The best Visa credit card interest rate is 9.25%, which is possible with the Simmons Bank Visa Platinum Card. But you need excellent credit to get such a card. So there might be a difference between the best overall Visa interest rate and the best interest rate on a Visa credit card that you can actually get approved for. Plus, 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.
Of course, you can do a lot better than 9.25% for a limited time, considering the low introductory APRs that many cards offer. For example, the Bank of Hawaii Visa Signature Card gives you 0% for 18 months on purchases and balance transfers. And the Chase Freedom Unlimited Visa offers 0% for 15 months. But their regular rates aren’t as good: 14.98% - 17.98% for Bank of Hawaii and 15.99% - 24.74% for Freedom Unlimited.
By the way, there are two ways a regular, ongoing Visa credit card interest rate might be expressed. The first is as a single number, and the second is as a range. In the latter case, the issuer will assign a rate from that range based on your credit history. Let’s take a look at some examples.
Here are some examples of Visa credit card interest rates:
- Simmons Bank Visa Platinum: 9.25% (V). Requires excellent credit.
- Bank of Hawaii Visa Signature: 0% for 18 months. 14.98% - 17.98% (V). Requires excellent credit.
- Capital One Quicksilver Cash Rewards: 0% for 9 months. 13.99% - 23.99% (V). Requires good credit.
- Chase Sapphire Preferred: 16.99% - 23.99% (V). Requires excellent credit.
- Chase Freedom Unlimited: 0% for 15 months. 15.99% - 24.74% (V) interest rate. Requires excellent credit.
- Wells Fargo Cash Wise Visa: 0% for 12 months. 13.99% - 25.99% (V). Requires good credit.
- Costco Anywhere Visa: 0% for 7 months. 16.24% (V). Requires excellent credit.
- Credit One Bank Platinum Visa: 16.99% - 24.99% (V). Can get approved with bad credit.
So you’ll really need to check each individual card to know what your interest rate is going to be. Just a quick note: you’ll often see “(V)” after your card’s interest rate. That just means the rate is “variable,” or can change a bit over time. It’s not anything to be too concerned about though. It’s standard, and your rate shouldn’t change drastically.
Also keep in mind that you won’t have to worry about interest if you pay in full every month. It’s useful to note as well that there are other types of interest rates each card may or will have, such as an introductory rate on balance transfers, an interest rate for cash advances, and a penalty rate that kicks in when you don’t pay your minimum payments.