The First Digital Card APR is 35.99%. That’s one of the most expensive credit card APRs on the market, and the average credit card charges around 18.26%. Therefore, it’s not a good idea to carry a balance on this card. The APR for cash advances (using your card like a debit card to withdraw cash) is equally high (35.99%). There is no penalty APR for late payments, although there is a hefty late fee ($40).
While the First Digital Card APR is high, it’s important to remember that the purpose of this card is primarily for building credit, which is why it’s available to people with bad credit. So, if you treat the card as a credit-building tool and don’t carry a balance or take out cash advances, you won’t ever have to worry about the APR. That said, there are cards with somewhat lower APRs for limited credit on the market.
One of the best Visa credit card interest rates is 10.25% - 18.25% (V) from the Simmons Bank Visa®. But you can do even better for a limited time with a credit card that offers a low introductory APR.
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.… read full answer
Visa Credit Card Interest Rates:
Simmons Bank Visa®: Regular APR of 10.25% - 18.25% (V). Intro balance transfer APR of 0% for 12 months - transfers are subject to a 3% (min $10) fee. Requires excellent credit (a score of 750+).
Bank of America Customized Cash Rewards credit card: Intro APR of 0% for 15 billing cycles. Intro balance transfer APR of 0% for 15 billing cycles for any balance transfers made in the first 60 days - transfers are subject to a 3% (min $10) fee. Regular APR of 13.99% - 23.99% Variable. Requires excellent credit (a score of 750+).
Chase Freedom Unlimited: Intro APR of 0% for 15 months and a regular APR of 14.99% - 23.74% (V). Intro balance transfer APR of 0% for 15 months - transfers are subject to a fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after). Requires good credit (a score of 700+).
Wells Fargo Active Cash℠ Card: Intro APR of 0% for 15 months from account opening and a regular APR of 14.99% - 24.99% Variable. Intro balance transfer APR of 0% for 15 months from account opening on qualifying balance transfers - transfers are subject to a 3% intro for 120 days, then up to 5% (min $5) fee. Requires good credit (a score of 700+).
Seeing a "(V)" after your card’s interest rate just means the rate is "variable" and can change a bit over time according to the economic climate.
Keep in mind that you won’t have to worry about interest if you pay in full every month. It’s definitely worth taking a look at this list of Visa cards as well to get a more comprehensive picture of their interest rates.
Mastercard interest rates are 9.99% 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® Customized Cash Rewards credit card 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 the Capital One Platinum Secured Credit Card: 26.99% (V). Rewards cards like the Citi Premier® Card – 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 good 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® Card 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.
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