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Credit Card Interest Calculation Example. Let’s assume the card’s total daily balances equal $500, there are 30 days in the billing cycle, and the card’s APR is 15%. Average Daily Balance = $500 / 30 days = $16.67. Daily Periodic Rate = 15% / 365 = 0.04%. Interest Charges = $16.67 * 0.04 * 30 = $20.00 for the whole billing period.
Average Rate – New Offers: 23.15%. Average Rate – Existing Balances: 22.76%. Currently, credit card interest rates range from 5.75% to 36% for new applicants. The average interest rate among credit card offers is 23.15%, as of September 2024, 0.04% higher than the prior month. The interest rates on existing credit card accounts are a bit lower.
The credit card with the longest 0% APR is the Wells Fargo Reflect® Card because it offers an introductory APR of 0% for 21 months from account opening on purchases and qualifying balance transfers - subject to a fee of 5% (min $5). The card's regular APR is 17.74% - 29.49% Variable, and it has a $0 annual fee.
The best balance transfer credit card for fair credit is the Citi Double Cash® Card because it offers an introductory APR of 0% for 18 months on balance transfers made within 4 months of opening an account. This card also has a $0 annual fee. The Citi Double Cash Card 's regular APR is 18.74% - 28.74% (V).
The credit card with the longest 0% APR is the Wells Fargo Reflect® Card because it offers an introductory APR of 0% for 21 months from account opening on purchases and qualifying balance transfers - subject to a fee of 5% (min $5). The card's regular APR is 17.74% - 29.49% Variable, and it has a $0 annual fee. Longest 0% APR Credit Card Offers
Editors’ Thoughts. Why We Like It: The best credit card deal of October 2024 is Chase Sapphire Preferred® Card ’s initial bonus, giving 60,000 points to new cardholders who spend $4,000 within 3 months of opening an account. The Sapphire Preferred initial bonus deal is worth up to $750 in travel booked through Chase Travel.
A good APR for a credit card is around 17% or below. A credit card APR in this range is on par with the interest rates charged by credit cards for people with excellent credit, which tend to have the lowest regular APRs. The average credit card APR overall is around 23% right now, according to WalletHub's latest Credit Card Landscape Report.
21.51% for existing accounts. The average credit card interest rate is 23.15% for new offers and 21.51% for existing accounts, according to WalletHub’s Credit Card Landscape Report. The average interest rate among new credit card offers has increased by nearly two percentage points since 2010. 2024's Best Credit Card Rates.
A low APR for a credit card is below 18.26% if you have excellent credit. For people with lower credit scores, credit cards with good low APRs may charge interest at a rate closer to 20% after any low-interest introductory periods end. In general, you want a regular APR below the market average for your credit standing.
The best Capital One credit card for low interest rates is the Capital One Quicksilver Cash Rewards Credit Card (see Rates & Fees) because it offers 0% APR for 15 months on purchases and balance transfers, followed by a regular APR as low as 19.99% - 29.99% (V).