If you’re simply looking for a credit card that won’t charge you the earth, and have no need for other offers or rewards, you may find a card with a low flat-rate Annual Percentage Rate (APR) is the most convenient and cost-effective choice for you.

These cards are best used for purchases, not for transferring debts.

Benefits of low APR cards

Whilst credit cards that offer 0% on balance transfers or purchases represent short term savings, they typically revert to APRs of around 16% when the 0% offer period is over. If you would rather not change cards so often, there are no-frills cards on the market that offer you a consistently low interest rate permanently, often between 8% and 10%.

Remember, you’ll still pay interest on this card, so do try to pay off your balance in full each month if you can.

Drawbacks of borrowing on a low standard APR card

If you know you cannot afford to pay for the purchase immediately, you may be better off with a 0% purchases card, as that way you won’t pay any interest for a set period of time. But again, this is a short-term solution as the 0% period will usually expire within a year.

If you’re looking to borrow more long-term, it’s also worth considering a personal loan, which may have a lower APR for mid- to long-term borrowing.

Some important information about this page

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