Understanding APR in Credit Card Singapore

Credit Card Interest Rates

There are several things that you need pay attention to when you are getting a credit card in Singapore such as the rate of interest, the annual fee of the card, charges that would decide how expensive or inexpensive our credit card is going to be. But there is one major charge that most of us ignore when studying a credit card and that is APR. APR or Annual Percentage Rate is the rate of interest one has to pay for borrowing on their credit card.

Different types of APR

There are different types of APR that we don’t know about. Let’s learn more about the different types of APR:
  • Purchase APR: Purchase APR is applicable on all the purchases made on the credit card. This is very different from the rate of interest charged.
  • Balance Transfer APR: Balance Transfer APR is charges applied when one transfers a balance to their new credit card.
  • Cash advance APR: Cash Advance APR is the interest rate charged whenever the cardholder makes a withdrawal with the card.
  • APR grace period: APR grace period is the time period within which the cardholder can pay off the debt without getting charged a rate of interest.

Does APR affect your bill?

APR definitely affects your credit card bill payments. All the interest accumulated over a period of time is added using APR and then applied to the balance while making the credit card payment. Hence, APR does affect you making credit card payments.

How to lower APR for your credit card?

In order to reduce your credit card debt, it is important to move your APR balance transfer on your credit card to 0%. Most of the balance transfer credit cards offer 15-21 months of 0% APR and will help reduce your debt immensely. The best way to make use of these credit cards is to not use it for anything else. Doing so will help keep your debt in check.

It is very important to check the APR offered on the card when picking out a credit card. Picking out a credit card with low APR.
Location: Singapore

Comments

  1. Abiha Lord22 October 2018 at 03:42

    While seeking credit facilities it is very important to be employed. Car Loans Company Singapore, creditors, banks, and lending institutes - they all require the applicants to have some sort of employment before they will think about dishing out money to the borrowers.

    ReplyDelete

Post a Comment

Popular posts from this blog

Best petrol credit cards in Singapore

Image
Benefits of Using Petrol Credit Card for Reward and Cashback in Singapore When it comes to expenditures for Singaporeans, fuel is one of the biggest expenditure. Living in a small island like ours, it’s surprising how much we spend on fuel. The rising petrol prices does not help our cause. The best way to cut down on fuel costs is through fuel cards or petrol cards in this case. There are more than 50 petrol cards in Singapore, each very different from the other. In this article, we will discuss the top petrol cards in Singapore that will cater to the different fuel card requirements of Singaporeans. OCBC 365 credit card OCBC 365 credit card is one of the best credit cards out there that will not only help you save up on petrol but will also help you save up in different categories. The card not only lets you save up to 22.2% on petrol but will also help you save up to 6% on dining and 3% on online shopping. What more can you want when you have a credit card like this?
Read more

What is Central Provident Fund OR CPF?

Image
Image Source: http://www.bankbazaar.sg The Central Provident Fund OR CPF in Singapore is a mandatory government managed savings reserve funds conspire that will be somewhat supported by the business and mostly by the worker. The CPF fills in as an essential machine gear-piece in the standardized savings arrangement of Singapore as this reserve will be utilized to meet your retirement needs, human services needs and lodging needs. If there should be an occurrence of lower wage specialists, the administration of Singapore ventures in to supplement their CPF investment funds with plans including Workfare and best ups to Medisave if there should be an occurrence of senior subjects to give some examples.  Essential Points to consider with respect to your Central Provident Fund (CPF)  Withdrawal Age for CPF – You can begin pulling back from your CPF reserve funds from the age of 55.  Payout Eligibility Age for CPF – You will begin accepting assets as regularly scheduled payou
Read more

How to Apply for a UOB Car Loan in Singapore

Image
If you are looking to finance your dream car through a car loan, UOB’s car loan options might just as well be the ideal choice for you. With attractive interest rates and extended loan tenors, you can repay your car loan with convenience and ease. Let us look at some salient features of the UOB Card Loan and the options available to you if you wish to apply for your car loan with UOB . Key features of the UOB Car Loan UOB finances 70% of the price of the car (as determined by the bank –the bank considers prevailing market value). So if you are ready to purchase your dream ride, make sure you make a down payment of not less than 30% of the car’s prevailing market price. UOB is particularly known to process and subsequently approve the application in quick time. Approval of the application is subject to satisfying required eligibility criteria.  The bank offers accommodating interest rates on car loans. If you already have an existing loan with UOB, you are certain to get a
Read more