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How To Keep Track Of APR Rates

Posted July 7, 2012 by Financer to Real Estate 1 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

Credit cards can be a wonderful financial tool with several benefits. However, unless they are used correctly and responsibly, they have the potential to wreak havoc on an individual’s credit. Certain resources, such as Pageonce.com, are designed to assist individuals with managing their credit cards in order to achieve success and experience financial freedom.

Unfortunately, most view this resource as extra money or a means to buy more of whatever one wants when cash or funds in the bank account run out. This is not what credit cards are intended for. This quickly leads many to overextend their credit, using their cards to purchase more than they can afford. In the majority of these cases, individuals do not even realize that they cannot truly afford the charges they have made to their credit cards until it is too late.

In these cases, those who have used a card too loosely are unable to pay the bill at the end of the month. Eventually, this incurs late fees and higher APR rates. Before long, the individual is drowning in debt, his credit is suffering, and suddenly the extra charges hardly seem worth it. This is not the way credit cards should be used and it is why it is so important to be fully aware of the current APR rates on a card.

Credit cards should be used primarily for large purchases in cases when the full amount cannot be paid in full at once. Purchases should be considered in light of how soon a charge can be paid off. One should think about his APR rates and how much he can budget towards paying the monthly bill, always striving to do so as completely and immediately as possible.

It is vitally important that one stay on top of credit card payments, making them on time or – better yet – early. Timely payments keeps one out of debt, improves credit score, and qualifies him for benefits such as increased credit and lower APR. However, with everything else going on in one’s hectic schedule, it can be easy to forget to make a payment. If one has multiple credit cards, managing them all becomes even more overwhelming.

Pageonce.com is a website where those who have credit cards can keep track of all their charges, and easily manage them from one place. Individuals can use this resource, connect their account to Pageonce, essentially bundling their credit cards. With APRs easily visible and accessible one can easily consider rates and pay their bills on time.

This credit card data (which includes information such as statement balance, credit limit, and APR) is clearly displayed. Information regarding payments, incurred interest, new total payments, and how one’s APR affects all of this is also provided. For example, if the balance on a Capitol One Platinum MasterCard is $821, a minimum payment of $28 incurs an APR of $129 and a new total balance of $922. With the ability to view this information, individuals gain a better perspective on where their money goes.

Pageonce provides members with a wealth of credit card data, exclusive to this website, to help them make the smartest financial decisions. Alerts are sent in cases of incorrect or fraudulent transactions to help protect against theft. Individuals are notified for changes in APR rates, new bills, as due dates near, for late fees, when balance or limit nears 80 percent and 90 percent or is breached, for changes in limits, when credit and deposit transactions are made, when a high transaction is made, and when multiple transactions are made in a single day. No other site on the Internet is able to offer these services.

Knowing what the APR rates are for one’s credit cards affects how an individual approaches a payment plan. For example, current APR rates on a popular credit card like Bank of America Platinum Plus Visa with a credit limit of just under $6,000 is 10%. On certain websites, an individual is able to compare this with other Bank of America credit cards and see what APR charges will be incurred.

Knowledge on APR helps individuals to stay continuously informed on the status of their credit cards. Taking advantage of good APR rates can mean better finances true financial freedom.

About Financer: Pageonce provides a free financial app for iPhones that allows tracking all your financial accounts in one go, including credit card spending. The application even provides special insider information on credit cards rates, found nowhere else, via its data driven pages.

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