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Good APR rate for credit card – Good APR for a Credit Card

Good APR rate for credit card –  Good APR for a Credit Card


A good APR is simple if you have good credit, APR is connected to a standard figure known as the prime rate, the prime rate is the lending rate that’s provided to customers with the best credit. Prime rate boosts up as well as a credit card.


APR ranges are available for some cards, for example, 13% – 23%, they depend on the kind of credit cards and the exact creditworthiness. If you have a better credit score, you will have a lower interest rate. This is the reason the lowest advertised APR isn’t always presented.
If you don’t have a balance from month to month, APR is not important because you won’t be charged for interest.

But if you have an available balance, just as 47% of Americans that have credit cards do the Interest you will pay overtime will be determined by the APR.


What you need to expect from cards with low APRs

Credit cards with low interest usually need a good credit score depending on the issuer, a credit score of 690 or above will need to qualify. Such a card can save you money on interest if there is a balance in your account every month. For example, if you are financing a huge purchase or transferring an existing high-interest balance of the card.

To avoid Interest payment for a period of time is ideal with O% APR. For example, the U.S bank Visa platinum card offers 0% intro APR period: 0% intro APR for 20 billing cycles on purchase and transfer of balance with an ongoing APR of 14.49% – 24. 49% variable APR.

Another option is a low ongoing rate, For example, the lake Michigan credit union prime platinum card allows Nerdwallet to list of best credit union credit cards. The APR is 6.25% in the ongoing variable.


How do I evaluate APRs?

According to the federal reserve, the average APR charged for credit card account that experience interest was 16.30% as of May 2021. Some credit cards are more expensive and not all are created equal to carry a balance like others. For instance, a reward credit card with benefits and perks will get a higher APR than a balance transfer credit card.

If you prefer low APR, you can consider researching options through credit unions, in a situation like this, interest rates on credit cards are lower than major banks.


What you need to expect from cards with High APRs

They offer valuable befits perks or discounts, their credit card, and store credit card have higher APRs. It’s not proper if you carry a balance every month, the interest might fetch out the rewards. The Citi double card, for instance, is 18 months BT offer, this allows Nerdwallet to move to the best rewards credit cards. Get a 15 cashback on all dollars you spend with another 1% cashback on every dollar you pay off.

They as well offer an intro of 0% APR on your transfer balance for 18 months, then an ongoing APR of 13.99% – 23.99% – variable APR. Credit cards that have higher APRs are store credit cards, they are higher than general rewards cards.

On some store cards, APRs must be higher, if you still owe some funds when the promotional period ends, charges will occur in all the interest you have been accumulating retroactively.

How to qualify for better APR

If you need to increase your credit score, you can qualify for a lower APR, to get this done:

– Ensure you make payments quickly.
– Don’t apply for several credit cards at once.
– Secure your current no-annual-fee credit cards active with little purchases.
– Check for your credit score.
– Ensure you monitor your credit report.

For you that have a good credit card APR, your credit card should be below 14%, excellent credit can qualify for a better rate such as 10%. While for bad credit, the best credit card APR you need is 20% above. The secured credit card for building credit card APR is 22.9%.



The difference of a few percentage points when it comes to paying off credit card debt, the table below displays what it looks like to pay off $10,000 of credit card debt in $300 monthly installments with three different interest rates.


METRIC 18% APR 14% APR 10% APR
Time to pay off debt 3.9 years 3.6 years 3.3 years
Total interest paid $3,967 $2,738 $1,764
Total amount paid $13,967 $12,738 $11,764



How can to find the highest credit card interest

The highest credit cards are usually found in the following below:

– Secured credit cards
– Credit cards for bad credit
– Store credit cards
– Lucrative travel rewards cards
– Cashback credit cards



Techboardz is an entrepreneur and has a passion for article writing, he is an article writer and editor, he has full zeal to write


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