John S Kiernan, Managing Editor
Yes, 12% is a good credit card APR because it is cheaper than the average interest rate for new credit card offers. Very few credit cards offer a 12% regular APR, and applicants must usually have good or excellent credit to be eligible. People with credit scores that good typically can qualify for cards with 0% introductory APRs, however, so paying interest at a 12% rate isn’t ideal.
Average APR for Credit Cards by Credit Level
Bad Credit (Secured Cards)
If you’re wondering, secured credit cards have relatively low APRs because they require a deposit to open, which prevents cardholders from overspending and reduces the risk for the issuer. But since the credit limit on secured credit cards usually matches the security deposit, you’re essentially borrowing against your own money. So, paying any interest on a secured credit card is not the best deal.
Credit Cards with a 12% APR or Less
You can compare more low-APR credit card offers on WalletHub.
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