How to Live Your Life Better with a Lifetime Free Credit Card? Know its APR Formula?
When faced with recurring expenses, relying on cash transactions can be a hassle. But, with a lifetime free credit card, you can say goodbye to the inconvenience of carrying cash and experience financial freedom like never before. Credits cards not only help you make faster, more secure payments but open you to a world of exclusive rewards on every transaction. But, is there truly such a thing as a “lifetime free credit card”? Let’s find out.
Simplifying the Lifetime Free Credit Card
When you apply for a credit card, there are several charges attached to it. These may be the interest rates or maintenance charges needed to run the service. Either way, these charges eat into your savings, and you might wonder how you can save up on them.
A lifetime credit card, on the other hand, does not charge any fees during joining or for annual maintenance charges.
This can be useful for the following reasons:
– Avoiding functional charges every year
– Avoiding any “hidden fees” that you’re not aware of
– Not having to pay anything extra when buying for the first time
The benefits that it offers are worthwhile, helping you save money. But, there is another metric that all cardholders need to be aware of: APR.
APR is the Annual percentage rate and is usually interchanged with interest rates on payments. Simply put, it refers to the interest charged on the amount you owe for purchases made using a credit card.
It is calculated as-
Credit card interest = [daily rate] x [total daily balance] x [number of days in billing cycle]
Knowing how the APR works and how you can reduce its financial burden is an important step to using a credit card.
Factors Affecting your Free Credit Card APR
Now, APR can vary depending on the type or card chosen. There are quite a few factors that influence how much APR you will end up paying. Below are the most common ones:
1. Credit Score
Your credit score greatly affects how much APR is tied to your credit card. By maintaining a healthy credit score, you can fetch a lower APR on your credit card and use your credit card worry-free to complement your lifestyle.
2. Current Income
The amount of money you earn per month will dictate how much your APR will be. This is because different financial institutions have different cards, and all of them are available at different rates depending on the type and the benefits it offers.
3. Outstanding Balance
If you only pay the minimum amount due for a given month, the bank will charge you APR on the outstanding balance. However, if you clear your outstanding balance each month, it will not attract any interest rates. Thus, allowing you to enjoy a free lifetime credit card.
Choosing a Lifetime Free Credit Card
In short, smart use of your credit card not only helps you tap into exclusive offers but also makes it free! Get in touch with your preferred bank and check out the various lifetime free credit cards that are available and choose the one that suits your lifestyle the most. Apply Now!
