What Is a Good Apr on a Credit Card 2018

What a good credit card APR looks like

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%. Even the best secured credit cards for building credit often have a credit card APR starting around 22.99%.

The highest credit card interest rates are usually found on:

• Secured credit cards
• Credit cards for bad credit
• Store credit cards
• Lucrative travel rewards cards
• Cash back credit cards

Those with the lowest APRs tend to be low-interest credit cards and credit cards from credit unions. Some of the best low interest credit cards have a credit card APR range starting at 12% to 14%. Many popular credit unions offer credit cards with interest rates that start at 5.99% to 8% for their most creditworthy members.

READ MORE: Best Low Interest Credit Cards

For context, the average credit card APR across all credit card types ranges from 15.49% to 22.61% as of June 2020. Credit cards usually offer an APR range, rather than a single across-the-board rate for all transaction types.

A good way to improve your chances of getting approved for a low-interest credit card is to improve your credit score. Only consumers with an excellent credit score qualify for credit cards with the lowest credit card APR.

Even if you get a good APR for a credit card, most credit card interest rates are actually quite high. Credit cards are especially expensive when compared with the average interest rate on a personal loan (which is 9.41%). Still, you should strive for the best credit card APR you can get, particularly if you plan to carry a balance.

To give you a sense of just how much difference a few percentage points can make when it comes to paying off credit card debt, the table below shows you what it looks like to pay off $10,000 of credit card debt in $300 monthly installments with three different interest rates.

How to get a credit card with a low interest rate

There are many ways to get a card with a low interest rate. If you're currently paying off debt or plan to carry a balance, lowering your interest rate is one of the most effective ways to save money. Whether it's working with your current issuer or opening a new credit card, you have a number of options.

Here are some steps you can take to get approved for a low-interest credit card:

Negotiate with your bank: Almost everything is negotiable, including your credit card APR. If you've demonstrated that you can pay your bills on time, call your bank and ask if you qualify for a lower interest rate. This is especially effective if your credit score has gone up since you originally joined. Be sure to mention your good credit score and history of on-time payments.

Apply for a low-interest credit card: If calling your bank doesn't work, shop around for a different credit card. There are plenty of great low-interest credit cards out there. These are good to have on hand if you ever have to carry a balance. Just make sure you qualify before you apply.

As of Nov. 18, 2021

BankAmericard® credit card	Citi® Diamond Preferred® Card	U.S. Bank Visa® Platinum Card
Rating image, 5.00 out of 5 stars. 5.00 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.50 out of 5 stars. 4.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.50 out of 5 stars. 4.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Apply Now On Bank of America's Secure Website.	Apply Now On Citi's Secure Website.	Apply Now On U.S. Bank's Secure Website.
Read Full Review	Read Full Review	Read Full Review
		Rates & Fees
Credit Rating Requirement: Good/Excellent (670-850)	Credit Rating Requirement: Good/Excellent (670-850)	Credit Rating Requirement: Good/Excellent (670-850)
Welcome Bonus: $100 statement credit	Welcome Bonus: N/A	Welcome Bonus: N/A
Rewards Program: N/A	Rewards Program: N/A	Rewards Program: N/A
Intro APR: Purchases: 0%, 18 billing cycles Balance Transfers: 0%,18 billing cycles	Intro APR: Purchases: 0%, 12 months Balance Transfers: 0%, 21 months	Intro APR: Purchases: 0%*, 20 billing cycles Balance Transfers: 0%*, 20 billing cycles
Regular APR: 12.99% - 22.99% Variable	Regular APR: 13.74% - 23.74%, variable	Regular APR: 14.49% - 24.49%* (Variable)
Annual Fee: $0	Annual Fee: $0	Annual Fee: $0*
Highlights: New Offer! $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers. No annual fee No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply. Access your FICO® Score for free within Online Banking or your Mobile Banking app Contactless Cards - The security of a chip card, with the convenience of a tap This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.	Highlights: 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 13.74% - 23.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater Get free access to your FICO® Score online. With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more. Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi®Identity Theft Solutions. The standard variable APR for Citi Flex Plan is 13.74% - 23.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.	Highlights: 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 14.49% - 24.49%. Great offer from U.S. Bank, a 2021 World's Most Ethical Company® - Ethisphere Institute, February 2021. No Annual Fee Flexibility to choose a payment due date that fits your schedule. Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.
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Get a 0% intro APR credit card: If you already have credit card debt and are paying a high interest rate on it (think 14% or more), consider a balance transfer credit card. These credit cards offer a 0% intro APR on balance transfers for a limited period of time, allowing you to pay off your debt interest-free. Keep in mind that most of these cards do charge a balance transfer fee. Also, if you don't pay off your balance before the promotional period ends, you might end up with a higher credit card APR than you had before.

As of Nov. 18, 2021

Wells Fargo Reflect℠ Card	Discover it® Balance Transfer	Citi Simplicity® Card
Rating image, 5.00 out of 5 stars. 5.00 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 5.00 out of 5 stars. 5.00 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.50 out of 5 stars. 4.50 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Apply Now On Wells Fargo's Secure Website.	Apply Now On Discover's Secure Website.	Apply Now On Citi's Secure Website.
Read Full Review	Read Full Review	Read Full Review
Rates & Fees	Rates & Fees
Credit Rating Requirement: Good/Excellent (670-850)	Credit Rating Requirement: Good/Excellent (670-850)	Credit Rating Requirement: Good/Excellent (670-850)
Welcome Bonus: N/A	Welcome Bonus: Cashback Match	Welcome Bonus: N/A
Rewards Program: N/A	Rewards Program: 1% - 5% Cashback	Rewards Program: N/A
Intro APR: Purchases: 0%, up to 21 months from account opening Balance Transfers: 0%, up to 21 months on qualifying balance transfers	Intro APR: Purchases: 0% Intro APR, 6 months Balance Transfers: 0% Intro APR, 18 months	Intro APR: Purchases: 0%, 12 months Balance Transfers: 0%, 21 months
Regular APR: 12.99% - 24.99% Variable APR	Regular APR: 11.99% - 22.99% Variable APR	Regular APR: 14.74% - 24.74%, (Variable)
Annual Fee: $0	Annual Fee: $0	Annual Fee: $0
Highlights: 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods. 12.99% to 24.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5 $0 Annual Fee Get up to $600 of cell phone protection when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible). Through My Wells Fargo Deals, you can earn cash back in the form of a statement credit while you shop, dine, or enjoy an experience simply by using your eligible Wells Fargo Credit Card Select "Apply Now" to learn more about the product features, terms and conditions	Highlights: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. You could turn $150 cash back into $300. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. Redeem cash back any amount, any time. Rewards never expire. #1 Most Trusted Credit Card according to Investor's Business Daily. Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more. No annual fee. Discover is accepted nationwide by 99% of the places that take credit cards. Click "APPLY NOW" to see rewards, FICO® Credit Score terms, Cashback Match™ details & other information.	Highlights: No Late Fees, No Penalty Rate, and No Annual Fee... Ever 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion. Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges
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What Is a Good Apr on a Credit Card 2018

Source: https://www.fool.com/the-ascent/credit-cards/what-is-a-good-apr/

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