Monday, June 21st, 2010

What is a good interest rate for a credit card?

credit card rate
q la paz prevalezca asked:


I was offered a credit card that has a 13% interest rate. This seems high to me because they told my that my credit rating is over 700. Should I be looking for a better deal?

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7 Responses to “What is a good interest rate for a credit card?”

bdancer222 Says:
June 22nd, 2010 at 2:12 am

If you pay your balance in full every month, the actual rate makes no difference, since you don’t pay any interest. I’d look for other factors like a cash back reward.

sheloves_dablues Says:
June 25th, 2010 at 12:10 pm

Most credit cards offer interest rates at 16% or more.

Judy Says:
June 26th, 2010 at 10:44 pm

As far as you are concerned, the interest rate could be 100%.
You don’t need to pay interest on cards – so it does not matter.

Carrying balances can destroy your credit – never do it.
Just use your card for things you need like food or gas, and pay for it in full.

Look for 1% cash back rewards. I made over $250/ year cash back, I have 2 cards with different rewards —- free money.
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OneLastRevolutionary Says:
June 28th, 2010 at 8:46 pm

7.5% or less.

BillD Says:
July 1st, 2010 at 1:13 am

That’s about average. You can get 0% but that only usually lasts for about 6 months. 13% isn’t horrible. You should see some of the other rates credit card companies are offering… Some are better and some are worse. Check for yourself.

M K Says:
July 2nd, 2010 at 9:42 pm

There are two routes you can go for a low interest card.

1) 0 apr Intro rate – the intro is good for 3 – 16 months. The term is determined by your credit score. For example if you read up to 12 months it mean that you could be assigned 3, 6, 9, or 12 months of 0 apr.

2) fixed rate would mean the interest rate would remain the same. A 9.9% fixed is a good deal for people that revolve their credit balances every month.

13% is a lot better than most credit cards offer. You may want to take it or try for a lower fixed rate. You could apply for a card with a lower fixed interest rate, and see if you get approved. If you don’t get it you can take the other offer for 13%. I am assuming that card offer was a pre approved offer. I hope this answers your question.

Bill C Says:
July 3rd, 2010 at 11:42 am

cards.hotusa.org – try this one. You can compare different credit cards and choose the best one for you.
Some of them provide 0% interest rate for 12-18 months.

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