and reliability. The first time you miss a payment, you lose that offer. Also, if you’re not careful, if you don’t make precise note of the day on which your intro offer expires, you could get slammed with an interest rate on your principal balance that simply overwhelms your credit card. So ensuring that you remain focused and diligent in your payments and scheduling with your card could bring you great success, should you choose this option in your decision between cash back or low APR incentives with your new credit card.
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