One of the best Visa credit card interest rates is 8.25% (V) from the Simmons Bank Visa®. But you can do even better for a limited time with a credit card that offers a low introductory APR. For example, the Bank of America® Customized Cash Rewards credit card features 0% intro APRs both on purchases and balance transfers for the first 15 billing cycles - keep in mind that this rate only applies for 15 billing cycles for any balance transfers made in the first 60 days and there is also a balance transfer fee of 3% (min $10). The Chase Freedom Unlimited® also comes with 0% intro APR on purchases for a duration of 15 months . Their regular rates are 13.99% - 23.99% Variable for Bank of America Cash Rewards credit card and 14.99% - 23.74% (V) for Chase Freedom Unlimited.
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.
By the way, you’ll often see “(V)” after your card’s interest rate. That just means the rate is “variable” and can change a bit over time according to the economic climate. Similarly, if a rate is listed as a range, it means your APR could be anywhere between the two numbers, depending on your creditworthiness.
Also 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.
Mastercard interest rates are 9.99% to 36%, depending on the card and each applicant’s creditworthiness. 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. Setting specific interest rates is a card issuer’s job, though, not Mastercard’s.… read full answer
Generally, the better your credit history, the better the interest rate. For example, the Bank of America® Customized Cash Rewards credit card interest rate ranges from 13.99% to 23.99% Variable, depending on your credit. Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like the Secured Mastercard® from Capital One: 26.99% (V). Rewards cards like the Citi Premier® Card – 15.99% to 23.99% (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 26.99%. Penalty interest rates for late payments can be a maximum of 29.99%. The Citi Simplicity® Card - No Late Fees Ever doesn't have a penalty interest rates, for example.
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 15 months on purchases and 0% for 15 months on balance transfers, with a regular APR of 13.99% - 23.99% (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 15 months. 13.99% - 23.99% (V) regular APR. $0 annual fee.
Capital One QuicksilverOne Cash Rewards: 26.99% (V). $39 annual fee.
Capital One Platinum Credit Card: 26.99% (V). $0 annual fee.
Discover It Secured: 22.99% Variable. $0 annual fee.
Capital One Secured Mastercard: 26.99% (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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