What is the Southwest Plus Card interest rate?

You can do a Southwest credit card balance transfer by making a request either online or over the phone at (800) 945-2000. Note that there is no 0% introductory APR with a Southwest credit card balance transfer. But you can earn 1 point / $1 transferred – up to $10,000 or $15,000, depending on the card.... read full answer

The Southwest credit cards’ balance transfer offer is unique in that you earn rewards. Don’t let that sway you too much, though. Southwest points are worth around 1.5 cents each. All in all, it is better to use a good 0% APR balance transfer credit card. This can save you much more than Southwest’s balance transfer rewards.

What to know about Southwest credit card balance transfers:

• Balance transfers, including fees and interest, cannot exceed $15,000 or your available credit limit, whichever is less.
• The Southwest credit cards’ balance transfer APR is 20.49% - 27.49% (V), depending on your creditworthiness.
• You earn 1 point / $1 transferred, up to $15,000 with the Southwest Rapid Rewards® Premier Credit Card and the Southwest® Rapid Rewards® Premier Business Credit Card. Or, up to $10,000 with the Southwest Rapid Rewards® Plus Credit Card. Transfers must be completed within 90 days of account opening to be eligible. The Southwest Rapid Rewards® Priority Credit Card and the Southwest® Rapid Rewards® Performance Business Credit Card do not offer rewards on balance transfers.
• It may take up to three weeks to set up a new account and process any balance transfers. Keep paying your original lender in the meantime.
• The Southwest Airlines credit cards accept balance transfers from other credit cards (except those issued by Chase), car loans, student loans, personal loans, and more.

The Southwest credit cards offer plenty of incentives for airline travelers, such as initial bonuses, free annual frequent-flyer points and rewards on Southwest Airlines purchases. But if you’re interested in balance transfers with a low APR, there are cards out there better suited for that purpose.

Alternative credit card options:

If you’re looking for an airline card that is ideal for balance transfers, you should consider the JetBlue Plus Card. This card has an intro APR of 0% for 12 months on balance transfers (20.49% - 29.49% (V) after that), with a 5% (min $5) balance transfer fee.

Alternatively, you should consider a general balance transfer card, like the Wells Fargo Reflect® Card. This card offers an into APR of 0% for up to 21 months from account opening on qualifying balance transfers (17.49% - 29.49% Variable after that). The card’s balance transfer fee is: 3% intro for 120 days, then up to 5% (min $5). The Citi® Diamond Preferred® Card gives you an intro APR of 0% for 21 months on balance transfers (17.49% - 28.24% (V) after that), but there’s a 5% (min $5) transfer fee.

The highest credit card interest rate in recent memory was 79.9% on a card offered by First Premier Bank in 2010. That offer’s not available anymore. The current highest credit card interest rate is 36%. That’s on the First PREMIER® Bank Credit Card. The next highest credit card interest rate seems to be 35.99%, charged by the Total Visa® Card and the First Access Visa® Card. These rates are very high when you consider that the average interest rate is only around ... read full answer18%.

Legally, there actually is no highest credit card interest rate that’s possible. Credit card companies are allowed to charge any interest rate. But they must clearly state what that rate is in the card’s terms and conditions. And companies that would like to charge outrageous interest rates are limited by what people are actually willing to pay. You should always make sure you know a card’s interest rate before applying. Otherwise, it may come as a nasty surprise.

Here are some of the highest credit card interest rates:

• Highest historical credit card interest rate:9% APR on the old First Premier Bank Credit Card. This card is no longer available. It was for people with bad credit.
• First PREMIER® Bank Gold Credit Card: 36% APR. The card is unsecured and for bad credit. It has an annual fee of $50 - $125 1st yr, $45 - $49 after that. Plus, there’s a $55 - $95 one-time processing fee.
• Total Visa® Card: 35.99% APR. The card is for bad credit. It has an annual fee of $75 1st yr, $48 after It has a $89 one-time processing fee.
• First Access Visa® Card: 34.99% APR. This card is for bad credit. It has an annual fee of $75 1st yr, $48 after that. It has an $95 one-time processing fee.

As you can see, the highest credit card interest rates are found on cards for people with bad credit. The better your credit is, the better your chance of getting a lower interest rate. But don’t forget that no matter how high or low your interest rate is, it will never affect you unless you carry a balance between months. If you always pay off your bill in full, you’ll never pay any interest unless you take out a cash advance. So, if you don’t spend beyond your means, interest rates shouldn’t be a huge consideration when you’re picking a credit card.

But if you’re not confident about your ability to pay in full, you should prioritize low interest rates in your search. Many cards will even offer you 0% interest for a number of months to start. But you’ll usually need at least good credit to get a 0% intro APR.

A good interest rate on a credit card is 14% and below. That is roughly the average regular interest rate on credit cards for people with excellent credit. Even a relatively good interest rate on credit cards for people with lower scores is not all that low. For example, credit card users with good or fair credit could pay interest at an annual rate of 20%+ and still have a below-average APR. Better-than-average for a credit card overall isn’t much below 20%, either. That’s why the best interest rate on a credit card is 0%.... read full answer

How to Get a Good Interest Rate on a Credit Card

There are three ways to get the best possible credit card interest rate.

For starters, lots of credit cards offer 0% APR periods as introductory perks for new customers. They can be a great help to people looking to finance a large purchase or transfer a debt to pay it off faster. But those intro periods are always temporary. Most (but not all) 0% APR credit cards require good credit or better, too.

The second way to avoid credit card interest altogether is to pay your full statement balance by the due date every billing period. Setting up automatic monthly bill payments from a bank account can be a big help with that. You can also try the “Island Approach”, which is a method of using multiple credit cards for different expenses. For example, you could use your lowest-rate card—maybe even a card with a 0% APR period—for things you’ll need to pay off over a period of time, and a rewards card for everyday purchases that you pay off every month. That way, you wouldn’t pay interest at all, no matter what rate you have on the rewards card.

Ultimately, there is also a number of things you can do to raise your credit score and, in turn, get a better shot at a good interest rate on your next credit card. Because if a low credit card APR is your objective, it truly pays to have an “excellent” credit score of 750 or higher