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To find a credit card’s APR, add the current U.S. bank prime loan rate and the interest rate the credit card issuer charges. The U.S. prime rate is currently 8%.
Daily rate. Find this rate by dividing your credit card’s purchase APR by 365 — the number of days in a year. Average daily balance. Add up your balances at the end of each day in the billing ...
Let’s say you carry a credit card balance of $5,000, with an APR of 15.1%. If you make the minimum monthly payment of 4% of your balance, it would take 123 months — or more than ten years ...
Rewards credit cards, cash-back cards, cards for students and cards for consumers with bad credit tend to have higher interest rates. The current national average for APR ranges between 23% and 24%.
If a long intro APR offer is at the top of your list when thinking about new credit cards, check out our picks for today’s best 0 percent interest credit cards. Additional perks and benefits
If you want to pay off credit card debt or make a big purchase, a 0% APR card is worth considering. Find out which of these top picks best matches your needs. 10 Best 0% APR Credit Cards
Is it better to opt for a rewards card with a higher APR or for a card with the lowest annual percentage rate you can find? We have the answer.Image source: Getty Images.
Debt to pay off. Monthly payments. Time to pay off. Interest/fees paid. Card with 15-month intro APR offer. $5,150 (principal balance + BT fee) $300. 17. $150 BT fee, $12.23 in interest