Cheap credit cards come in many varieties. In addition, there are many factors a consumer needs to take into consideration when determining whether or not a credit card is truly cheap.
The first factor most people consider when looking for cheap credit cards is its APR. The APR, or annual percentage rate, determines the amount of finance charges that will be added to the account if the balance is not paid in full at the end of each billing cycle. Therefore, the lower the APR, the less finance charges the cardholder will have to pay.
When comparing low interest credit cards, it is also important for the cardholder to look at how finance charges are determined. Most credit cards use the Average Daily Balance method. Other credit cards, however, use the Two Cycles Average Daily Balance method. With this method, finance charges are determined at two different times during the billing cycle. For those that carry a balance on their credit card from month to month, the Two Cycles Average Daily Balance method is more expensive. Therefore, a low interest credit card may not actually be the least expensive card to use if it uses the Two Cycles Average Daily Balance...
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