What is a good APR rate?
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.
What does a 24% APR mean?
A 24% APR on a credit card is another way of saying that the interest you're charged over 12 months is equal to roughly 24% of your balance. For example, if the APR is 24% and you carry a $1,000 balance for a year, you would owe around $236.71 in interest by the end of that year.
What is APR in simple terms?
Annual percentage rate (APR) refers to the yearly interest rate you'll pay if you carry a balance on your credit card.
Is APR 24% good?
You still shouldn't settle for a rate this high if you can help it, though. A 24.99% APR is reasonable but not ideal for credit cards. The average APR on a credit card is 20.16%. A 24.99% APR is decent for personal loans.
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