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.
Visa Credit Card Interest Rates:
Simmons Bank Visa®: Regular APR of 14.5% - 22.5% (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 18 billing cycles. Intro balance transfer APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days - transfers are subject to a 3% (min $10) fee. Regular APR of 18.24% - 28.24% Variable. Requires excellent credit (a score of 750+).
Chase Freedom Unlimited: Intro APR of 0% for 15 months and a regular APR of 19.24% - 27.99% (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 19.24% - 29.24% 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.
The Mastercard interest rate could be anywhere between 9.99% to 36%, depending on the card and each applicant’s creditworthiness. However, keep in mind that the interest rate isn’t actually set by Mastercard. The issuers are in control of setting the rates. As a card network, Mastercard is more about where the card is accepted than anything else.… read full answer
What you should know about credit cards’ interest rate:
Rewards cards like the Citi Premier® Card – 20.24% to 28.24% (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 30.74%. 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.
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.
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.
A good APR for a first credit card is anything below 20%. The best low interest first time credit card is the Bank of America® Customized Cash Rewards Credit Card for Students because it offers introductory APRs of 0% for 18 months on purchases and 0% for 18 months on balance transfers, with a regular APR of 18.24% - 28.24% (V). It also has a $0 annual fee and a 3% (min $10) balance transfer fee. But there is a 3% foreign transaction fee. With non-student first time credit cards, it’s hard to find a regular APR below 25% and nearly impossible to get a 0% intro rate.… read full answer
Most first-timers have no credit history, so they need to prove themselves as responsible borrowers before getting a really low APR. But there are exceptions. One way to get a good APR for a first credit card is to apply for a secured card. But because these cards require you to deposit the entire amount they allow you to spend, it doesn’t make sense to carry a balance. You would in effect being paying interest to borrow money from yourself. Student cards also give lower rates, but naturally only to students.
Therefore, the very best APR for a first credit card is one that never affects you. Since you’re unlikely to get approved for a low APR, you should pay your balance in full every month. And if you do that, you won’t have to pay interest. Still, it’s worth knowing what rates are available, just in case.
First-Time Credit Cards with Good APRs:
Bank of America® Customized Cash Rewards Credit Card for Students: 0% for 18 months. 18.24% - 28.24% (V) regular APR. $0 annual fee.
Capital One QuicksilverOne Cash Rewards Credit Card: 29.74% (V). $39 annual fee.
Capital One Platinum Credit Card: 29.74% (V). $0 annual fee.
Capital One Platinum Secured Credit Card: 29.74% (V). $0 annual fee.
If you’re in the market for your first credit card, you probably don’t have much credit history, unless you’ve been able to build some as an authorized user on someone else’s card. So you probably won’t get a low APR. As a result, your aim should be to find a card with no annual fee that you can get approved for (rewards are a bonus). Then, pay in full every month by the due date to avoid interest. Paying your bill on time will also help you build credit and graduate to a card with a lower APR.
Hi! Yes! It is definitely worth calling and asking them. You may need to make more than one call until you get a person who has the authority to make that change, but it can't hurt to call and ask. I'd do a bit of research first to see what the interest ranges are that the credit card company operates in so that you know where you might fall. You could also send an email or letter to ask.… read full answer
You also might want to see if there is a format or form provided online by your credit card company to request a lowered interest rate – that site will provide specific information to help you succeed in your request.
I feel as if it never hurts to ask for discounts and good deals. Many of us shy about doing this - I often am - but if you can get your courage up and try, you may be successful. Good luck to you!
Visa interest rates can vary depending on the issuer, or the type of card you have. They can be anywhere between 9% and 28%.
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