When searching for credit cards, most consumers prefer one with a low APR. Nevertheless, when confronted with attractive offers, perks or rewards, the interest rate may suddenly become just a secondary factor.

The fact is, reward credit cards usually come with much higher interest than non-reward cards. The interest rate of reward credit cards ranges from 14% to 19%, depending on the issuer and the type of reward program. Despite this, many consumers still prefer them over regular credit cards because of the promise to earn bonuses, incentives, discounts and other privileges.

Why Get a Low Interest Credit Card?

Why should you be concerned about the interest rate? Many consumers are advised to pay off their monthly balances in full to avoid the additional APR. However, even if your goal is to pay off your charges in full, unexpected circumstances may force you to submit only the minimum due and carry over your balance to the next month. When this happens, your bill can increase by 14% or more because of the interest.

Even worse, your credit card company may increase your interest rate by as much as 25% to 30% because of late payments. The changes in the Prime Rate can also dramatically affect your credit card’s APR at any time. Clearly, getting a credit card with a low APR can protect you from the risk of bad debt.

Find out more on: Finding a Low Interest Rate Credit Card

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