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Key takeaways. A credit card’s interest rate is called its APR — or annual percentage rate — with different rates applied to transaction types that include purchases, balance transfers and ...
Typically, the higher a borrower’s credit score, the lower their APR. A credit card APR might be 15% or lower for cardholders with excellent credit scores or as high as 30% for those with poor ...
A high interest rate for a credit card is anything significantly higher than the average — say around 30 percent APR, for example. If your credit card has a high interest rate, you might want to ...
The term annual percentage rate of charge (APR), [1] [2] corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), [3] is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, [4] etc. It is a finance charge expressed as an annual rate.
The average credit card APR in early August was 15.13%, according to the Federal Reserve, while the APR for cards that carried a balance—meaning they weren’t paid in full by the payment due ...
Consider transferring your balance to a credit card with a 0 percent introductory APR and either leaving the high-interest card open or, if it comes with a high annual fee, ditching it altogether.
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