FAQs on How and Why Your Credit Card APR Might Change
How do I avoid paying interest rates?
The best way to avoid paying interest rates on a credit card is to pay off your balance in full by the payment due date and avoid purchases that incur interest charges, such as cash advances and balance transfers. A temporary way to avoid interest is opening a 0% introductory period APR credit card and working to pay off the balance during the introductory period.
Is it advisable to transfer my credit card balance to a new credit card with a lower APR?
In many cases transferring a balance to a credit card with a lower APR can mean lower interest payments. Some balance transfer cards may offer 0% introductory APR, which means you wouldn’t have to pay interest on the balance during that window of time, as long as you pay the balance in full by the end of the introductory offer.
How does APR fluctuate?
Credit card APR can change based on various factors, some of which are beyond your control. The prime rate dictates many minimum APRs, while your credit score, payment history, and more can also have an impact.