Credit card rates below 14% are good. That’s the overall interest rate for those with great credit. Even a good credit card interest rate for those with poor scores isn’t low. Excellent or fair card users could pay 20%+ interest and have the following hose with great credit. Even a good credit card interest rate for those with poor scores isn’t low. Excellent or fair card users could pay 20%+ interest and have the following APR: Higher credit cards have a 20% interest rate. The best credit card rate is 0%.
How to Get a Good Credit Card Interest Rate.
There are many different approaches one can take in order to achieve the lowest feasible interest rate on a credit card.
Many credit cards offer new clients 0% APR introductory periods. They can help customers finance a big purchase or pay off debt faster. These introductions are transient. Usually, 0% interest credit cards demand strong credit.
If you pay your monthly bill by the deadline, no interest will be charged. Making bill payments online can save time. The “Island Approach” uses multiple credit cards for purchases. If you can’t pay off a significant purchase in full each month, use the card with the lowest interest rate (or a 0% APR promotional period) and use your rewards card for smaller, more regular purchases (which you can pay off in full each month). You’d never pay interest on purchases, regardless of your credit card’s APR.
You can improve your chances of qualifying for a low-interest rate on your next credit or debit card by taking advantage of a few strategies for increasing your credit score. Having a credit score of 750 or better is considered “good,” and it will serve you well if you are aiming for a low annual percentage rate (APR) on a credit card.