Short Answer: Yes, 24.99% is a high interest rate for a credit card.
A high APR for a credit card is one that's above the national average. Currently, the average APR is around 25%, so an APR that exceeds that is considered high.
Yes, a 29.99% APR is high for a credit card, as it is above the average APR for new credit card offers. Credit card APRs can be much lower, and some cards offer an introductory 0% APR for a certain number of months, which can save you a lot of money.
A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it. The Federal Reserve tracks credit card interest rates, and an APR below the average would also be considered good.
How much is 26.99 APR on $3,000? An APR of 26.99% on a $3,000 balance would cost $67.26 in monthly interest charges.
An APR is the interest rate you are charged for borrowing money. In the case of credit cards, you don't get charged interest if you pay off your balance on time and in full each billing cycle. Card issuers express this rate annually, but to find your monthly interest rate, simply divide by 12.
According to the Service Quality Measurement (SQM) Group , the industry standard for a good FCR rate falls between 70 and 79 percent, which means about 30 percent of tickets take more than one interaction to resolve.
Balance transfer fee. This fee will typically be 3% to 5% of the amount transferred, which translates to $30 to $50 per $1,000 transferred. The lower the fee, the better, but even with a fee on the high end, your interest savings might easily make up for the cost.
Even people with good credit scores make mistakes, and a bank may charge a penalty APR on your credit card without placing a negative mark on your credit report. Penalty APRs typically increase credit card interest rates significantly due to a late, returned or missed payment.
There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.
Your credit card's APR is the interest rate you are charged on any unpaid credit card balances you have every month. Your monthly statement may break down your credit card APR yearly, but you can break it down to a monthly APR yourself.
Key takeaways
Annual percentage rate (APR) refers to the yearly interest rate you'll pay if you carry a balance on your credit card. Some credit cards have variable APRs, meaning your rate can go up or down over time.
A 24.99% APR is reasonable but not ideal for credit cards. The average APR on a credit card is 22.77%. A 24.99% APR is decent for personal loans.
A 0% APR credit card offers no interest for a period of time, typically six to 21 months. During the introductory no interest period, you won't incur interest on new purchases, balance transfers or both (it all depends on the card).
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
Pay off your balance on time and in full; this means the total amount on the due date (to avoid purchase APR, late payment APR/fees). If you can't pay off your balance in full, at least pay the minimum payment (the lowest amount required by your card issuer in order to not consider it a late payment).
Your APR matters if you don't pay your balance in full every month. If you carry a credit card balance, your card's APR is critical. When you don't pay off your statement balance in full, your lender charges you interest on any remaining balance.
APR represents the price you pay for a loan. It typically includes interest rates and any fees, too. APR can sometimes be the same as a loan's interest rate, like in the case of most credit cards. APR may be fixed or variable, meaning the rate may stay the same or it might change with market factors.
When you borrow with Affirm, your positive payment history and credit use may be reported to the credit bureaus. This can help you build credit with the credit bureaus as long as you make all of your payments on time and do not max out your credit.
For instance, using our loan calculator, if you buy a $20,000 vehicle at 5% APR for 60 months the monthly payment would be $377.42 and you would pay $2,645.48 in interest.