Chip Lupo, Credit Card Writer
@CLoop
A 21% APR is not particularly high for a credit card, but it’s not low either, as it’s close to the average APR for new credit card offers. If you want a credit card with a low APR, compare offers with a 0% introductory APR.
Keep in mind that a 21% APR will typically apply only when you carry a balance from month to month. If you pay off your full balance by the due date each month, you won’t accrue interest on any of your purchases on most credit cards, because there is a grace period between when your billing period closes and your due date.
You can learn more about APRs, what a good interest rate is and the best credit card rates here on WalletHub.
People also ask
What does low APR mean?
A low APR means that you will pay less in interest on purchases or balance transfers than the average regular APR for a credit card. The best low APR credit cards offer 0% interest on both purchases and balance transfers for a set number of months. Not all low APR offers have 0% introductory rates, though – there are also cards with regular rates below the market average for new credit card offers (22.76%).
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read full answer by Chip Lupo, Credit Card WriterIs APR monthly or yearly?
APR is yearly, not monthly. More specifically, the APR (annual percentage rate) is the estimated yearly cost of borrowing with a credit card or a loan. The APR includes the interest charges that will apply to your balance, as well as any related fees.
APR on Credit Cards
When you carry a balance on a credit card, the APR is accumulated on a daily basis. But you will not incur interest on purchases...
read full answer by Maria Adams, Credit Cards ModeratorIs a 0% APR good for your credit?
A 0% APR is good for your credit if you take advantage of the introductory period to pay off your debt in full. While credit card APRs don't directly affect your credit scores, you can bring down a large balance faster if you don't have to pay interest, which will ultimately help your credit score. Using a 0% APR credit card irresponsibly, however, can have the opposite effect.
With a 0% APR credit card, you don't pay...
read full answer by Bianca Smith, WalletHub Credit Cards AnalystDid we answer your question?
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