The Chase Sapphire Preferred APR is 15.99% - 22.99% (V). Newly approved applicants are assigned a rate from Chase Sapphire Preferred’s APR range based on their credit standing and ability to pay the bills. The Sapphire Preferred Card does not offer a lower introductory APR to new cardholders.
Chase Sapphire Preferred’s high interest rates are pretty much par for the course for a rewards card, since they’re not meant to be used for financing. Also, rewards cards tend to come with annual fees and are more suited for customers who pay their balance in full each month. And that’s exactly what you should do with Sapphire Preferred. By always paying your bill on time and in full, you’ll save yourself a lot of money. There’s no penalty APR for paying late. But there is a late payment fee of up to $39 if you don’t make at least the minimum payment.
It’s also useful to note that there’s one more major type of Chase Sapphire Preferred APR: the cash advance APR. Essentially, you can use your credit card like a debit card to withdraw money from ATMs. But you’ll be hit with an even-higher-than-normal APR on whatever you borrow, with no grace period. And on top of that you’ll have to pay a fee of $10 or 5%, whichever is greater. You should only do a cash advance if you’re in an emergency situation and have no other options.
The best Visa credit card interest rate is 8.25% (V) from the Simmons Bank Visa Platinum Card. But you can do even better for a limited time with a credit card that offers a low introductory APR. For example, the Capital One Quicksilver Visa and the Chase Freedom Unlimited Visa offer 0% APRs on purchases for 15 months. The trade off is that their regular rates aren’t as good: 15.49% - 25.49% (V) for Quicksilver and 14.99% - 23.74% (V) for Freedom Unlimited.… read full answer
It’s worth noting that Visa credit cards’ interest rates aren’t actually set by Visa. The banks and credit unions that issue Visa credit cards control that. As a card network, Visa is more about where the card is accepted than anything else.
Visa Credit Card Interest Rates:
Simmons Bank Visa Platinum: Regular APR of 8.25% (V). Requires excellent credit.
Capital One Quicksilver Cash Rewards: Intro APR of 0% for 15 months and a regular APR of 15.49% - 25.49% (V). Requires good credit.
Chase Sapphire Preferred: Regular APR of 15.99% - 22.99% (V). Requires good credit.
Chase Freedom Unlimited: Intro APR of 0% for 15 months and a regular APR of 14.99% - 23.74% (V). Requires good credit.
Wells Fargo Cash Wise Visa: Intro APR of 0% for 15 months and a regular APR of 14.49% - 24.99% Variable. Requires good credit.
Credit One Bank Visa: Regular APR of 17.99% - 23.99% (V). Applicants can get approved with bad credit
By the way, you’ll often see “(V)” after your card’s interest rate. That just means the rate is “variable” and can change a bit over time. Similarly, if a rate is listed as a range, it means your APR could be anywhere between the two numbers, depending on your creditworthiness.
Also keep in mind that you won’t have to worry about interest if you pay in full every month.
Mastercard interest rates are 10.74% to 36%, depending on the card and each applicant’s creditworthiness. Nearly all Mastercard interest rates are variable rather than fixed. Variable rates are tied to an index rate, usually the prime rate that banks use for their most creditworthy customers. Setting specific interest rates is a card issuer’s job, though, not Mastercard’s. … read full answer
Generally, the better your credit history, the better the interest rate. For example, the Bank of America Cash Rewards Mastercard interest rate ranges from 13.99% to 23.99% Variable, depending on your credit. Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like Capital One Secured: 26.99% (V). Rewards cards like Citi Premier – 15.99% to 23.99% (V) – often have higher maximum interest rates to compensate for the additional benefits .This could also be a sign that more than just people with excellent credit can get approved.
Credit cards will always have multiple interest rates. There are separate rates for purchases, balance transfers, cash advances and late payments. Cash advance APRs range from 24.99% to 26.99%. Penalty interest rates for late payments can be a maximum of 29.99%. The Citi Simplicity cards doesn't have a penalty interest rates, for example.
If a Mastercard with the lowest possible interest rate is your priority, you may need to look beyond the big banks and explore options from credit unions. Credit unions have specific membership requirements, so check to make sure you’re eligible.
Pretty much depends on how good your credit is. I think it was between 17% and 24%, but basically if you're not on the complete minimum requirements for the card, you'll get lower than 24.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.