what is a good interest rate for a credit card The Federal Reserve tracks credit card interest rates and an APR below the average would also be considered good The best possible APR on a credit card is 0 which you can get for an
As of March 2024 the average APR of credit cards tracked in Investopedia s database was 24 37 With most credit cards you are only charged interest if you don t pay your bill in full each A good APR for a credit card is around 17 or below A credit card APR in this range is on par with the interest rates charged by credit cards for people with excellent credit which tend to have the lowest regular APRs The average credit card APR overall is around 23 right now according to WalletHub s latest Credit Card Landscape Report
what is a good interest rate for a credit card
what is a good interest rate for a credit card
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What s a good credit card interest rate If you re in the market for a new credit card comparing credit card interest rates is important But you might be wondering What is a good credit card APR The Federal Reserve reported an average credit card interest rate of 17 91 for 2022 Anything below the average credit card interest rate 23 55 for new offers as of February 2023 according to a LendingTree study is generally considered a good APR and anything above that rate is considered high However the criteria for a good APR varies widely depending on the card category
A good credit card APR is a rate that s at or below the national average which currently sits above 20 percent While there are credit cards with APRs below 10 percent they are For credit card accounts that were assessed interest the average annual percentage rate was 16 44 as of November 2021 according to data from the Federal Reserve Depending on your credit
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According to the Federal Reserve the average rate for credit card accounts that assessed interest was 16 30 as of May 2021 By comparison the average rate was 15 78 a year earlier The APR A good APR for a credit card is below 13 as that is roughly the average regular purchase APR among credit card offers for people with excellent credit But the best credit card interest rate is one that never applies which is achievable if you pay off everyday purchases in full each month and use 0 APR credit cards for financing
1 Chase Freedom Unlimited at Chase s secure website 0 INTRO APR RATING 4 7 OVERALL RATING 4 9 5 0 Our Review INTRO OFFER Earn an additional 1 5 cash back on everything you buy on up to 20 000 spent in the first year worth up to 300 cash back If your credit card has an APR of 22 you will pay 220 in interest over the year to borrow that 1 000 You ll find APRs on various financial products including mortgages personal loans and
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what is a good interest rate for a credit card - A good credit card APR is a rate that s at or below the national average which currently sits above 20 percent While there are credit cards with APRs below 10 percent they are