What's the average interest rate or APR for most credit cards?
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M$3 Answers
Accordingly, as of July 31, 2010, there are different average interest rate for different types of credit cards:
-Consumer credit card rate: 16.79%
-Non-reward consumer card rate: 15.22%
-Reward credit card: 17.46%
-Student credit card: 16.23%
-Business credit card without reward: 13.75%
-Business reward credit card: 15.92%
Compared to previous figures, the average interest rates has fallen but still way above the preferable 15% below rate.
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M$
The average APR on credit cards is 14.9%. If you have a good credit score and your APR is higher than 14.9%, than the rate is too high. In this case, you should request a lower APR. If it isn't granted, switch to another credit card with a lower rate.
There are some credit cards that offer a 0% introductory APR, but then after a certain period of time it goes up to their normal rate. Watch carefully for this, as the normal rate may be higher than the average rate. Also, sometimes cards offer balance tranfers at low rates in the neighborhood of th 3 to 5 percent you mentioned in your question.
Be very careful to make sure you don't miss any payments. If you do, this will result in a fee of typcally $39 and your APR will skyrocket to 30% or more.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
