As with most financial products, credit cards are usually heavily promoted on their interest rate, or APR. The lower the APR, the more attractive it’s supposed to be to potential customers. But is APR really the most important feature of a credit card?
Firstly, a sizable minority of people use their cards purely as a convenient method of paying for goods or services, and clear their balances in full every month. For this kind of card use, the standard interest rate charged is fairly irrelevant. It’s more important that you have an interest-free period long enough to cover the time between spending and settling your account, so you’ll avoid paying any interest at all whatever the rate. An interest free period should always be more than 50 days, with 55-60 days being common these days.
If you’re one of this group of card users, and you make a substantial number of purchases with your card every month, then you should be going for a card that rewards you in some way for using it. One of the most common kinds of reward program lets you build up points with each purchase, that can later be redeemed as discounts against purchases made in certain...
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