Schwartz, assistant professor of finance, offered advice on what people should know when thinking about low interest credit cards.
Andrew Schwartz, assistant professor of finance at Elon University’s Martha and Spencer Love School of Business spoke with financial advice website WalletHub about what consumers should know for low interest credit cards.
WalletHub compiled a list of the best low interest credit cards, based on the website’s rating system. Schwartz offered expert advice on the definition of “low interest” and how to be smart when thinking about credit.
“It is always better to pay-off a credit card in full,” said Schwartz. “Even with a low-interest rate credit card, you will likely end up paying $15-$20 in interest for every $100 of a balance you carry throughout the year. Of course, if you are carrying a balance a low APR will mean you pay less in interest than a card with a higher APR. In the end, however, paying the card in full each month means you pay $0 in interest no matter the APR.”