What are the best credit card rates right now?
Credit card offers change on a regular basis. But according to WalletHub’s database of 1,000+ cards, the Simmons Bank Visa Platinum currently offers the lowest rate available to the general public, at 8% (V).
Below, you can see how that compares to credit card rates market-wide.
Credit Card Rate Overview
- Best Credit Card Rate: 8.00% (Simmons Bank Visa Platinum)
- Average Rate for Existing Accounts: 12.41%
- Average Rate for New Offers: 18.16%
- Lowest Average Rate Since 1991: 11.82% (Aug. 2014)
Simmons Bank Visa Platinum isn’t the only low-interest-rate credit card available, though. A number of offers trail closely behind. Here are the five best credit card rates right now:
5 Best Credit Card Rates Right Now – Regular APR
You might be able to get a lower rate if you belong to a particular group, such as the Illinois State Police. That organization has five cards with regular APRs of 7.65% (V). Some cards also advertise a range of possible APRs, with the exact rate you get depending on your overall creditworthiness. For example, the USAA Rate Advantage Platinum Visa has an APR that could be as low as 7.40% or as high as 24.40%. But you can’t really count on getting a low-end rate from such cards.
You could also avoid interest entirely by using the right 0% APR credit card. The average 0% intro rate lasts for just under 10 months, according to WalletHub’s latest Credit Card Landscape Report. But you can get a whole lot longer than that from these offers:
Best Credit Card Rates – 0% Intro APR
If you’re not sure where your credit stands, you can check your latest credit score for free on WalletHub
Should I get the longest 0% APR period possible?
In general, yes. If your goal is to repay your entire balance by the time the card’s regular APR kicks in, a longer 0% period means lower monthly payments. But it’s not always so straightforward.
For starters, if you plan to carry a balance beyond the card’s 0% period, you’ll also need to factor the card’s regular APR into your calculations. And if the card with the longest 0% period also happens to have a very high APR, it might not end up being your best option. Similarly, if you’re interested in a 0% balance transfer credit card
, you’ll also need to consider balance-transfer fees. You can use WalletHub’s Credit Card Payoff Calculator
to see which card offers the best overall package for your particular needs.
Finally, it’s important to note that while a long 0% period is always eye-catching, you should be cautious when it comes from a specific retailer. According to WalletHub research, all of the major retailers with 0% financing use a feature called deferred interest
. That means interest can retroactively apply to your entire original purchase amount if you’re late with a monthly payment or you don’t repay your full balance by the end of the intro period. As a result, you’re generally better off getting a 0% general-consumer credit card, even if the 0% term isn’t quite as long.
What if I pay my bill in full every month?
If you pay your bill in full every month, you should get the best rewards credit card possible, based on your current credit standing and spending habits. You can check your latest credit score and get a personalized credit card recommendation by signing up for a free WalletHub account
With that being said, you should never try to do everything with a single card. So if you’re planning to make a big-ticket purchase that will take longer than a single billing period to repay, you could save a lot of money by using a 0% credit card instead of your everyday rewards card. After all, the average credit card offer has a regular APR of 18.16%,
What is the average interest rate on a credit card?
The average interest rate for new credit card offers is 18.16%, according to WalletHub’s latest Credit Card Landscape Report
. People with excellent credit can expect the best credit card rates, and the average APR for that segment is currently 13.16%. Conversely, store cards have one of the highest average rates, at 24.30%.