Why good apr for credit card important?

by jiya83095 - 21st February 12:43

Having a good apr for credit card is crucial for various reasons.

Firstly, a lower APR translates to less money lost to interest, which is particularly important if you carry a balance from month to month. This can help you manage your overall financial health and prevent debt from spiraling out of control.

Secondly, responsible credit card usage, including timely payments and low credit utilization (which is easier with a low balance due to a good APR), can positively impact your credit score. This can help you secure lower interest rates on loans, better insurance premiums, and easier access to credit in the future.

Thirdly, having a good APR gives you more breathing room when managing your finances. If unexpected expenses arise, you have the option to use your credit card without incurring exorbitant interest charges, providing a safety net and greater financial control.