What is best possible credit card interest rate?

What is best possible credit card interest rate?

The current highest credit card interest rate is 36%. That’s on the new First PREMIER® Bank Credit Card. The next highest credit card interest rate seems to be 34.99%, charged by the Total Visa® Card and the First Access Visa® Card.

Is 8% interest good for a credit card?

A good APR for a credit card is anything below 14% — if you have good credit. If you have excellent credit, you could qualify for an even better rate, like 10%. If you have bad credit, though, the best credit card APR available to you could be above 20%.

What is a good credit card APR 2022?

The average secured credit card’s APR is currently 18.3%, for example, while credit cards for people with excellent credit charge 13.1%….Average APR for Credit Cards by Credit Level.

Credit Level APR
Excellent Credit 13.1%
Good Credit 18.84%
Fair Credit 23.05%
Bad Credit (Secured Cards) 18.3%

Should you close a credit card with a high interest rate Why?

Since your credit score affects the interest rates you get offered, you might want to avoid canceling a high-interest credit card altogether. Instead, you can transfer your balance (or pay it off in full) and let the account remain open and in good standing.

Is 25.99 APR high for a credit card?

A 24.99% APR is not good for mortgages, student loans, or auto loans, as it’s far higher than what most borrowers should expect to pay and what most lenders will even offer. A 24.99% APR is reasonable for personal loans and credit cards, however, particularly for people with below-average credit.

How can I get my credit card interest rate lowered?

Most cards have a variable interest rate, meaning it can fluctuate based on several factors, including your card issuer’s discretion. You can negotiate a lower interest rate on your credit card by calling your credit card issuer—particularly the issuer of the account you’ve had the longest—and requesting a reduction.

Why is my APR so high on my credit card?

In finance, generally the more risk you take, the better potential payoff you expect. For banks and other card issuers, credit cards are decidedly risky because lots of people pay late or don’t pay at all. So issuers charge high interest rates to compensate for that risk.