Chip Lupo, Credit Card Writer
@CLoop
Yes, a 27% APR is high for a credit card, as it is above the average APR for new credit card offers. Credit card APRs can be much lower, and some cards offer an introductory 0% APR for a certain number of months, which can save you a lot of money.
Keep in mind that your 27% APR should 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. So, if you plan to pay in full monthly, you don’t need to worry about the APR and can focus on other features such as rewards.
You can learn more about APRs, what a good interest rate is and the best credit card rates here on WalletHub. If you want to apply for a credit card, you can compare the best credit cards handpicked by WalletHub's editors.
People also ask
What is the highest credit card interest rate?
The highest credit card interest rate in recent memory was 79.9% on a card offered by First Premier Bank in 2010 but that offer’s not available anymore. The current highest credit card interest rate is 36% on the First PREMIER® Bank Mastercard Credit Card.
The next highest credit card interest rate seems to be 35.99%, charged by the Total Visa® Card and the Milestone® Mastercard®. These rates are very high when you consider that the average interest rate is only around 22.73%.
... read full answer by Jane Parker, WalletHub Credit Card AnalystIs 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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