What is considered a low credit card interest rate? This question is about Low Interest Credit Cards

A low credit card interest rate is considered to be less than 17.23%, which is the average APR for people with excellent credit. Most credit card interest rates are advertised as a range, and the APR you qualify for will depend on your creditworthiness when you apply. If you have fair or bad credit, your interest rate will likely be significantly higher than the average rate for somebody with excellent credit. As a result, the best approach is to pay your bill in full every month and avoid interest entirely. If you have good or excellent credit, the best way to get a low interest rate on a credit card is to apply for a 0% intro APR credit card. Although the intro rate isn’t permanent, the average 0% introductory rate on purchases currently lasts for 12 months. Having that amount of time to make payments interest-free will save you money and help you manage your credit card debt. Best 0% Intro Interest Rate Credit Cards of 2023 Excellent Credit: BankAmericard® credit cardBankAmericard® credit cardLearn MoreLearn Moreon issuer's websiteRates & FeesGood Credit: Wells Fargo Reflect® CardWells Fargo Reflect® CardLearn MoreLearn Moreon issuer's websiteFair Credit: First Tech Choice Rewards World Mastercard®First Tech Choice Rewards World Mastercard®Learn MoreLearn Moreon issuer's websiteStudent Credit Card: BankAmericard® credit card for StudentsBankAmericard® credit card for StudentsLearn MoreLearn Moreon issuer's website A credit card with a low interest rate can make it cheaper to carry a balance from month to month, and having a 0% intro APR is great for financing larger purchases. However, the only way to maintain the lowest possible rate of 0% indefinitely is to pay your credit card balance in full each month. You won’t be charged interest on new purchases if you always pay in full by the due date, provided your card has a grace period, which most credit cards offer. You can check out WalletHub’s guide on credit card interest rates to learn more, and make sure you check out the best credit card interest rates while you’re looking for a lower APR.

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What is considered a low credit card interest rate?

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Ryan P Page, Staff Writer

@ryan_page • 05/19/23 This answer was first published on 03/20/23 and it was last updated on 05/19/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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A low credit card interest rate is considered to be less than 17.23%, which is the average APR for people with excellent credit. Most credit card interest rates are advertised as a range, and the APR you qualify for will depend on your creditworthiness when you apply.

If you have fair or bad credit, your interest rate will likely be significantly higher than the average rate for somebody with excellent credit. As a result, the best approach is to pay your bill in full every month and avoid interest entirely.

If you have good or excellent credit, the best way to get a low interest rate on a credit card is to apply for a 0% intro APR credit card. Although the intro rate isn’t permanent, the average 0% introductory rate on purchases currently lasts for 12 months. Having that amount of time to make payments interest-free will save you money and help you manage your credit card debt.

Best 0% Intro Interest Rate Credit Cards of 2023

Excellent Credit: BankAmericard® credit cardBankAmericard® credit cardLearn MoreLearn Moreon issuer's website
Rates & FeesGood Credit: Wells Fargo Reflect® CardWells Fargo Reflect® CardLearn MoreLearn Moreon issuer's website
Fair Credit: First Tech Choice Rewards World Mastercard®First Tech Choice Rewards World Mastercard®Learn MoreLearn Moreon issuer's website
Student Credit Card: BankAmericard® credit card for StudentsBankAmericard® credit card for StudentsLearn MoreLearn Moreon issuer's website

A credit card with a low interest rate can make it cheaper to carry a balance from month to month, and having a 0% intro APR is great for financing larger purchases. However, the only way to maintain the lowest possible rate of 0% indefinitely is to pay your credit card balance in full each month. You won’t be charged interest on new purchases if you always pay in full by the due date, provided your card has a grace period, which most credit cards offer.

You can check out WalletHub’s guide on credit card interest rates to learn more, and make sure you check out the best credit card interest rates while you’re looking for a lower APR.

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What is a good interest rate on a credit card?

A good interest rate on a credit card is one below 14%. 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...

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What is a good APR for a first credit card?

A good APR for a first credit card is anything below 20%. 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 some exceptions. Student cards also give lower rates, but you have to be a student to get one. Another way to get a good APR for a first credit card is to apply for a secured card.

It’s worth pointing out...

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Is a 10% APR good?

A 10% APR is good for credit cards and personal loans, as it’s cheaper than average. On the other hand, a 10% APR is not good for mortgages, student loans, or auto loans, as it’s far higher than what most borrowers should expect to pay.

10% Is a Good APR For:

Credit cards

A 10% APR is good for a credit card. The average APR on a credit card is 22.15%.

Personal loans

A 10%...

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